Ahmad R. Chatila Purchases 110,000 Shares of FTC Solar, Inc. (NASDAQ:FTCI) Stock

FTC Solar, Inc. (NASDAQ:FTCI) Director Ahmad R. Chatila acquired 110,000 shares of FTC Solar stock in a transaction on Wednesday, September 4th. The stock was purchased at an average cost of $0.23 per share, with a total value of $25,300.00. Following the completion of the transaction, the director now directly owns 1,713,046 shares in the company, valued at approximately $394,000.58. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

FTC Solar Price Performance

NASDAQ FTCI opened at $0.21 on Friday. FTC Solar, Inc. has a 1 year low of $0.18 and a 1 year high of $1.85. The stock has a market capitalization of $25.76 million, a PE ratio of -0.53 and a beta of 1.53. The company’s 50 day simple moving average is $0.32 and its two-hundred day simple moving average is $0.43.

FTC Solar (NASDAQ:FTCI) last posted its earnings results on Thursday, August 8th. The company reported ($0.10) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.01. FTC Solar had a negative net margin of 63.17% and a negative return on equity of 75.67%. The business had revenue of $11.43 million for the quarter, compared to analysts’ expectations of $13.09 million. On average, research analysts anticipate that FTC Solar, Inc. will post -0.32 EPS for the current year.

Analysts Set New Price Targets

FTCI has been the subject of a number of research reports. HC Wainwright reissued a “buy” rating and set a $1.50 target price on shares of FTC Solar in a research report on Monday, May 13th. TD Cowen dropped their price target on shares of FTC Solar from $1.50 to $1.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Finally, UBS Group dropped their price target on shares of FTC Solar from $0.50 to $0.30 and set a “neutral” rating on the stock in a research note on Friday, August 9th. Five investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $1.11.

Institutional Trading of FTC Solar

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Fifth Lane Capital LP raised its position in FTC Solar by 200.0% during the first quarter. Fifth Lane Capital LP now owns 75,000 shares of the company’s stock valued at $40,000 after purchasing an additional 50,000 shares in the last quarter. GSA Capital Partners LLP increased its position in shares of FTC Solar by 162.2% during the 1st quarter. GSA Capital Partners LLP now owns 1,923,411 shares of the company’s stock valued at $1,037,000 after purchasing an additional 1,189,960 shares during the last quarter. TTP Investments Inc. purchased a new position in shares of FTC Solar during the 1st quarter valued at about $80,000. Mercer Global Advisors Inc. ADV boosted its stake in FTC Solar by 527.9% in the second quarter. Mercer Global Advisors Inc. ADV now owns 99,120 shares of the company’s stock worth $35,000 after buying an additional 83,334 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in FTC Solar during the second quarter valued at approximately $42,000. 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.