FTC Solar Inc (NASDAQ:FTCI) price on current trading day, fall -2.69% below its previous day’s close as a downside momentum from buyers pushed the stock’s value to $0.25.
A look at the stock’s price movement, the close in the last trading session was $0.25, moving within a range at $0.241 and $0.2722. The beta value (5-Year monthly) was 1.597. Turning to its 52-week performance, $2.11 and $0.18 were the 52-week high and 52-week low respectively. Overall, FTCI moved -40.98% over the past month.
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FTC Solar Inc’s market cap currently stands at around $31.28 million, with investors looking forward to this quarter’s earnings report slated for on 2024-Nov-06.
Analysts have a consensus estimate of 16.22M for the company’s revenue for the quarter, with a low and high estimate of 9M and 41.38M respectively. The average forecast suggests down to a -46.90% growth in sales growth compared to quarterly growth in the same period last fiscal year. Wall Street analysts have also projected the company’s year-on-year revenue to grow to 70.67M, representing a -44.40% decline on that reported in the last financial year.
Turning to the stock’s technical picture we see that short term indicators suggest on average that FTCI is a 100% Sell. On the other hand, the stock is on average a 100% Sell as suggested by medium term indicators while long term indicators are putting the stock in 100% Sell category.
10 analyst(s) have given their forecast ratings for the stock on a scale of 1.00-5.00 for a strong buy to strong sell recommendation. A total of 5 analyst(s) rate the stock as a Hold, 4 recommend FTCI as a Buy and 1 give it an Overweight rating. Meanwhile, 0 analyst(s) rate the stock as Underweight and 0 say it is a Sell. As such, the average rating for the stock is Hold which could provide an opportunity for investors keen on increasing their holdings of the company’s stock.
FTCI’s current price about -22.96% and -32.80% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 37.52, while 7-day volatility ratio is 15.36% and 17.75% in the 30-day chart. Further, FTC Solar Inc (FTCI) has a beta value of 1.60, and an average true range (ATR) of 0.04. Analysts have given the company’s stock an average 52-week price target of $6, forecast between a low of $0.4 and high of $10. Looking at the price targets, the low is -60.0% off current price level while to achieve the yearly target high, price needs to move -3900.0%. Nonetheless, investors will most likely welcome a -2300.0% jump to $6 which is the analysts’ median price.
If we refocus on FTC Solar Inc (NASDAQ:FTCI), historical trading data shows that trading volumes averaged 1.61 over the past 10 days and 858.86K over the past 3 months. The company’s latest data on shares outstanding shows there are 125.45 million shares.
The 49.25% of FTC Solar Inc’s shares are in the hands of company insiders while institutional holders own 16.02% of the company’s shares. Also important is the data on short interest which shows that short shares stood at 5.52 million on 2024-07-31, giving us a short ratio of 9.98. The data shows that as of 2024-07-31 short interest in FTC Solar Inc (FTCI) stood at 656.0 of shares outstanding, with shares short falling to 8.18 million registered in 2024-06-28. Current price change has pushed the stock -64.55% YTD, which shows the potential for further growth is there. It is this reason that could see investor optimism for the FTCI stock continues to rise going into the next quarter.
