UBS Group Lowers FTC Solar (NASDAQ:FTCI) Price Target to $3.50

FTC Solar (NASDAQ:FTCI) had its price objective cut by UBS Group from $4.00 to $3.50 in a report released on Wednesday morning,Benzinga reports. They currently have a neutral rating on the stock.

Separately, Roth Mkm lifted their price objective on shares of FTC Solar from $0.50 to $3.00 and gave the company a “neutral” rating in a research report on Tuesday.

FTC Solar Trading Down 12.9 %

NASDAQ:FTCI opened at $2.57 on Wednesday. The stock has a 50-day moving average price of $3.13 and a 200 day moving average price of $4.13. FTC Solar has a 12-month low of $1.76 and a 12-month high of $7.40. The stock has a market capitalization of $33.03 million, a P/E ratio of -0.68 and a beta of 1.26.

Insider Buying and Selling

In other FTC Solar news, Director Ahmad R. Chatila purchased 16,740 shares of FTC Solar stock in a transaction that occurred on Wednesday, April 2nd. The shares were bought at an average price of $2.93 per share, for a total transaction of $49,048.20. Following the completion of the transaction, the director now owns 1,984,708 shares of the company’s stock, valued at approximately $5,815,194.44. This trade represents a 0.85 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. 22.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On FTC Solar

A hedge fund recently raised its stake in FTC Solar stock. Geode Capital Management LLC grew its holdings in shares of FTC Solar, Inc. (NASDAQ:FTCI) by 9.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 766,863 shares of the company’s stock after buying an additional 64,325 shares during the quarter. Geode Capital Management LLC owned 0.60% of FTC Solar worth $522,000 at the end of the most recent reporting period. 45.36% of the stock is currently owned by institutional investors.

FTC Solar Company Profile

FTC Solar, Inc engages in the provision of solar tracker systems, software, and engineering services in the United States, Asia, Europe, the Middle East, North Africa, South Africa, and Australia. The company offers a self-powered, two-panel in-portrait, and single-axis tracker solution under the Voyager brand name; and a one module-in-portrait solar tracker solution under the Pioneer brand name.