It’s been a darkish and stormy begin to the brand new yr for photo voltaic inventory FTC Solar (NASDAQ: FTCI), which had plummeted almost 20% from the beginning of 2022 via yesterday’s shut. And as we speak is not offering shareholders with any reprieve. As of 11:37 a.m. ET, shares of FTC Solar have declined 14.1%.
What’s rattling the market’s nerves as we speak? An analyst’s bearish tackle the inventory — the second in as many weeks — is motivating buyers to click on the promote button.
Finding a noteworthy potential for threat with an funding in FTC Solar, Julien Dumoulin-Smith, an analyst at Bank of America, downgraded the inventory to underperform from impartial and slashed his worth goal to $5 from $9. According to Thefly.com, Dumoulin-Smith acknowledged “systematic and idiosyncratic elements that stack up towards” the corporate as the idea for his bearish tackle the inventory.
Investors could also be notably delicate to the analyst’s concern, contemplating that one other analyst, Kashy Harrison from Piper Sandler, minimize the value goal to $14 from $17 final week. However, Harrison maintained an obese score on FTC Solar’s inventory.
Those contemplating the addition of a renewable-energy inventory to their holdings could also be curious about FTC Solar now that its valuation has develop into extra enticing. However, it will be wiser to attend.
Next Tuesday, FTC Solar’s CEO Sean Hunkler will host a name to handle the corporate’s progress technique. With some perception into the corporate’s plans so shut on the horizon, ready to see what Hunkler — who just lately stepped into the position of CEO in late September — has to say can be a sensible transfer.
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