FTC Solar’s (FTCI) “Buy” Rating Reaffirmed at HC Wainwright

FTC Solar (NASDAQ:FTCI)‘s stock had its “buy” rating reaffirmed by equities research analysts at HC Wainwright in a report issued on Wednesday,Benzinga reports. They presently have a $1.50 price target on the stock. HC Wainwright’s price target would suggest a potential upside of 240.83% from the stock’s previous close.

Several other research firms have also weighed in on FTCI. TD Cowen lowered their target price on shares of FTC Solar from $1.50 to $1.00 and set a “buy” rating for the company in a research note on Friday, August 9th. UBS Group lowered their target price on shares of FTC Solar from $0.50 to $0.30 and set a “neutral” rating for the company in a research note on Friday, August 9th. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $0.85.

FTC Solar Stock Performance

Shares of NASDAQ:FTCI opened at $0.44 on Wednesday. FTC Solar has a 12-month low of $0.18 and a 12-month high of $1.00. The company has a fifty day simple moving average of $0.51 and a 200 day simple moving average of $0.44. The firm has a market cap of $56.21 million, a PE ratio of -1.16 and a beta of 1.79.

Insider Transactions at FTC Solar

In other news, Director Ahmad R. Chatila purchased 238,000 shares of the stock in a transaction dated Friday, September 6th. The stock was acquired at an average price of $0.21 per share, for a total transaction of $49,980.00. Following the completion of the transaction, the director now owns 1,951,046 shares of the company’s stock, valued at approximately $409,719.66. The trade was a 13.89 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last quarter, insiders bought 548,000 shares of company stock worth $125,280. Insiders own 22.60% of the company’s stock.

Hedge Funds Weigh In On FTC Solar

An institutional investor recently bought a new position in FTC Solar stock. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of FTC Solar, Inc. (NASDAQ:FTCI) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 119,196 shares of the company’s stock, valued at approximately $42,000. Point72 Asia Singapore Pte. Ltd. owned about 0.09% of FTC Solar as of its most recent filing with the Securities & Exchange Commission. Hedge funds and other institutional investors own 45.36% of the company’s stock.

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.