FTC Solar Inc. (NASDAQ: FTCI) – Not A Clear Buying Opportunity?

Cinctive Capital Management LP has recently announced that it has increased stake in FTC Solar Inc. (NASDAQ:FTCI) by 25.92%. After grabbing 3.68 million shares, the institutional investor is now in possession of 0.76 million shares of the Technology Company. The new investment brought the stake of investor firm to 3.56% having worth around $11.3 million. Moreover, BlackRock Fund Advisors increased its share by 0.22 million to have a control over 2.97 million shares. And J. Goldman & Co. LP raised its holdings to 2.77 million shares by acquiring 2.77 million shares or 2.68% of the stake.

FTC Solar Inc. (FTCI) concluded trading on 03/16/23 at a closing price of $2.27, with 1.49 million shares of worth about $3.37 million changed hands on the day. Half year performance of the stock remained negative as price took a plunge of -47.82% during that period and on Thursday the price saw a loss of about -6.20%. Currently the company’s common shares owned by public are about 103.71M shares, out of which, 43.98M shares are available for trading.

Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $9.00 and could fall to a lowest price of $3.00. The stock’s current price level is 50.87% above of average price target set by the analysts, while a rise to estimated low would result in gain of 24.33% for the stock. However, touching the estimated high of $9.00 would mean a gain of 74.78% for the stock.

According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 203 times over the past 12 months. They bought 3,492,806 shares in 43 of the transactions. In 160 selling transactions, insiders dumped 9,019,517 shares.

Invesco WilderHill Clean Energy E, Handelsbanken Hallbar Energi, and Vanguard Total Stock Market Index are the top 3 mutual funds which are holding stakes in FTC Solar Inc. Invesco WilderHill Clean Energy E is currently holding 4.2 million shares of worth totaling $12.89 million. The company recently came selling 35904.0 shares which brought its stake up to 4.07% of the company’s outstanding shares. Vanguard Total Stock Market Index, after buying 1.32 million shares, have now control over 1.28% of the stake in the company. It holds 0.0 shares of worth $4.06 million.

FTC Solar Inc. (NASDAQ: FTCI) started trading at $2.35, below -$0.07 from concluding price of the previous day. However, the stock later moved at a day high price of 2.3700, or with a loss of -6.20%. Stock saw a price change of -16.54% in past 5 days and over the past one month there was a price change of -18.35%. Year-to-date (YTD), FTCI shares are showing a performance of -15.30% which decreased to -59.61% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $1.78 but also hit the highest price of $6.82 during that period. The average intraday trading volume for FTC Solar Inc. shares is 1.16 million. The stock is currently trading -18.81% below its 20-day simple moving average (SMA20), while that difference is down -18.69% for SMA50 and it goes to -31.21% lower than SMA200.

Cinctive Capital Management LP acquired 3.68 million shares of FTC Solar Inc. having value of about $11.3 million. Data submitted at the U.S SEC by Cinctive Capital Management LP revealed that the firm now holds 0.76 million shares in the company valued at close to $1719622.61, or have control over 25.92% stake in the company. FTC Solar Inc. (NASDAQ: FTCI) currently have 103.71M outstanding shares and institutions hold larger chunk of about 29.80% of that. Holding of mutual funds in the company is about 16.05% while other institutional holders and individual stake holders have control over 66.92% and 15.61% of the stake respectively.

The stock has a current market capitalization of $258.19M. It has posted earnings per share of -$0.98 in the same period. It has Quick Ratio of 1.70 while making debt-to-equity ratio of 0.00. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for FTCI, volatility over the week remained 13.76% while standing at 10.70% over the month.

Analysts are in expectations that FTC Solar Inc. (FTCI) stock would likely to be making an EPS of -$0.11 in the current quarter, while forecast for next quarter EPS is -$0.06 and it is -$0.07 for next year. For the current quarter EPS, analysts have given the company a lowest target -$0.13 which is -$0.08 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of -$0.17 in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 20.70% while it is estimated to increase by 253.30% in next year.

Analysts at 8 brokerage firms have issued recommendations for the FTC Solar Inc. (FTCI)’s stock and average of those rates the stock at a “Moderate Buy” and assign it a score of 2.20. Out of those 8 Wall Street analysts, 7 recommended a “Buy” rating, while 1 were in favor recommending the stock as a “Hold” and 0 analyst recommended the stock as “Sell”.

Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by BofA Securities on March 15, 2023 offering a Buy rating for the stock and assigned a target price range of between $2 and $3.50 to it. Coverage by Piper Sandler stated FTC Solar Inc. (FTCI) stock as a Neutral in their note to investors on July 19, 2022, suggesting a price target of $3.50 for the stock. On June 06, 2022, ROTH Capital Upgrade their recommendations, while on May 23, 2022, Northland Capital Initiated their ratings for the stock with a price target of $7. Stock get an Underweight rating from Piper Sandler on April 21, 2022.