FTC Solar (FTCI) Set to Announce Earnings on Friday

FTC Solar (NASDAQ:FTCI) is set to issue 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.

FTC Solar (NASDAQ:FTCI) last posted 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. FTC Solar had a negative return on equity of 59.79% and a negative net margin of 39.60%. The firm had revenue of $23.20 million for the quarter, compared to the consensus estimate of $22.80 million. During the same quarter in the prior year, the business 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 5.9 %

Shares of NASDAQ:FTCI traded up $0.03 during midday trading on Tuesday, reaching $0.57. 506,657 shares of the company traded hands, compared to its average volume of 697,637. FTC Solar has a 12 month low of $0.28 and a 12 month high of $3.87. The firm’s fifty day moving average price is $0.49 and its two-hundred day moving average price is $0.62. The firm has a market capitalization of $71.25 million, a price-to-earnings ratio of -1.33 and a beta of 1.62.

Analyst Upgrades and Downgrades

Several research analysts have commented on FTCI shares. Roth Mkm reissued a “neutral” rating and issued a $0.45 price target (down from $2.00) on shares of FTC Solar in a report on Thursday, March 14th. Roth Capital cut FTC Solar from a “buy” rating to a “neutral” rating in a research report on Thursday, March 14th. Finally, HC Wainwright lowered their price target on FTC Solar from $2.50 to $1.50 and set a “buy” rating on the stock in a report on Thursday, March 14th. Five equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $1.49.

Insider Buying and Selling at FTC Solar

In related news, insider Patrick Cook sold 48,911 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $0.53, for a total value of $25,922.83. Following the sale, the insider now directly owns 1,245,205 shares of the company’s stock, valued at $659,958.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Patrick Cook sold 48,911 shares of the stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $0.53, for a total value of $25,922.83. Following the completion of the transaction, the insider now directly owns 1,245,205 shares of the company’s stock, valued at $659,958.65. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Ahmad R. Chatila acquired 92,500 shares of the firm’s stock in a transaction on Wednesday, March 20th. The stock was purchased at an average price of $0.54 per share, with a total value of $49,950.00. Following the acquisition, the director now owns 777,458 shares of the company’s stock, valued at approximately $419,827.32. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 384,300 shares of company stock worth $200,436. 29.70% of the stock is currently owned by company insiders.

FTC Solar Company Profile

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.