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

FTC Solar (NASDAQ:FTCI) will 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.Persons interested in listening to the company’s earnings conference call can do so using this link.

FTC Solar (NASDAQ:FTCI) last released its quarterly earnings data on Wednesday, March 13th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating 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 analyst estimates of $22.80 million. During the same quarter in the prior year, the company 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 Trading Down 10.5 %

Shares of NASDAQ FTCI opened at $0.51 on Thursday. The company has a market capitalization of $64.56 million, a P/E ratio of -1.19 and a beta of 1.62. FTC Solar has a 12 month low of $0.28 and a 12 month high of $3.87. The stock has a 50 day moving average of $0.49 and a 200-day moving average of $0.61.

Insider Activity at FTC Solar

In related news, Director Ahmad R. Chatila acquired 92,500 shares of the stock in a transaction on Wednesday, March 20th. The shares were purchased at an average price of $0.54 per share, for a total transaction of $49,950.00. Following the purchase, the director now directly owns 777,458 shares in the company, valued at $419,827.32. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, Director Ahmad R. Chatila acquired 101,800 shares of the firm’s stock in a transaction that occurred on Monday, March 18th. The shares were acquired at an average cost of $0.49 per share, with a total value of $49,882.00. Following the completion of the purchase, 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 filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ahmad R. Chatila bought 92,500 shares of the business’s stock in a transaction on Wednesday, March 20th. The shares were acquired at an average price of $0.54 per share, with a total value of $49,950.00. Following the completion of the purchase, the director now directly owns 777,458 shares of the company’s stock, valued at $419,827.32. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 384,300 shares of company stock worth $200,436. Company insiders own 29.70% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on FTCI shares. Roth Mkm reissued a “neutral” rating and issued a $0.45 price objective (down from $2.00) on shares of FTC Solar in a research report on Thursday, March 14th. HC Wainwright reduced their price objective on FTC Solar from $2.50 to $1.50 and set a “buy” rating for the company in a report on Thursday, March 14th. Finally, Roth Capital downgraded FTC Solar from a “buy” rating to a “neutral” rating in a research 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 company’s stock. According to MarketBeat, the company currently has an average 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.