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- H.C. Wainwright analyst Amit Dayal upgraded Fuel Tech Inc FTEK to Buy from Neutral with a price target of $4 (an upside of 93%).
- The analyst sees an improving macro outlook for environmental remediation solutions, saying the post-pandemic recovery is supporting higher energy demands, "playing into Fuel Tech's offerings."
- Further, the company has a significantly stronger balance sheet relative to the year-ago period, with roughly $36 million in cash, Dayal adds.
- Recently, the company reported its Q3 results, with revenue of $7.56 million (-7.3% year-over-year), beating the consensus of $6.59 million. The gross margin was 49.2%.
- EPS was $0.02 per share, compared to $0.10 in 3Q20. Adjusted EBITDA was $0.9 million compared to $2.7 million a year ago.
- The Consolidated APC segment backlog was $8.2 million as of September 30, 2021, compared to $5.3 million as of December 31, 2020.
- Fuel Tech held cash and cash equivalents of $36.3 million and had no debt.
- Price Action: FTEK shares traded higher by 11.3% at $2.07 on the last check Thursday.
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