Robert Phelps Morris Acquires 72,000 Shares of FTC Solar, Inc. (NASDAQ:FTCI) Stock

FTC Solar, Inc. (NASDAQ:FTCIGet Free Report) CFO Robert Phelps Morris purchased 72,000 shares of the firm’s stock in a transaction on Thursday, September 14th. The shares were acquired at an average price of $1.40 per share, with a total value of $100,800.00. Following the completion of the acquisition, the chief financial officer now owns 508,709 shares in the company, valued at approximately $712,192.60. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link.

FTC Solar Trading Down 4.9 %

NASDAQ FTCI opened at $1.35 on Tuesday. The company has a fifty day simple moving average of $2.54 and a 200 day simple moving average of $2.63. FTC Solar, Inc. has a 12-month low of $1.30 and a 12-month high of $3.93. The company has a market cap of $159.45 million, a P/E ratio of -2.08 and a beta of 2.00.

FTC Solar (NASDAQ:FTCIGet Free Report) last posted its quarterly earnings results on Wednesday, August 9th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.01. The business had revenue of $32.36 million during the quarter, compared to the consensus estimate of $47.82 million. FTC Solar had a negative net margin of 58.87% and a negative return on equity of 86.64%. Sell-side analysts predict that FTC Solar, Inc. will post -0.36 EPS for the current year.

Wall Street Analyst Weigh In

FTCI has been the subject of a number of recent analyst reports. HC Wainwright reiterated a “buy” rating and set a $5.00 price target on shares of FTC Solar in a report on Thursday, August 10th. Piper Sandler reduced their price objective on shares of FTC Solar from $3.00 to $2.50 and set a “neutral” rating for the company in a research report on Thursday, August 10th. Finally, UBS Group downgraded shares of FTC Solar from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $4.00 to $2.50 in a research report on Tuesday, August 15th. Two analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to, FTC Solar presently has a consensus rating of “Moderate Buy” and an average price target of $3.93.

Read Our Latest Stock Analysis on FTC Solar

Hedge Funds Weigh In On FTC Solar

Hedge funds have recently added to or reduced their stakes in the stock. Mariner LLC acquired a new position in FTC Solar during the 4th quarter valued at about $27,000. FMR LLC lifted its position in shares of FTC Solar by 873.4% during the first quarter. FMR LLC now owns 11,837 shares of the company’s stock valued at $27,000 after purchasing an additional 10,621 shares in the last quarter. Iridian Asset Management LLC CT bought a new position in shares of FTC Solar during the first quarter valued at about $29,000. Allspring Global Investments Holdings LLC boosted its holdings in FTC Solar by 191.6% during the first quarter. Allspring Global Investments Holdings LLC now owns 13,172 shares of the company’s stock worth $30,000 after purchasing an additional 8,655 shares during the last quarter. Finally, State of Wyoming bought a new stake in FTC Solar in the 2nd quarter worth about $33,000. Institutional investors and hedge funds own 33.64% of the company’s stock.

FTC Solar Company Profile

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FTC Solar, Inc provides solar tracker systems, software, and engineering services in the United States and internationally. It offers two-panel in-portrait single-axis tracker solutions under the Voyager brand name. The company also provides Pioneer, a one module-in-portrait solar tracker solution that allows for a pile count reduction per megawatt.

Further Reading

Insider Buying and Selling by Quarter for FTC Solar (NASDAQ:FTCI)

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