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After A -4.71% Drop In The Last Week, Does FTC Solar Inc. (NASDAQ: FTCI) Still Make Sense To Buy?

During the last session, FTC Solar Inc. (NASDAQ:FTCI)’s traded shares were 1.36 million. At the end of the trading day, the stock’s price was $3.24, reflecting an intraday loss of -4.99% or -$0.17. The 52-week high for the FTCI share is $6.14, that puts it down -89.51 from that peak though still a striking 45.06% gain since the share price plummeted to a 52-week low of $1.78. The company’s market capitalization is $354.81M, and the average intraday trading volume over the past 10 days was 1.64 million shares, and the average trade volume was 1.42 million shares over the past three months.

FTC Solar Inc. (NASDAQ:FTCI) trade information

FTC Solar Inc. (FTCI) registered a -4.99% downside in the last session and has traded in the red over the past 5 sessions. The stock plummet -4.99% in intraday trading to $3.24 this Wednesday, 05/24/23, hitting a weekly high. The stock’s 5-day price performance is -4.71%, and it has moved by 25.58% in 30 days. Based on these gigs, the overall price performance for the year is -17.97%. The short interest in FTC Solar Inc. (NASDAQ:FTCI) is 6.54 million shares and it means that shorts have 4.47 day(s) to cover.

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FTC Solar Inc. (FTCI) estimates and forecasts

Statistics show that FTC Solar Inc. has outperformed its competitors in share price, compared to the industry in which it operates. FTC Solar Inc. (FTCI) shares have gone up 52.11% during the last six months, with a year-to-date growth rate more than the industry average at 80.60% against 30.60. Yet analysts are ramping up their growth forecast for the fiscal year 2023. Revenue is predicted to grow 72.20% this quarter and then jump 94.10% in the quarter after that. In the rating firms’ projections, revenue will increase 114.70% compared to the previous financial year.

Revenue for the current quarter is expected to be $47.71 million as predicted by 9 analyst(s). Meanwhile, a consensus of 9 analyst(s) estimates revenue growth to $76.29 million by the end of Sep 2023. As per earnings report from last fiscal year’s results, sales for the corresponding quarters totaled $30.72 million and $17.22 million respectively. In this case, analysts expect current quarter sales to grow by 55.30% and then jump by 343.00% in the coming quarter.

While earnings are projected to return 20.70% in 2023.

FTCI Dividends

FTC Solar Inc. is due to release its next quarterly earnings between August 07 and August 11. However, it is important to remember that the dividend yield ratio is merely an indicator meant to only serve as guidance.

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

FTC Solar Inc. insiders own 42.95% of total outstanding shares while institutional holders control 32.14%, with the float percentage being 56.33%. Invesco Ltd. is the largest shareholder of the company, while 119 institutions own stock in it. As of Mar 30, 2023, the company held over 5.18 million shares (or 4.64% of all shares), a total value of $16.78 million in shares.

The next largest institutional holding, with 4.33 million shares, is of Hill City Capital, Lp’s that is approximately 3.88% of outstanding shares. At the market price on Mar 30, 2023, these shares were valued at $14.03 million.

Also, the Mutual Funds coming in first place with the largest holdings of FTC Solar Inc. (FTCI) shares are Invesco ETF Tr-Invesco Wilderhill Clean Energy ETF and Vanguard Total Stock Market Index Fund. Data provided on Mar 30, 2023 indicates that Invesco ETF Tr-Invesco Wilderhill Clean Energy ETF owns about 4.83 million shares. This amounts to just over 4.36 percent of the company’s overall shares, with a $15.66 million market value. The same data shows that the other fund manager holds slightly less at 1.32 million, or about 1.19% of the stock, which is worth about $4.29 million.

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