FTC Solar, Inc. (NASDAQ:FTCI) Major Shareholder Arc Family Trust Sells 50,000 Shares

FTC Solar, Inc. (NASDAQ: FTCI – Get a rating) majority shareholder Arc Family Trust sold 50,000 shares in a transaction dated Monday, April 18. The stock was sold at an average price of $3.44, for a total transaction of $172,000.00. Following the transaction, the insider now directly owns 21,523,357 shares of the company, valued at $74,040,348.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, accessible via this link. 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 Thursday, April 14, Arc Family Trust sold 31,300 FTC Solar shares. The stock was sold at an average price of $3.63, for a total transaction of $113,619.00.
• On Tuesday, April 12, Arc Family Trust sold 61,400 FTC Solar shares. The shares were sold at an average price of $3.84, for a total transaction of $235,776.00.
• On Thursday, April 7, Arc Family Trust sold 92,000 shares of FTC Solar. The shares were sold at an average price of $4.58, for a total transaction of $421,360.00.

NASDAQFTCI traded down $0.22 during the midday session on Wednesday, hitting $3.21. 1,228,230 shares were traded, against an average volume of 1,189,883. FTC Solar, Inc. has a 1-year low of $3.17 and a 1-year high of $15.46. The company’s 50-day simple moving average is $4.80 and its 200-day simple moving average is $6.38. The stock has a market capitalization of $318.25 million and a PE ratio of -2.48.

Solar CTF (NASDAQ: FTCI – Get a rating) last announced its results on Tuesday, March 15. The company reported ($0.17) earnings per share (EPS) for the quarter, missing Zacks’ consensus estimate of ($0.13) by ($0.04). FTC Solar had a negative return on equity of 53.89% and a negative net margin of 40.69%. On average, analysts expect FTC Solar, Inc. to post -0.06 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently changed their positions in the stock. Citadel Advisors LLC increased its position in FTC Solar by 35.5% during the fourth quarter. Citadel Advisors LLC now owns 1,917,735 shares of the company worth $14,498,000 after acquiring an additional 502,725 shares in the last quarter. Cinctive Capital Management LP increased its equity stake in FTC Solar by 118.8% in Q4. Cinctive Capital Management LP now owns 1,754,492 shares of the company valued at $13,264,000 after purchasing an additional 952,493 shares in the last quarter. State Street Corp increased its stake in FTC Solar shares by 512.2% during the 4th quarter. State Street Corp now owns 1,743,629 shares of the company valued at $13,182,000 after purchasing an additional 1,458,820 shares during the period. BlackRock Inc. increased its equity stake in FTC Solar by 37.3% during the 4th quarter. BlackRock Inc. now owns 1,290,174 shares of the company worth $9,753,000 after purchasing an additional 350,484 shares in the last quarter. Finally, First Trust Advisors LP increased its position in FTC Solar shares by 37.2% in 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. Hedge funds and other institutional investors own 21.91% of the company’s shares.

FTCI has been the subject of a number of research analyst reports. Piper Sandler downgraded FTC Solar shares from a “neutral” rating to an “underweight” rating in a report released Wednesday. Zacks Investment Research cut FTC Solar shares from a “strong buy” rating to a “hold” rating in a Tuesday, March 22 report. Raymond James lowered his price target on FTC Solar shares from $12.00 to $10.00 and set a “strong buy” rating for the company in a Wednesday, March 16 report. Credit Suisse Group lowered its price target on FTC Solar shares from $18.00 to $10.00 and set an “outperform” rating for the company in a Thursday, January 20 research note. Finally, Roth Capital downgraded FTC Solar shares from a “buy” rating to a “neutral” rating and lowered its price target for the stock from $15.00 to $4.00 in a research note. Monday, January 24. Two equity research analysts gave the stock a sell rating, two gave the company a hold rating, five issued a buy rating and one gave the company a high buy rating. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $8.55.

About FTC Solar (Get a rating)

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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