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

FTC Solar, Inc. (NASDAQ:FTCI) 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:FTCI) 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 MarketBeat.com, FTC Solar presently has a consensus rating of “Moderate Buy” and an average price target of $3.93.

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

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.