FTC Solar (FTCI) Set to Announce Quarterly Earnings on Friday

FTC Solar (NASDAQ:FTCI) will be issuing its quarterly earnings data before the market opens on Friday, May 10th. Analysts expect the company to announce earnings of ($0.09) per share for the quarter. FTC Solar has set its Q1 2024 guidance at EPS.Investors that are interested in registering for the company’s conference call can do so using this link.

FTC Solar (NASDAQ:FTCI) last posted its earnings results on Wednesday, March 13th. The company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.01. The business had revenue of $23.20 million during the quarter, compared to analysts’ expectations of $22.80 million. FTC Solar had a negative return on equity of 59.79% and a negative net margin of 39.60%. During the same period in the previous year, the business earned ($0.16) earnings per share. On average, analysts expect FTC Solar to post $0 EPS for the current fiscal year and $0 EPS for the next fiscal year.

FTC Solar Stock Down 10.5 %

NASDAQ:FTCI opened at $0.51 on Thursday. The stock has a market cap of $64.56 million, a P/E ratio of -1.19 and a beta of 1.62. The business’s 50-day moving average price is $0.49 and its two-hundred day moving average price is $0.61. FTC Solar has a twelve month low of $0.28 and a twelve month high of $3.87.

Insiders Place Their Bets

In other FTC Solar news, Director Ahmad R. Chatila bought 101,800 shares of FTC Solar stock in a transaction that occurred on Monday, March 18th. The shares were bought at an average price of $0.49 per share, with a total value of $49,882.00. Following the acquisition, the director now owns 684,958 shares in the company, valued at $335,629.42. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Patrick Cook sold 48,911 shares of the firm’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $0.53, for a total transaction of $25,922.83. Following the transaction, the insider now directly owns 1,245,205 shares in the company, valued at approximately $659,958.65. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Ahmad R. Chatila purchased 101,800 shares of the firm’s stock in a transaction on Monday, March 18th. The stock was bought at an average cost of $0.49 per share, for a total transaction of $49,882.00. Following the completion of the purchase, the director now directly owns 684,958 shares in the company, valued at $335,629.42. The disclosure for this purchase can be found here. Insiders bought a total of 384,300 shares of company stock valued at $200,436 over the last quarter. 29.70% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on FTCI shares. HC Wainwright decreased their price objective on shares of FTC Solar from $2.50 to $1.50 and set a “buy” rating on the stock in a research report on Thursday, March 14th. Roth Capital lowered shares of FTC Solar from a “buy” rating to a “neutral” rating in a report on Thursday, March 14th. Finally, Roth Mkm reaffirmed a “neutral” rating and set a $0.45 price objective (down from $2.00) on shares of FTC Solar in a report on Thursday, March 14th. Five investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $1.49.

About FTC Solar

FTC Solar, Inc engages in the provision of solar tracker systems, software, and engineering services in the United States, Asia, Europe, the Middle East, North Africa, South Africa, and Australia. The company offers a self-powered, two-panel in-portrait, and single-axis tracker solution under the Voyager brand name; and a one module-in-portrait solar tracker solution under the Pioneer brand name.