FTC Solar, Inc. (NASDAQ:FTCI - Get Rating ) Director David Springer sold 62,370 shares of FTC Solar stock in a transaction dated Monday, September 26th. The shares traded at an average price of $3.18, for a total transaction of $198,336.60. Following the completion of the sale, the director now directly owns 6,475,418 shares in the company, valued at approximately $20,591,829.24. The sale was disclosed in a Securities and Exchange Commission legal filing available through the SEC's website.
FTC Solar Stock Performance
Shares of FTCI opened at $3.05 on Friday. The company has a market cap of $310.41 million, a P/E of 2.96 and a beta of 3.33. FTC Solar, Inc. It has a 52-week low of $2.12 and a 52-week high of $11.20. The company's 50 day moving average is $4.28 and its 200 day moving average is $4.27.
FTC Solar (NASDAQ:FTCI - Get Rating ) last posted its quarterly earnings results on Tuesday, August 9th. The company reported $0.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $0.01. The company had revenue of $30.72 million for the quarter, compared to the consensus estimate of $33.28 million. FTC Solar had a negative return on equity of 66.38% and a negative net margin of 42.67%. On average, sell-side analysts estimate that FTC Solar, Inc. It will get -0.75 EPS for this year.
That's what Wall Street analysts think
FTCI has been the subject of several research analyst reports. Roth Capital raised shares of FTC Solar from a “neutral” rating to a “buy” rating in a research note on Monday, June 6th. Piper Sandler raised FTC Solar from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $2.00 to $3.50 in a research note on Tuesday, July 19th. Raymond James lowered their price objective on FTC Solar from $7.00 to $6.00 and gave the company a “strong-buy” rating in a research note on Tuesday, July 12th. Finally, UBS Group boosted their target price on FTC Solar to $8.00 in a research note on Thursday, June 9th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. FTC Solar presently has an average rating of “Average Buy” and a consensus price target of $7.05, according to Marketbeat .Hedge funds rely on FTC solar energy
Hedge funds and other institutional investors have recently bought and sold the stock. Amalgamated Bank acquired a new stake in shares of FTC Solar during the first quarter valued at $26,000. Mirae Asset Global Investments Co. Ltd. FTC acquired a new position in shares of Solar during the second quarter worth approximately $42,000. Cambridge Investment Research Advisors Inc. bought a new position in FTC Solar during the first quarter valued at about $52,000 Jane Street Group LLC acquired a new position in shares of FTC Solar during the first quarter worth approximately $68,000. Finally, Mirabella Financial Services LLP acquired a new stake in FTC Solar during the quarter worth approximately $79,000. Hedge funds and other institutional investors own 25.09% of the company's shares.
About FTC Solar
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FTC Solar, Inc provides solar tracking systems, technology, software and engineering services in the US, Vietnam and internationally. It offers a single-axis tracking solution with two panels in portrait format under the Voyager brand. The company also offers SunPath, a software solution for improving energy production; Atlas, an enterprise-grade web-based database that allows users to manage their project portfolios; and SunDAT, a software solution that enables automated design and optimization of residential, commercial and utility solar panel systems.
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