FTC Solar Inc. [FTCI] moved down -4.69: Why It’s Important

FTC Solar Inc. [NASDAQ: FTCI] slipped around -0.15 points on Thursday, while shares priced at $3.05 at the close of the session, down -4.69%. The company report on September 15, 2022 that FTC Solar and Primoris Announce 500 Megawatt Tracker Supply Agreement.

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New Pioneer 1P Tracker Selected for its ease of installation, fewer required foundations and low capital and labor cost.

FTC Solar, Inc. (Nasdaq: FTCI), a leading provider of solar tracker systems, software, and engineering services, announced today that it has been selected by Primoris Renewable Energy (Primoris) to supply at least 500 megawatts of its solar tracker technology for multiple project sites in the U.S. Primoris is expected to utilize FTC Solar’s new and differentiated Pioneer 1P tracker technology on multiple projects to optimize performance while reducing capital and labor costs.

FTC Solar Inc. stock is now -59.66% down from its year-to-date (YTD) trading value. FTCI Stock saw the intraday high of $3.23 and lowest of $2.93 per share. The company’s 52-week high price is 11.20, which means current price is +44.21% above from all time high which was touched on 01/04/22.

Compared to the average trading volume of 962.75K shares, FTCI reached a trading volume of 4274444 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about FTC Solar Inc. [FTCI]?

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for FTCI shares is $6.69 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on FTCI stock is a recommendation set at 2.20. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Piper Sandler have made an estimate for FTC Solar Inc. shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on July 19, 2022. The new note on the price target was released on June 06, 2022, representing the official price target for FTC Solar Inc. stock. Previously, the target price had yet another raise to $7, while Northland Capital analysts kept a Outperform rating on FTCI stock. On April 21, 2022, analysts decreased their price target for FTCI shares from 4 to 3.

The Average True Range (ATR) for FTC Solar Inc. is set at 0.30, with the Price to Sales ratio for FTCI stock in the period of the last 12 months amounting to 1.39. The Price to Book ratio for the last quarter was 3.05, with the Price to Cash per share for the same quarter was set at 0.62.

How has FTCI stock performed recently?

FTC Solar Inc. [FTCI] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -8.41. With this latest performance, FTCI shares dropped by -25.06% in over the last four-week period, additionally sinking by -38.63% over the last 6 months – not to mention a drop of -60.80% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for FTCI stock in for the last two-week period is set at 29.84, with the RSI for the last a single of trading hit 23.48, and the three-weeks RSI is set at 35.25 for FTC Solar Inc. [FTCI]. The present Moving Average for the last 50 days of trading for this stock 4.28, while it was recorded at 3.13 for the last single week of trading, and 4.59 for the last 200 days.

FTC Solar Inc. [FTCI]: Deeper insight into the fundamentals

Operating Margin for any stock indicates how profitable investing would be, and FTC Solar Inc. [FTCI] shares currently have an operating margin of -46.87 and a Gross Margin at -12.03. FTC Solar Inc.’s Net Margin is presently recorded at -39.40.

Return on Equity for this stock declined to -141.82, with Return on Assets sitting at -67.80.

FTC Solar Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.00 and a Current Ratio set at 2.10.

Insider trade positions for FTC Solar Inc. [FTCI]

There are presently around $78 million, or 26.10% of FTCI stock, in the hands of institutional investors. The top three institutional holders of FTCI stocks are: HILL CITY CAPITAL, LP with ownership of 3,750,000, which is approximately 82.927% of the company’s market cap and around 50.40% of the total institutional ownership; BLACKROCK INC., holding 3,585,744 shares of the stock with an approximate value of $10.94 million in FTCI stocks shares; and INVESCO LTD., currently with $10.13 million in FTCI stock with ownership of nearly -6.864% of the company’s market capitalization.

Positions in FTC Solar Inc. stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 56 institutional holders increased their position in FTC Solar Inc. [NASDAQ:FTCI] by around 8,454,632 shares. Additionally, 33 investors decreased positions by around 5,111,758 shares, while 10 investors held positions by with 11,966,980 shares. The mentioned changes placed institutional holdings at 25,533,370 shares, according to the latest SEC report filing. FTCI stock had 28 new institutional investments in for a total of 3,376,090 shares, while 15 institutional investors sold positions of 2,791,970 shares during the same period.


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