FTC Solar Inc.’s recently made public that its 10% Owner ARC Family Trust unloaded Company’s shares for reported $99500.0 on Aug 30. In the deal valued at $1.99 per share,50,000 shares were sold. As a result of this transaction, ARC Family Trust now holds 12,190,857 shares worth roughly $ 24.26 million.
Then, ARC Family Trust sold 50,000 shares, generating $101,500 in total proceeds. Upon selling the shares at $2.03, the 10% Owner now owns 12,240,857 shares.
Before that, ARC Family Trust sold 50,000 shares. FTC Solar Inc. shares valued at $97,500 were divested by the 10% Owner at a price of $1.95 per share. As a result of the transaction, ARC Family Trust now holds 12,290,857 shares, worth roughly $24.46 million.
UBS downgraded its FTC Solar Inc. [FTCI] rating to a Neutral from a a Buy in a research note published on Friday, August 15, 2023; the price target was decreased to $2.50 from $4. PT values the company’s stock at a premium of 20.4 to its Friday closing price.
Price Performance Review of FTCI
On Friday, FTC Solar Inc. [NASDAQ:FTCI] saw its stock jump 5.85% to $1.99. On the same session, the stock had its day’s lowest price of $1.92, but rose to a high of $2.01. Over the last five days, the stock has gained 6.42%. FTC Solar Inc. shares have fallen nearly -25.75% since the year began. Nevertheless, the stocks have fallen -51.93% over the past one year. While a 52-week high of $4.41 was reached on 08/01/23, a 52-week low of $1.78 was recorded on 08/25/23. SMA at 50 days reached $2.8299, while 200 days put it at $2.6818. A total of 0.75 million shares were traded, compared to the trading of 1.16 million shares in the previous session.
Levels Of Support And Resistance For FTCI Stock
The 24-hour chart illustrates a support level at 1.9367, which if violated will result in even more drops to 1.8833. On the upside, there is a resistance level at 2.0267. A further resistance level may holdings at 2.0633. The Relative Strength Index (RSI) on the 14-day chart is 37.17, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -0.0064, which suggests price will go down in the next trading period. Percent R suggests that price movement has been low at 41.54%. Stochastics %K at 30.93% indicates the stock is a holding.
How much short interest is there in FTC Solar Inc.?
A steep rise in short interest was recorded in FTC Solar Inc. stocks on Aug 14, 2023, growing by 0.89 million shares to a total of 8.29 million shares. Yahoo Finance data shows the prior-month short interest on Jul 13, 2023 was 7.4 million shares. There was a rise of 10.74%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 11.69% of the overall stock float, the days-to-cover ratio (short ratio) rose to 3.62.
FTC Solar Inc. [FTCI] – Who Are The Largest Shareholders?
In filings from Hill City Capital LP, it is revealed that the company now owns 4,330,000 shares, or roughly 3.88% of the outstanding FTCI shares. Additionally, Invesco Capital Management LLC decreased -27.53% of its stake after which the total value it holdings stand at $14,265,800, while BlackRock Fund Advisors added 9.82% of its stake to hold $12.59 million in the firm. At present, Point72 Asset Management LP is holding 2,181,143 shares valued at $8.29 million. Electron Capital Partners LLC owned 2,055,947 shares of the company at the time of its most recent 13F filing, worth $7.81 million.
According to FactSet, FTC Solar Inc.’s share price will average $4.29 in the next year, based on opinions of analysts polled by the firm. This is up nearly 107.45 percent from its previous closing price of $1.88. Analysts expect FTC Solar Inc. stock to reach the higher price of $9.00, while the lowest price estimate is $2.50. However, 8 analysts have rated FTCI stock as an Overweight in their predictions for 2023.