FTC Solar Inc. (NASDAQ: FTCI) Stock Forecast For 2022: Bullish Signs Point To $8.00 Per Share

In the latest trading session, 0.51 million FTC Solar Inc. (NASDAQ:FTCI) shares changed hands as the company’s beta touched 0. With the company’s most recent per share price at $4.16 changing hands around $0.22 or 5.46% at last look, the market valuation stands at $429.58M. FTCI’s current price is a discount, trading about -177.4% off its 52-week high of $11.54. The share price had its 52-week low at $2.12, which suggests the last value was 49.04% up since then. When we look at FTC Solar Inc.’s average trading volume, we note the 10-day average is 0.9 million shares, with the 3-month average coming to 1.31 million.

Analysts gave the FTC Solar Inc. (FTCI) stock a consensus recommendation rating of an Overweight, calculated at a mean rating of 2.60. If we narrow down to specifics, the data shows that 0 out of 8 analysts rate the stock as a Sell, with a further 0 assigning it an Overweight rating. Of the remaining, 1 recommended FTCI as a Hold, 6 felt it is a Buy and 1 rated the stock as Underweight. FTC Solar Inc.’s EPS for the current quarter is expected to be -$0.16.

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Instantly FTCI is in green as seen in intraday trades today. With action -0.25%, the performance over the past five days has been red. The jump to weekly highs of 4.34 on Tuesday, 07/26/22 added 5.46% to the stock’s daily price. The company’s shares are showing year-to-date downside of -47.88%, with the 5-day performance at -0.25% in the red. However, in the 30-day time frame, FTC Solar Inc. (NASDAQ:FTCI) is -13.79% down. Looking at the short shares, we see there were 4.82 million shares sold at short interest cover period of 2.6 days.

The consensus price target for the stock as assigned by Wall Street analysts is $5.88, meaning bulls need an upside of 29.25% from its recent market value. According to analyst projections, FTCI’s forecast low is $2.50 with $8.00 as the target high. To hit the forecast high, the stock’s price needs a -92.31% plunge from its current level, while the stock would need to tank 39.9% for it to hit the projected low.

FTC Solar Inc. (FTCI) estimates and forecasts

Data shows that the FTC Solar Inc. share is performing relatively much not better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot -5.74% over the past 6 months, a 16.67% in annual growth rate that is considerably lower than the industry average of 21.90%. Moreover, analysts have looked to higher expectations by upgrading its fiscal year 2022 revenue estimates. The rating firms predict current quarter revenue for FTC Solar Inc. will rise 23.80%, while the growth in revenue is estimated to hit 29.40% for the next quarter. Year-over-year growth is forecast to reach -19.20% down from the last financial year.

Consensus estimates given by 5 financial analysts project the company’s revenue in the current quarter to hit an average of $32.39 million. 7 analysts are of the opinion that FTC Solar Inc.’s revenue for the quarter ending Sep 2022 will be $51.83 million. The company’s revenue for the corresponding quarters a year ago was $44.15 million. According to analysts, the company will likely register a growth in its current quarter sales, forecast at -26.60%.

The 2022 estimates are for FTC Solar Inc. earnings to decrease by -435.30%.

FTCI Dividends

FTC Solar Inc. is expected to release its next quarterly earnings report on August 09.

FTC Solar Inc. (NASDAQ:FTCI)’s Major holders

If we look at who the major shareholders are, we find that insiders hold 61.82% of FTC Solar Inc. shares while 23.13% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 60.58%. There are 23.13% institutions holding the FTC Solar Inc. stock share, with Invesco Ltd. the top institutional holder. As of Mar 30, 2022, the company held 3.54% of the shares, roughly 3.57 million FTCI shares worth $14.82 million.

Cinctive Capital Management LP holds the second largest percentage of outstanding shares, with 2.57% or 2.59 million shares worth $10.74 million as of Mar 30, 2022.

Among Mutual Funds, the top two as of Jun 29, 2022 were Invesco ETF Tr-Invesco Wilderhill Clean Energy ETF and iShares Russell 2000 ETF. With 2.73 million shares estimated at $11.35 million under it, the former controlled 2.71% of total outstanding shares. On the other hand, iShares Russell 2000 ETF held about 1.00% of the shares, roughly 1.0 million shares worth around $4.17 million.

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