Take off with FTC Solar Inc. (FTCI): Get ready for trading

FTC Solar Inc. (NASDAQ: FTCI) stock jumped 2.83% on Friday to $2.91 against a previous-day closing price of $2.83. With 0.76 million shares changed hands, the volume of the stock remained lighter than its average volume of 1.26 million shares. During the session, the Solar company that operates in wider Technology sector, reached to the highest price of $2.9200 whereas the lowest price it dropped to was $2.7900. The 52-week range on FTCI shows that it touched its highest point at $6.82 and its lowest point at $1.78 during that stretch. It currently has a 1-year price target of $4.50.

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Price Performance and Earnings:

Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of FTCI was up-trending over the past week, with a rise of 3.19%, but this was up by 18.78% over a month. Three-month performance surged to 33.49% while six-month performance fell -31.69%. The stock lost -34.75% in the past year, while it has gained 8.58% so far this year. A look at the trailing 12-month EPS for FTCI yields -1.03 with Next year EPS estimates of -0.03. For the next quarter, that number is -0.11. This implies an EPS growth rate of -435.30% for this year and 95.50% for next year.

Float and Shares Shorts:

At present, 102.17 million FTCI shares are outstanding with a float of 43.98 million shares on hand for trading. On Oct 13, 2022, short shares totaled 4.33 million, which was 4.25% higher than short shares on Sep 14, 2022. In addition to Mr. Sean Hunkler as the firm’s Pres, CEO & Director, Mr. Deepak Navnith serves as its Exec. Officer.

Institutional Ownership:

Through their ownership of 26.20% of FTCI’s outstanding shares, institutional investors have minority control over the company. Other institutions hold 67.88% of FTCI, in contrast to 17.03% held by mutual funds. Shares owned by individuals account for 12.98%. As the largest shareholder in FTCI with 5.18% of the stake, Invesco Capital Management LLC holds 5,352,406 shares worth 5,352,406. A second-largest stockholder of FTCI, Hill City Capital LP, holds 4,180,000 shares, controlling over 4.05% of the firm’s shares. Cinctive Capital Management LP is the third largest shareholder in FTCI, holding 2,923,074 shares or 2.83% stake. With a 4.19% stake in FTCI, the Invesco WilderHill Clean Energy E is the largest stakeholder. A total of 4,326,029 shares are owned by the mutual fund manager. The Vanguard Total Stock Market Index, which owns about 1.28% of FTCI stock, is the second-largest Mutual Fund holder. It holds 1,323,352 shares valued at 3.55 million. LUX IM – Green Energy holds 1.27% of the stake in FTCI, owning 1,309,609 shares worth 3.51 million.

Analysts Ratings:

Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for FTCI since 8 analysts follow the stock currently. There are 6 analysts who recommend BUY ratings, while 0 suggest SELL ratings. Of the remaining analysts, 1 believe that the stock is worth HOLDING, 0 give it an OVERWEIGHT rating, and 1 thinks that it’s UNDERWEIGHT. In the same way, a target price assigned to a stock can also reveal much about its potential. With FTCI analysts setting a high price target of $9.00 and a low target of $2.00, the average target price over the next 12 months is $4.69. Based on these targets, FTCI could surge 209.28% to reach the target high and fall by -31.27% to reach the target low. Reaching the average price target will result in a growth of 61.17% from current levels.

EPS: Estimates vs Actual

It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy. FTCI will report FY 2022 earnings on 03/12/2024. Analysts have provided yearly estimates in a range of -$0.63 being high and -$0.81 being low. For FTCI, this leads to a yearly average estimate of -$0.70. The earnings surprise of a firm occurs when the actual results change from the consensus earnings estimate. FTC Solar Inc. surprised analysts by $0.00 when it reported -$0.17 EPS against a consensus estimate of -$0.17. The surprise factor in the prior quarter was -$0.02. Based on analyst estimates, the high estimate for the next quarter is -$0.08 and the low estimate is -$0.13. The average estimate for the next quarter is thus -$0.11.

Summary of Insider Activity:

Insiders traded FTCI stock several times over the past three months with 14 Buys and 29 Sells. In these transactions, 517,728 shares were bought while 1,339,646 shares were sold. The number of buy transactions has increased to 41 while that of sell transactions has risen to 152 over the past year. The total number of shares bought during that period was 3,351,464 while 8,611,523 shares were sold.

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