Patrick Cook Sells 175,000 Shares of FTC Solar, Inc. (NASDAQ:FTCI) Stock

FTC Solar, Inc. (NASDAQ:FTCI – Get Rating) insider Patrick Cook sold 175,000 shares of the company’s stock in a transaction dated Thursday, August 18th. The stock traded at an average price of $4.56, for a total transaction of $798,000.00. Following the transaction, the insider now directly owns 258,398 shares in the company, valued at $1,178,294.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Patrick Cook also recently made the following trade(s):

On Friday, August 12th, Patrick Cook sold 8,648 shares of FTC Solar stock. The stock traded at an average price of $5.24, for a total transaction of $45,315.52.

FTC Solar Trading Down 7.6%

FTCI opened at $4.36 on Friday. The company’s 50-day moving average is $4.39 and its 200-day moving average is $4.35. FTC Solar, Inc. has a 1-year low of $2.12 and a 1-year high of $11.43. The company has a market cap of $443.76 million, a P/E ratio of -4.23 and a beta of 3.32.

Institutional Investors Weigh in on FTC Solar

A number of hedge funds have recently added to or reduced their stakes in FTCI. Qube Research & Technologies Ltd acquired a new stake in FTC Solar during the 4th quarter worth approximately $163,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. acquired a new stake in FTC Solar during the 4th quarter valued at approximately $834,000. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in FTC Solar during the 4th quarter worth approximately $692,000. First Trust Advisors LP lifted its position in FTC Solar by 37.2% during the 4th quarter. First Trust Advisors LP now owns 1,081,601 shares of the company’s stock worth $8,177,000 after buying an additional 293,444 shares during the period. Finally, Raymond James & Associates boosted its position in FTC Solar by 12.6% during the 4th quarter. Raymond James & Associates now owns 223,279 shares of the company’s stock worth $1,688,000 after buying an additional 24,972 shares during the period. 20.41% of the stock is currently owned by institutional investors and hedge funds.

Rate the Wall Street Analyst

Several equities analysts have commented on FTCI shares. Raymond James lowered their price target on shares of FTC Solar from $7.00 to $6.00 and set a “strong-buy” rating on the stock in a report on Tuesday, July 12th. Cowen decreased their target price on shares of FTC Solar from $10.00 to $6.00 in a report on Wednesday, May 11th. UBS Group increased their target price on shares of FTC Solar to $8.00 in a report on Wednesday, May 11th. report on Thursday, June 9. Cowen decreased their target price on shares of FTC Solar from $10.00 to $6.00 in a report on Wednesday, May 11. Finally, Northland Securities assumed coverage on the stock. of FTC Solar in a report on Monday, May 23rd. They issued an “outperform” rating and a $7.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $7.05.

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 improve energy production; Atlas, a web-based enterprise level database that allows users to manage their project portfolio; and SunDAT, a software solution that enables the automated design and optimization of solar panel systems across residential, commercial, and utility-scale sites.

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