FTC Solar, Inc. (NASDAQ:FTCI) – Stock analysts at Piper Sandler dropped their Q2 2022 earnings estimates for shares of FTC Solar in a research report issued on Monday, November 22nd. Piper Sandler analyst K. Harrison now anticipates that the company will earn $0.03 per share for the quarter, down from their previous forecast of $0.10. Piper Sandler currently has a “Overweight” rating and a $17.00 target price on the stock. Piper Sandler also issued estimates for FTC Solar’s Q3 2022 earnings at $0.08 EPS, Q4 2022 earnings at $0.18 EPS and FY2023 earnings at $0.97 EPS.
Several other research analysts have also commented on the company. Barclays raised FTC Solar from an “equal weight” rating to an “overweight” rating and cut their price objective for the company from $11.00 to $9.00 in a research report on Wednesday, October 20th. Zacks Investment Research raised FTC Solar from a “sell” rating to a “hold” rating in a research report on Thursday, September 16th. Finally, Raymond James cut their price objective on FTC Solar from $15.00 to $12.00 and set a “strong-buy” rating on the stock in a research report on Tuesday, October 5th. Two research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $14.19.
FTC Solar (NASDAQ:FTCI) last issued its earnings results on Wednesday, November 10th. The company reported ($0.17) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.20) by $0.03. FTC Solar had a negative return on equity of 63.08% and a negative net margin of 45.04%.
A number of institutional investors have recently made changes to their positions in FTCI. Legal & General Group Plc bought a new stake in FTC Solar in the second quarter valued at about $27,000. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in FTC Solar in the third quarter valued at about $96,000. SG Americas Securities LLC bought a new stake in FTC Solar in the third quarter valued at about $96,000. Vident Investment Advisory LLC bought a new stake in FTC Solar in the third quarter valued at about $100,000. Finally, OLD Mission Capital LLC bought a new stake in FTC Solar in the third quarter valued at about $110,000. 25.84% of the stock is owned by hedge funds and other institutional investors.
In other FTC Solar news, CEO Sean Hunkler bought 16,000 shares of the company’s stock in a transaction dated Friday, November 12th. The shares were acquired at an average cost of $9.47 per share, with a total value of $151,520.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
About FTC Solar
FTC Solar, Inc provides solar tracker systems, and software and engineering services in the United States and internationally. The company markets its two-panel in-portrait single-axis tracker systems under the Voyager brand name. Its software solutions include SunPath, a solution to enhance energy production; SunDAT, an online 3D solar PV design solution; and Atlas, a solar portfolio management solution.
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