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FTC Solar Inc. (FTCI) Slumps 8.25%, A Gain For Bears

FTC Solar Inc. (NASDAQ:FTCI) has seen 1.55 million shares traded in the last trading session. The company, currently valued at $316.42M, closed the last trade at $3.15 per share which meant it gained $0.24 on the day or 8.25% during that session. The FTCI stock price is -116.51% off its 52-week high price of $6.82 and 43.49% above the 52-week low of $1.78. If we look at the company’s 10-day average daily trading volume, we find that it stood at 1.29 million shares traded. The 3-month trading volume is 1.25 million shares.

FTC Solar Inc. (NASDAQ:FTCI) trade information

Sporting 8.25% in the green in last session, the stock has traded in the green over the last five days, with the highest price hit on Monday, 01/23/23 when the FTCI stock price touched $3.15 or saw a rise of 1.25%. Year-to-date, FTC Solar Inc. shares have moved 17.54%, while the 5-day performance has seen it change 25.00%. Over the past 30 days, the shares of FTC Solar Inc. (NASDAQ:FTCI) have changed 31.80%. Short interest in the company has seen 4.33 million shares shorted with days to cover at 3.76.

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Wall Street analysts have a consensus price target for the stock at $4.69, which means that the shares’ value could jump 32.84% from current levels. The projected low price target is $2.00 while the price target rests at a high of $9.00. In that case, then, we find that the current price level is -185.71% off the targeted high while a plunge would see the stock lose 36.51% from current levels.

FTC Solar Inc. (FTCI) estimates and forecasts

Figures show that FTC Solar Inc. shares have outperformed across the wider relevant industry. The company’s shares have lost -19.23% over the past 6 months, with this year growth rate of -3.03%, compared to -5.60% for the industry. Other than that, the company has, however, lowered its growth outlook for the 2023 fiscal year revenue. Growth estimates for the current quarter are -5.90% and 76.50% for the next quarter. Revenue growth from the last financial year stood is estimated to be -35.00%.

8 analysts offering their estimates for the company have set an average revenue estimate of $17.22 million for the current quarter. 8 have an estimated revenue figure of $78.35 million for the next quarter concluding in Dec 2022.

FTCI Dividends

FTC Solar Inc. is expected to release its next earnings report between March 13 and March 17 this year, and investors are excited at the prospect of better dividends despite the company’s debt issue.

FTC Solar Inc. (NASDAQ:FTCI)’s Major holders

Insiders own 58.83% of the company shares, while shares held by institutions stand at 26.20% with a share float percentage of 63.63%. Investors are also buoyed by the number of investors in a company, with FTC Solar Inc. having a total of 127 institutions that hold shares in the company. The top two institutional holders are Hill City Capital, LP with over 3.75 million shares worth more than $13.57 million. As of Jun 29, 2022, Hill City Capital, LP held 3.68% of shares outstanding.

The other major institutional holder is Blackrock Inc., with the holding of over 3.59 million shares as of Jun 29, 2022. The firm’s total holdings are worth over $12.98 million and represent 3.52% of shares outstanding.

Also the top two Mutual Funds that are holding company’s shares are Invesco ETF Tr-Invesco Wilderhill Clean Energy ETF and Vanguard Total Stock Market Index Fund. As of Sep 29, 2022, the former fund manager holds about 4.61% shares in the company for having 4.7 million shares of worth $13.9 million while later fund manager owns 1.18 million shares of worth $4.27 million as of Jun 29, 2022, which makes it owner of about 1.16% of company’s outstanding stock.

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