Fuel Tech Inc. (FTEK) Stock on a Steep Rise in Premarket, Here’s the Reason

Fuel Tech Inc. (FTEK), a company involved in the development of air pollution control technologies, has surged 14.03% in the premarket trading session. As a result, the stock is trading at $1.30 at the time of the writing. During Tuesday’s regular trading session, the stock slid by 4.20% and closed the day at $1.14. The stock’s performance in the aftermarket could be attributed to an accolade for the company.

Accolade for FTEK

On Tuesday, FTEK announced that it had received Air Pollution Control (APC) contracts from customers based in India, China, the US and South Africa. The company said that the awards have an aggregate value of $5.3 million. The management of the company expressed its pleasure over the development and said that the awards represent a width in the solutions provided by the company’s technology.

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Q3 2021 Results

In early November, FTEK released the results for Q3 2021, which ended on 30th September 2021. The company’s gross margin for the quarter was 49.2% of the revenues. The operating income was $0.6 million against $2.4 million for Q3 2020. The company generated a net income of $0.7 million (or $0.02 per share) during the three months compared to $2.4 million (or $0.10 per share) for the same quarter of 2020.

Financial Metrics on 30th September 2021

FTEK also reported the financial condition it had on 30th September 2021. The company had cash and cash equivalents of $35.2 million, while the restricted cash was $1.1 million. Alongside that, the stockholder’s equity on the said date was $46.4 million (or $1.53 per share). The company also reported that it had no debt on the said date, i.e. 30th September 2021.

What’s Next for FTEK Stock?

Looking ahead, the analysts are of the view that even though FTEK stock is performing excellently during the last few weeks, it still holds several negative signals and hence, is expected to decline in the next few days.

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