FTC Solar Inc (NASDAQ:FTCI) finished Wednesday with a subtraction of -$0.08 to close at $1.18, a downside of -6.35 percent. An average of 2,267,560 shares of common stock have been traded in the last five days. There was a fall of -$0.2800 in the past week, and it reached a new high 11 times over the past 12 months. The last 20 days have seen an average of 1,983,205 shares traded, while the 50-day average volume stands at 2,004,270.
FTCI stock has decreased by -40.10% in the last month. The company shares reached their 1-month lowest point of $1.1500 on 09/27/23. With the stock rallying to its 52-week high on 08/01/23, shares of the company touched a low of $1.23 and a high of $3.87 in 52 weeks. It has reached a new high 13 times so far this year and lost -55.97% or -$1.5000 in price. In spite of this, the price is down -69.51% from the 52-week high.
Insider Transactions
FTCI stock investors should be aware that FTC Solar Inc (FTCI) stock had its last reported insider trading activity 14 days ago on Sep 14. In this transaction, the insider spent $70,000. 10% Owner, ARC Family Trust, disposed of 50,000 shares at a price of $1.37 on Sep 13. The insider now owns more than $68,500 worth of shares. Prior to that, 10% Owner ARC Family Trust went on to Sale 50,000 shares at $1.63 each on Sep 11. An amount of $81,500 was transacted.
Valuation Metrics
FTC Solar Inc (FTCI) stock’s beta is 2.13. Other valuation ratios to consider include the trailing price-to-sales (P/S) ratio at 1.20, the price-to-book (PB) ratio at 1.76.
Financial Health
The quick ratio of FTC Solar Inc for the three months ended June 29 was 2.14, and the current ratio was 2.35, indicating that the company is able to meet its debt obligations. Further, the company has a long term debt to equity ratio of 0.02 and a total debt to equity ratio of 0.03 for the quarter ending June 29. FTC Solar Inc’s EBITDA margin for the year ending June 29 is -80.18%, while its operating margin for the same period stands at -59.73%. Its gross profit as reported stood at -$99.57 million compared to revenue of $123.07 million.
Earnings Surprise
In the quarter under review, the net income was down than the previous quarter. The company posted a net income of -$10.41 million in the quarter, while revenues of -$11.76 million were shrunk -146.69%. The analyst consensus anticipated FTC Solar Inc’s latest quarter earnings to come in at -$0.04 per share, but it turned out to be -$0.06, a -50.00% surprise. For the quarter, EBITDA amounted to -$9.86 million. Shareholders own equity worth $118.11 million.
Technical Picture
From a technical analysis perspective, let’s take a brief look at FTC Solar Inc (FTCI) price momentum. RSI 9-day as of the close on 27 September was 24.32%, suggesting the stock is oversold, with historical volatility in this time frame at 78.82%.
As of today, FTCI’s price is $1.3000 -19.18% or -$0.2800 from its 5-day moving average. FTCI is currently trading -43.00% lower than its 20-day SMA and -53.17% lower than its 100-day SMA. However, the stock’s current price level is -64.02% below the SMA50 and -53.36% below the SMA200.
The stochastic %K and %D were 5.72% and 8.40%, respectively, and the average true range (ATR) was 0.1456. With the 14-day stochastic at 4.96% and the average true range at 0.1584, the RSI (14) stands at 26.75%. The stock has reached -0.1011 on the 9-day MACD Oscillator while the 14-day reading was at -0.1524.
Analyst Ratings
UBS downgraded FTC Solar Inc (NASDAQ: FTCI) to a a Neutral rating in its most recent analyst report. Previously, the stock was rated as a Buy. The consensus rating for FTC Solar Inc (FTCI) among analysts is Overweight. According to current brokerage recommendations, 0 brokerage firms advise that investors sell FTCI, while 2 suggest investors hold. There are 0 analysts who rate the stock as underweight. The stock is rated overweight by 0 analysts, while 6 others rate it as a “buy”.
What is FTCI’s price target for the next 12 months?
Analysts predict a range of price targets between $2.50 and $9.00, with a median target of $3.90. Taking a look at these predictions, the average price target given by analysts for FTC Solar Inc (FTCI) stock is $4.29.
