These Analysts Cut Their Forecasts On FTC Solar After Q4 Results

Author: Avi Kapoor | March 14, 2024 08:45am

FTC Solar, Inc. (NASDAQ:FTCI) reported mixed financial results for the fourth quarter on Wednesday.

FTC Solar posted adjusted loss of 8 cents per share, versus market estimates for a loss of 7 cents per share. The company’s quarterly sales came in at $23.201 million versus expectations of $23.116 million, according to data from Benzinga Pro.

“The company's fourth-quarter results were in line with our targets,” said Shaker Sadasivam, Chairman of the Board of FTC Solar. “As it relates to our CEO succession plan, we have begun searching for our next CEO and have seen great interest. The Board is focusing the processes on highly qualified candidates both within the industry and adjacent industries to identify a CEO capable of leading the company for a long tenure. We have a shortlist of excellent candidates and will plan to name a successor at the appropriate time when the process has concluded.”

FTC Solar shares jumped 3.9% to close at $0.4747 on Wednesday. The company's stock lost 9.4% to $0.4300 in pre-market trading.

These analysts made changes to their price targets on FTC Solar after announcing quarterly results

HC Wainwright & Co. cut the price target on FTC Solar from $2.5 to $1.5. HC Wainwright & Co. analyst Amit Dayal maintained a Buy rating.
Roth MKM lowered the price target on FTC Solar from $2 to $0.45. Roth MKM analyst Philip Shen downgraded the stock from Buy to Neutral.

Posted In: FTCI