UBS Group Cuts FTC Solar (NASDAQ:FTCI) Price Target to $0.30

FTC Solar (NASDAQ:FTCI) had its price target decreased by UBS Group from $0.50 to $0.30 in a report published on Friday, Benzinga reports. UBS Group currently has a neutral rating on the stock.

Separately, HC Wainwright reiterated a buy rating and set a $1.50 target price on shares of FTC Solar in a research report on Monday, May 13th. Five investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus target price of $1.11.

FTC Solar Stock Down 3.2 %

FTCI traded down $0.01 during trading on Friday, reaching $0.25. The company had a trading volume of 868,359 shares, compared to its average volume of 696,409. The stock has a market cap of $30.80 million, a P/E ratio of -0.63 and a beta of 1.59. The business has a 50 day simple moving average of $0.40 and a 200-day simple moving average of $0.47. FTC Solar has a 52 week low of $0.18 and a 52 week high of $2.55.

FTC Solar (NASDAQ:FTCI) last released its earnings results on Friday, May 10th. The company reported ($0.10) earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.01. FTC Solar had a negative return on equity of 63.07% and a negative net margin of 47.92%. The business had revenue of $12.59 million during the quarter, compared to the consensus estimate of $12.54 million. As a group, equities research analysts expect that FTC Solar will post -0.32 EPS for the current fiscal year.

Insider Buying and Selling at FTC Solar

In related news, Director Ahmad R. Chatila bought 114,726 shares of the business’s stock in a transaction on Thursday, June 13th. The shares were bought at an average price of $0.44 per share, for a total transaction of $50,479.44. Following the completion of the purchase, the director now directly owns 1,082,184 shares of the company’s stock, valued at $476,160.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 23.10% of the stock is owned by insiders.

Institutional Investors Weigh In On FTC Solar

Several institutional investors have recently added to or reduced their stakes in the business. SG Americas Securities LLC acquired a new stake in shares of FTC Solar during the fourth quarter worth about $35,000. Fifth Lane Capital LP lifted its holdings in shares of FTC Solar by 200.0% during the first quarter. Fifth Lane Capital LP now owns 75,000 shares of the company’s stock worth $40,000 after purchasing an additional 50,000 shares during the period. TTP Investments Inc. acquired a new stake in shares of FTC Solar during the first quarter worth about $80,000. Finally, GSA Capital Partners LLP lifted its holdings in shares of FTC Solar by 162.2% during the first quarter. GSA Capital Partners LLP now owns 1,923,411 shares of the company’s stock worth $1,037,000 after purchasing an additional 1,189,960 shares during the period. Institutional investors and hedge funds own 45.36% of the company’s stock.

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.