Brokerages Set FTC Solar, Inc. (NASDAQ:FTCI) Price Target at $8.50

FTC Solar, Inc. (NASDAQ:FTCI) has been assigned an average rating of “Hold” from the five ratings firms that are presently covering the company, MarketBeat reports. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $8.13.

Separately, HC Wainwright reaffirmed a “buy” rating and issued a $15.00 price objective on shares of FTC Solar in a research note on Wednesday, November 13th.

Insider Activity at FTC Solar

In other news, CEO Yann Brandt acquired 31,450 shares of FTC Solar stock in a transaction on Friday, December 13th. The stock was acquired at an average cost of $3.12 per share, with a total value of $98,124.00. Following the transaction, the chief executive officer now owns 691,700 shares of the company’s stock, valued at approximately $2,158,104. This trade represents a 4.76 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 22.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On FTC Solar

Hedge funds and other institutional investors have recently modified their holdings of the business. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of FTC Solar during the second quarter valued at approximately $42,000. XTX Topco Ltd bought a new stake in shares of FTC Solar during the 3rd quarter worth $81,000. Mercer Global Advisors Inc. ADV boosted its holdings in shares of FTC Solar by 527.9% in the 2nd 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 during the last quarter. Finally, Geode Capital Management LLC grew its position in FTC Solar by 9.2% during the third quarter. Geode Capital Management LLC now owns 766,863 shares of the company’s stock valued at $522,000 after buying an additional 64,325 shares during the period. Hedge funds and other institutional investors own 45.36% of the company’s stock.

FTC Solar Stock Down 0.3 %

Shares of FTCI opened at $3.00 on Friday. The business’s fifty day moving average is $4.49 and its 200 day moving average is $4.10. FTC Solar has a 12-month low of $1.76 and a 12-month high of $8.20. The stock has a market cap of $38.33 million, a P/E ratio of -0.79 and a beta of 1.56.

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.