FTC Solar, Inc. (NASDAQ: FTCI – Get a rating) major shareholder Arc Family Trust sold 50,000 shares of the company in a trade dated Wednesday, August 17. The stock was sold at an average price of $4.65, for a total transaction of $232,500.00. Following the completion of the sale, the insider now directly owns 18,847,357 shares of the company, valued at $87,640,210.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available via the SEC website. Large shareholders who own at least 10% of a company’s stock are required to disclose their sales and purchases to the SEC.
Arc Family Trust has also recently completed the following trade(s):
- On Monday, August 15, Arc Family Trust sold 50,000 shares of FTC Solar. The stock was sold at an average price of $5.19, for a total transaction of $259,500.00.
- On Wednesday, August 10, Arc Family Trust sold 84,000 shares of FTC Solar. The stock was sold at an average price of $5.30, for a total transaction of $445,200.00.
- On Monday August 1, Arc Family Trust sold 92,000 shares of FTC Solar. The stock was sold at an average price of $4.97, for a total transaction of $457,240.00.
- On Wednesday, July 27, Arc Family Trust sold 64,000 shares of FTC Solar. The stock was sold at an average price of $4.10, for a total transaction of $262,400.00.
- On Monday, July 25, Arc Family Trust sold 60,000 shares of FTC Solar. The shares were sold at an average price of $4.01, for a total transaction of $240,600.00.
- On Wednesday, July 20, Arc Family Trust sold 84,000 shares of FTC Solar. The shares were sold at an average price of $4.20, for a total transaction of $352,800.00.
- On Monday, July 18, Arc Family Trust sold 50,000 shares of FTC Solar. The shares were sold at an average price of $3.76, for a total transaction of $188,000.00.
- On Wednesday, July 13, Arc Family Trust sold 50,000 shares of FTC Solar. The shares were sold at an average price of $3.75, for a total transaction of $187,500.00.
- On Monday, July 11, Arc Family Trust sold 50,000 shares of FTC Solar. The shares were sold at an average price of $3.81, for a total transaction of $190,500.00.
- On Tuesday, July 5, Arc Family Trust sold 60,000 shares of FTC Solar. The shares were sold at an average price of $3.84, for a total transaction of $230,400.00.
FTC Solar is trading down 7.6%
Shares of NASDAQ: FTCI opened at $4.36 on Friday. FTC Solar, Inc. has a 12-month low of $2.12 and a 12-month high of $11.43. The company’s 50-day moving average is $4.39 and its 200-day moving average is $4.35.
Analysts set new price targets
Several research companies have recently published reports on the FTCI. Northland Securities began covering FTC Solar shares in a Monday, May 23 report. They set an “outperform” rating and a price target of $7.00 for the stock. Roth Capital upgraded FTC Solar shares from a “neutral” rating to a “buy” rating in a Monday, June 6 report. Cowen cut his price target on FTC Solar shares from $10.00 to $6.00 in a Wednesday, May 11 report. Raymond James cut his price target on FTC Solar shares from $7.00 to $6.00 and set a “strong buy” rating on the stock in a Tuesday, July 12 report. Finally, UBS Group raised its price target on FTC Solar shares to $8.00 in a Thursday, June 9 report. One analyst has assigned the stock a sell rating, one has assigned a hold rating, five has assigned a buy rating and one has assigned the stock a high buy rating. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $7.05.
Hedge funds weigh on FTC Solar
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Rock Point Advisors LLC acquired a new equity stake in FTC Solar during Q1 worth approximately $1,674,000. Qube Research & Technologies Ltd acquired a new stake in shares of FTC Solar during Q4 for a value of approximately $163,000. Raymond James & Associates increased its stake in FTC Solar shares by 12.6% during the 4th quarter. Raymond James & Associates now owns 223,279 shares of the company worth $1,688,000 after purchasing an additional 24,972 shares during the period. First Trust Advisors LP increased its stake in FTC Solar shares by 37.2% during the 4th quarter. First Trust Advisors LP now owns 1,081,601 shares of the company worth $8,177,000 after purchasing an additional 293,444 shares during the period. Finally, Cinctive Capital Management LP increased its stake in FTC Solar shares by 118.8% during the 4th quarter. Cinctive Capital Management LP now owns 1,754,492 shares of the company worth $13,264,000 after purchasing an additional 952,493 shares during the period. Institutional investors and hedge funds hold 20.41% of the company’s shares.
FTC Solar Company Profile
FTC Solar, Inc provides solar tracking systems, technology, software, and engineering services in the United States, Vietnam, and internationally. It offers dual-panel portrait single-axis tracking solutions under the Voyager brand. The company also provides SunPath, a software solution to improve energy production; Atlas, an enterprise web database that allows users to manage their project portfolio; and SunDAT, a software solution for automated design and optimization of solar panel systems at residential, commercial and large-scale sites.
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