FTC Solar, Inc. (NASDAQ:FTCI) Director William A. Priddy Purchases 20,000 Shares of Stock

FTC Solar, Inc. (NASDAQ:FTCI) Director William A. Priddy purchased 20,000 shares of the stock in a transaction on Friday, November 17th. The stock was acquired at an average cost of $0.52 per share, with a total value of $10,400.00. Following the completion of the purchase, the director now directly owns 377,032 shares of the company’s stock, valued at $196,056.64. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website.

FTC Solar Price Performance

FTCI stock opened at $0.55 on Tuesday. FTC Solar, Inc. has a 1 year low of $0.28 and a 1 year high of $3.87. The firm has a 50-day moving average of $1.13 and a 200 day moving average of $2.19. The company has a market cap of $69.30 million, a P/E ratio of -1.03 and a beta of 2.14.

Hedge Funds Weigh In On FTC Solar

A number of institutional investors have recently added to or reduced their stakes in the company. Advisor Group Holdings Inc. increased its stake in shares of FTC Solar by 2,044.5% in the 1st quarter. Advisor Group Holdings Inc. now owns 28,114 shares of the company’s stock worth $139,000 after acquiring an additional 26,803 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of FTC Solar by 37.5% during the first quarter. JPMorgan Chase & Co. now owns 358,303 shares of the company’s stock valued at $1,767,000 after purchasing an additional 97,706 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of FTC Solar by 96.3% during the first quarter. Bank of New York Mellon Corp now owns 109,835 shares of the company’s stock valued at $542,000 after purchasing an additional 53,873 shares during the last quarter. Cambridge Investment Research Advisors Inc. bought a new stake in shares of FTC Solar in the 1st quarter worth approximately $52,000. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its stake in shares of FTC Solar by 4.2% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 90,749 shares of the company’s stock worth $447,000 after buying an additional 3,652 shares during the last quarter. Institutional investors own 33.64% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on FTCI shares. Piper Sandler decreased their price target on FTC Solar from $2.50 to $1.50 and set a “neutral” rating on the stock in a research note on Friday, October 6th. UBS Group lowered shares of FTC Solar from a “buy” rating to a “neutral” rating and lowered their price target for the company from $4.00 to $2.50 in a report on Tuesday, August 15th. Raymond James dropped their price target on shares of FTC Solar from $4.00 to $2.00 and set a “strong-buy” rating for the company in a research report on Thursday, November 9th. Northland Securities cut shares of FTC Solar from an “outperform” rating to a “market perform” rating and set a $0.65 price objective on the stock. in a research report on Thursday, November 9th. Finally, HC Wainwright dropped their target price on shares of FTC Solar from $5.00 to $2.50 and set a “buy” rating for the company in a report on Thursday, November 9th. Three investment 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. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $2.11.

About FTC Solar

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.