FTC Solar Gets Lift as Traders Watch $543 Million Backlog
FTC Solar Inc shares picked up a bit in early Nasdaq trading Thursday, with the move standing out as some bigger solar-tracker stocks slipped. The stock last changed hands at $5.43, up 3 cents, putting the company’s market cap near $121.6 million. Investors are watching FTC Solar as they try to figure out if the company can convert its backlog, which is contracted work that hasn't yet been recognized as revenue, into more consistent sales. The company, based in Austin, Texas, makes solar trackers—gear that shifts solar panels to keep them facing the sun to boost output. FTC Solar had a weak first quarter.