Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. FTC Solar Inc. shares valued at $277,000 were sold by ARC Family Trust on Feb 27. At $2.77 per share, ARC Family Trust sold 100,000 shares. The insider’s holdings dropped to 15,153,357 shares worth approximately $43.79 million following the completion of this transaction.
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Also, ARC Family Trust sold 100,000 shares, netting a total of over 274,000 in proceeds. Following the sale of shares at $2.74 each, the insider now holds 15,253,357 shares.
Before that, ARC Family Trust had sold 30,000 shares from its account. In a trade valued at $81,300, the 10% Owner traded FTC Solar Inc. shares for $2.71 each. Upon closing the transaction, the insider’s holdings decreased to 30,000 shares, worth approximately $44.37 million.
As published in a research note from Piper Sandler on July 19, 2022, FTC Solar Inc. [FTCI] has been rated up from an Underweight to a Neutral and the price target has been revised to $3.50 from $2. This represents a 17.43% premium over Wednesday’s closing price. Analysts at ROTH Capital upgraded the stock from ‘”a Neutral”‘ to ‘”a Buy”‘ outlook in a report released in early June. As of May 23, 2022, Northland Capital has initiated its “an Outperform” rating for FTCI. Earlier on April 21, 2022, Piper Sandler downgraded its rating. Their new recommendation was “an Underweight” for FTCI stock which previously was a “a Neutral”.
Analyzing FTCI Stock Performance
On Wednesday, FTC Solar Inc. [NASDAQ: FTCI] plunged -5.86% to $2.89. The stock’s lowest price that day was $2.84, but it reached a high of $3.3178 in the same session. During the last five days, there has been a surge of approximately 6.25%. Over the course of the year, FTC Solar Inc. shares have jumped approximately 7.84%. Shares of the company reached a 52-week high of $3.32 on 03/01/23 and a 52-week low of $2.48 on 01/13/23. A 50-day SMA is recorded $2.74, while a 200-day SMA reached $3.35. Nevertheless, trading volume fell to 2.07 million shares from 1.02 million shares the previous day.
Support And Resistance Levels for FTC Solar Inc. (FTCI)
According to the 24-hour chart, there is a support level at 2.71, which, if violated, would cause prices to drop to 2.54. In the upper region, resistance lies at 3.19. The next price resistance is at 3.49. RSI (Relative Strength Index) is 52.49 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.11, which suggests the price will decrease in the coming days. Percent R is at 56.45%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.
Is FTC Solar Inc. subject to short interest?
Stocks of FTC Solar Inc. saw a sharp rise in short interest on Jan 30, 2023 jumping by 0.11 million shares to 6.24 million. Data from Yahoo Finance shows that the short interest on Dec 29, 2022 was 6.13 million shares. A jump of 1.76% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 5.47 of the overall float, the days-to-cover ratio (short ratio) jumped to 5.47.
Which companies own the most shares of FTC Solar Inc. (FTCI)?
According to Invesco Capital Management LLC filings, the company currently owns 4,578,684 shares, which is about 4.43% of the total FTCI shares outstanding. The investor’s shares have plunged by -773,722 from its previous 13-F filing of 5352406.0 shares. Cinctive Capital Management LP acquire a 25.92% interest valued at $10.12 million while BlackRock Fund Advisors purchased a 215,690 stake. A total of 2,769,483 shares of FTC Solar Inc. were bought by J. Goldman & Co. LP during the quarter, and 60,116 were bought by The Vanguard Group, Inc. In its current portfolio, Arosa Capital Management LP holds 1,535,428 shares valued at $4.22 million.
In terms of FTC Solar Inc. share price expectations, FactSet research, analysts set an average price target of $5.21 in the next 12 months, up nearly 62.87% from the previous closing price of $3.07. Analysts anticipate FTC Solar Inc. stock to reach $9.00 by 2023, with the lowest price target being $2.50. In spite of this, 7 analysts ranked FTC Solar Inc. stock as a Buy at the end of 2023. On April 08, 2022, Piper Sandler assigned a price target of “a Neutral” to the stock and downgraded coverage with a $4.