FTC Solar’s (FTCI) Buy Rating Reiterated at HC Wainwright

FTC Solar (NASDAQ:FTCI)‘s stock had its “buy” rating reiterated by investment analysts at HC Wainwright in a report issued on Wednesday,Benzinga reports. They currently have a $1.50 target price on the stock. HC Wainwright’s target price would suggest a potential upside of 229.67% from the stock’s previous close.

A number of other research analysts also recently issued reports on the stock. TD Cowen decreased 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 report on Friday, August 9th. UBS Group decreased 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 report on Friday, August 9th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, FTC Solar presently has an average rating of “Hold” and a consensus target price of $0.85.

FTC Solar Price Performance

NASDAQ FTCI opened at $0.46 on Wednesday. The company has a market capitalization of $58.11 million, a PE ratio of -1.14 and a beta of 1.79. The company has a fifty day moving average of $0.50 and a 200 day moving average of $0.44. FTC Solar has a 1 year low of $0.18 and a 1 year high of $1.00.

Insiders Place Their Bets

In other news, Director Ahmad R. Chatila acquired 110,000 shares of the firm’s stock in a transaction on Wednesday, September 4th. The stock was acquired at an average price of $0.23 per share, for a total transaction of $25,300.00. Following the completion of the transaction, the director now owns 1,713,046 shares in the company, valued at approximately $394,000.58. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other FTC Solar news, Director Ahmad R. Chatila bought 110,000 shares of FTC Solar stock in a transaction on Wednesday, September 4th. The shares were bought at an average cost of $0.23 per share, for a total transaction of $25,300.00. Following the acquisition, the director now directly owns 1,713,046 shares in the company, valued at $394,000.58. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Ahmad R. Chatila bought 238,000 shares of FTC Solar stock in a transaction on Friday, September 6th. The shares were acquired at an average price of $0.21 per share, for a total transaction of $49,980.00. Following the completion of the acquisition, the director now owns 1,951,046 shares in the company, valued at $409,719.66. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 748,000 shares of company stock worth $175,280. Company insiders own 22.60% of the company’s stock.

Institutional Investors Weigh In On FTC Solar

A hedge fund recently bought a new stake in FTC Solar stock. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of FTC Solar, Inc. (NASDAQ:FTCI) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 119,196 shares of the company’s stock, valued at approximately $42,000. Point72 Asia Singapore Pte. Ltd. owned approximately 0.09% of FTC Solar as of its most recent SEC filing. 45.36% of the stock is owned by institutional investors and hedge funds.

About FTC Solar

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.