FTC Solar (FTCI) to Release Quarterly Earnings on Friday

FTC Solar (NASDAQ:FTCI) is scheduled to be releasing its earnings data before the market opens on Friday, May 10th. Analysts expect FTC Solar to post earnings of ($0.09) per share for the quarter. FTC Solar has set its Q1 2024 guidance at EPS.Parties interested in participating in the company’s conference call can do so using this link.

FTC Solar (NASDAQ:FTCI) last released its earnings results on Wednesday, March 13th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.01. The business had revenue of $23.20 million for the quarter, compared to analyst estimates 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 quarter in the prior year, the company posted ($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 Up 7.3 %

NASDAQ:FTCI opened at $0.57 on Wednesday. FTC Solar has a twelve month low of $0.28 and a twelve month high of $3.87. The firm has a market capitalization of $72.17 million, a price-to-earnings ratio of -1.33 and a beta of 1.62. The stock’s 50 day moving average price is $0.49 and its two-hundred day moving average price is $0.62.

Insider Activity at FTC Solar

In related news, Director Ahmad R. Chatila acquired 101,800 shares of the business’s stock in a transaction on Monday, March 18th. The stock was purchased at an average cost of $0.49 per share, for a total transaction of $49,882.00. Following the completion of the transaction, the director now directly owns 684,958 shares of the company’s stock, valued at approximately $335,629.42. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, Director Ahmad R. Chatila purchased 92,600 shares of FTC Solar stock in a transaction that occurred on Friday, March 22nd. The stock was acquired at an average cost of $0.55 per share, for a total transaction of $50,930.00. Following the purchase, the director now directly owns 870,058 shares of the company’s stock, valued at approximately $478,531.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ahmad R. Chatila acquired 101,800 shares of the stock in a transaction on Monday, March 18th. The shares were purchased at an average price of $0.49 per share, for a total transaction of $49,882.00. Following the transaction, 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. In the last 90 days, insiders have purchased 384,300 shares of company stock worth $200,436. Insiders own 29.70% of the company’s stock.

Analyst Ratings Changes

FTCI has been the topic of a number of recent analyst reports. HC Wainwright lowered their target price on shares of FTC Solar from $2.50 to $1.50 and set a “buy” rating on the stock in a report on Thursday, March 14th. Roth Capital lowered shares of FTC Solar from a “buy” rating to a “neutral” rating in a research note on Thursday, March 14th. Finally, Roth Mkm reiterated a “neutral” rating and issued a $0.45 target price (down from $2.00) on shares of FTC Solar in a research note on Thursday, March 14th. Five analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus 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.