FTE Networks Inc (NYSEAMERICAN: FTNW) is having an overwhelmingly strong day in the market today, and for good reason. The company announced that it has entered into two new contracts, bringing a massive amount of contractual revenue into the company. Today, we’ll talk about the news, what we’re seeing from FTNW, and what we’ll be watching for ahead.
FTNW Announces New Contracts
As mentioned above, FTE Networks is having an incredible day in the market today after announcing that it has entered into new contracts. In a press release issued early this morning, the company announced that it has been awarded two new projects with a total of $27.5 million. The projects include one $100+ Billion multinational technology company with a contract value of $17.5 million. The company has around 75000 employees around the world, with a good amount of them working in Manhattan.
The second project came from a leading television broadcasting company that has revenues around $28.5 Billion. The broadcasting company has a large presence in Manhattan and has awarded FTNW with a $10 million project. In the press release, FTNW said that it is expecting that the projects will begin in the first quarter and will be completed over the next 18 months. In a statement, Michael Palleschi, President and CEO at FTNW, had the following to offer:
I am extremely pleased with our steady flow of contract awards and the strengthening of our customer portfolio from both our existing customer base and new customer contracts. The continued expansion of FTE’s project portfolio with esteemed companies signals the market’s growing enthusiasm for FTE. Our visionary combination of technology and infrastructure supports the increasing demand for intelligent buildings by offering a comprehensive set of innovative solutions. Our dynamic product suit and services ensure tenants, workforces, and buildings are utilizing state-of-the-art facilities that provide faster and better compute to the edge solutions.
What We’re Seeing From The Stock
As investors, one of the first lessons that we learn is that the news moves the market. In this particular case, the news released by FTE Networks proved to be overwhelmingly positive, leading to strong gains in the value of shares. Of course, our partners were the first to alert us to the gains. Currently (10:25), FTNW is trading at $22.00 per share after a gain of $1.50 per share or 7.31% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on FTNW. In particular, we’re interested in following the story surrounding the company’s growth in projects, as we’ve seen great movement there recently. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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