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

FTC Solar (NASDAQ:FTCI) will be announcing its earnings results 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.Individual that are interested in participating in the company’s earnings 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) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.01. The firm had revenue of $23.20 million for the quarter, compared to the consensus estimate 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 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 Performance

Shares of NASDAQ FTCI opened at $0.57 on Wednesday. FTC Solar has a fifty-two week low of $0.28 and a fifty-two week high of $3.87. The stock has a market cap of $72.17 million, a PE ratio of -1.33 and a beta of 1.62. The stock has a fifty day moving average of $0.49 and a 200-day moving average of $0.62.

Insider Transactions at FTC Solar

In other news, Director Ahmad R. Chatila purchased 97,400 shares of the company’s stock in a transaction that occurred on Tuesday, March 26th. The shares were bought at an average cost of $0.51 per share, for a total transaction of $49,674.00. Following the completion of the transaction, the director now directly owns 967,458 shares of the company’s stock, valued at approximately $493,403.58. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Ahmad R. Chatila acquired 101,800 shares of FTC Solar stock in a transaction on Monday, March 18th. The stock was acquired at an average cost of $0.49 per share, for a total transaction of $49,882.00. Following the purchase, the director now owns 684,958 shares in the company, valued at $335,629.42. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ahmad R. Chatila bought 97,400 shares of the company’s stock in a transaction dated Tuesday, March 26th. The stock was purchased at an average price of $0.51 per share, for a total transaction of $49,674.00. Following the purchase, the director now owns 967,458 shares of the company’s stock, valued at approximately $493,403.58. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 384,300 shares of company stock valued at $200,436. Company insiders own 29.70% of the company’s stock.

Wall Street Analysts Forecast Growth

FTCI has been the topic of a number of recent analyst reports. 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. 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 research report on Thursday, March 14th. Finally, Roth Capital cut FTC Solar from a “buy” rating to a “neutral” rating in a report on Thursday, March 14th. Five analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price 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.