Bank of America Upgrades FTC Solar (NASDAQ:FTCI) to Buy

Bank of America upgraded shares of FTC Solar (NASDAQ:FTCI – Get Rating) from an underperform rating to a buy rating in a report issued on Wednesday, Marketbeat Ratings reports. Bank of America currently has $3.50 price target on the stock, up from their prior price target of $2.00.

Several other equities analysts have also weighed in on FTCI. Northland Securities reduced their price objective on FTC Solar to $4.00 in a report on Tuesday, November 15th. Piper Sandler reduced their price objective on FTC Solar to $2.50 in a report on Wednesday, November 16th. Finally, Credit Suisse Group reduced their price objective on FTC Solar to $6.00 in a report on Wednesday, November 16th. One investment analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of Buy and a consensus price target of $5.13.

FTC Solar Stock Down 6.2 %

Shares of FTCI opened at $2.13 on Wednesday. The stock has a 50 day moving average of $2.78 and a 200 day moving average of $2.74. FTC Solar has a 12 month low of $1.78 and a 12 month high of $6.75.

FTC Solar (NASDAQ:FTCI – Get Rating) last announced its quarterly earnings data on Tuesday, February 28th. The company reported ($0.16) earnings per share for the quarter, beating the consensus estimate of ($0.19) by $0.03. FTC Solar had a negative return on equity of 95.00% and a negative net margin of 80.94%. The business had revenue of $26.22 million during the quarter, compared to analyst estimates of $25.13 million. Research analysts predict that FTC Solar will post -0.36 earnings per share for the current year.

Insider Transactions at FTC Solar

In other news, COO Sasan Aminpour sold 82,972 shares of the firm’s stock in a transaction on Monday, March 13th. The stock was sold at an average price of $2.65, for a total value of $219,875.80. Following the completion of the transaction, the chief operating officer now directly owns 813,798 shares of the company’s stock, valued at $2,156,564.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, COO Sasan Aminpour sold 82,972 shares of the firm’s stock in a transaction on Monday, March 13th. The stock was sold at an average price of $2.65, for a total value of $219,875.80. Following the completion of the transaction, the chief operating officer now directly owns 813,798 shares of the company’s stock, valued at $2,156,564.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Kristian Nolde sold 34,000 shares of FTC Solar stock in a transaction on Wednesday, March 8th. The shares were sold at an average price of $2.92, for a total value of $99,280.00. Following the sale, the vice president now directly owns 346,432 shares of the company’s stock, valued at approximately $1,011,581.44. The disclosure for this sale can be found here. Insiders sold 755,162 shares of company stock valued at $2,108,952 over the last three months. Company insiders own 44.10% of the company’s stock.

Institutional Investors Weigh In On FTC Solar

Several large investors have recently added to or reduced their stakes in the business. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in FTC Solar by 4.2% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 90,749 shares of the company’s stock valued at $447,000 after buying an additional 3,652 shares during the period. UBS Group AG boosted its stake in FTC Solar by 41.6% during the third quarter. UBS Group AG now owns 18,462 shares of the company’s stock valued at $55,000 after buying an additional 5,428 shares during the period. Deutsche Bank AG boosted its stake in FTC Solar by 35.2% during the fourth quarter. Deutsche Bank AG now owns 23,733 shares of the company’s stock valued at $64,000 after buying an additional 6,179 shares during the period. Raymond James & Associates boosted its stake in FTC Solar by 3.4% during the third quarter. Raymond James & Associates now owns 212,169 shares of the company’s stock valued at $628,000 after buying an additional 6,922 shares during the period. Finally, California State Teachers Retirement System boosted its stake in FTC Solar by 70.6% during the first quarter. California State Teachers Retirement System now owns 17,619 shares of the company’s stock valued at $87,000 after buying an additional 7,293 shares during the period. Institutional investors own 28.59% of the company’s stock.

About FTC Solar

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FTC Solar, Inc provides solar tracker systems, technology, software, and engineering services in the United States, Vietnam, and internationally. It offers two-panel in-portrait single-axis tracker solutions under the Voyager brand name. The company also provides SunPath, a software solution to enhance energy production; Atlas, a web-based enterprise-level database that allows users to manage their project portfolio; and SunDAT, a software solution enables automated design and optimization of solar panel systems across residential, commercial, and utility-scale sites.