In the last trading session, 3.33 million FTC Solar Inc (NASDAQ:FTCI) shares changed hands as the company’s beta touched 1.58. With the company’s per share price at $0.52 changed hands at $0.01 or 1.71% during last session, the market valuation stood at $64.64M. FTCI’s last price was a discount, traded about -644.23% off its 52-week high of $3.87. The share price had its 52-week low at $0.28, which suggests the last value was 46.15% up since then. When we look at FTC Solar Inc’s average trading volume, we note the 10-day average is 6.62 million shares, with the 3-month average coming to 2.23 million.
Analysts gave the FTC Solar Inc (FTCI) stock a consensus recommendation rating of an Overweight, calculated at a mean rating of 2.12. If we narrow down to specifics, the data shows that 0 out of 8 analysts rate the stock as a Sell, with a further 0 assigning it an Overweight rating. Of the remaining, 3 recommended FTCI as a Hold, 4 felt it is a Buy and 1 rated the stock as Underweight. FTC Solar Inc’s EPS for the current quarter is expected to be -$0.08.
FTC Solar Inc (NASDAQ:FTCI) trade information
Instantly FTCI was in green as seen at the end of in last trading. With action 17.50%, the performance over the past five days has been green. The jump to weekly highs of 0.5600 on Friday, 11/17/23 added 1.71% to the stock’s daily price. The company’s shares are showing year-to-date downside of -80.71%, with the 5-day performance at 17.50% in the green. However, in the 30-day time frame, FTC Solar Inc (NASDAQ:FTCI) is -60.68% down. Looking at the short shares, we see there were 8.33 million shares sold at short interest cover period of 7.85 days.
The consensus price target for the stock as assigned by Wall Street analysts is $1.29, meaning bulls need an upside of 59.69% from its current market value. According to analyst projections, FTCI’s forecast low is $0.20 with $2.50 as the target high. To hit the forecast high, the stock’s price needs a -380.77% plunge from its current level, while the stock would need to tank 61.54% for it to hit the projected low.
FTC Solar Inc (FTCI) estimates and forecasts
Data shows that the FTC Solar Inc share is performing relatively much better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot -83.21% over the past 6 months, a 64.18% in annual growth rate that is considerably higher than the industry average of 22.50%. Moreover, analysts have looked to higher expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for FTC Solar Inc will rise 27.30%, while the growth in revenue is estimated to hit 57.10% for the next quarter. Year-over-year growth is forecast to reach 3.10% up from the last financial year.
Consensus estimates given by 6 financial analysts project the company’s revenue in the current quarter to hit an average of $23.09 million. 6 analysts are of the opinion that FTC Solar Inc’s revenue for the quarter ending Mar 2024 will be $43.87 million. The company’s revenue for the corresponding quarters a year ago was $26.22 million and $40.89 million respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at -11.90%. The estimates for the next quarter sales put growth at 7.30%.
The 2023 estimates are for FTC Solar Inc earnings to increase by 55.22%.
FTC Solar Inc is expected to release its next quarterly earnings report on November 08.
FTC Solar Inc (NASDAQ:FTCI)’s Major holders
If we look at who the major shareholders are, we find that insiders hold 42.71% of FTC Solar Inc shares while 32.11% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 56.05%. There are 32.11% institutions holding the FTC Solar Inc stock share, with Hill City Capital, Lp the top institutional holder. As of Jun 29, 2023, the company held 3.67% of the shares, roughly 4.33 million FTCI shares worth $13.94 million.
Invesco Ltd. holds the second largest percentage of outstanding shares, with 3.18% or 3.75 million shares worth $12.09 million as of Jun 29, 2023.
Among Mutual Funds, the top two as of Aug 30, 2023 were Invesco ETF Tr-Invesco Wilderhill Clean Energy ETF and iShares Russell 2000 ETF. With 3.25 million shares estimated at $6.11 million under it, the former controlled 2.75% of total outstanding shares. On the other hand, iShares Russell 2000 ETF held about 1.28% of the shares, roughly 1.52 million shares worth around $2.85 million.