FTE Networks Inc (NYSEAMERICAN: FTNW) is flying early on in the trading session, and for good reason. The company announced that throughout January and February, it has been awarded more than $100 million in new contracts.
As you could imagine, the news excited investors, pushing the stock on a run for the top. Today, we’ll talk about:
- The new contracts;
- what we’re seeing from FTNW stock as a result; and
- what we’ll be watching for ahead.
FTNW Announces New Contracts
As mentioned above, FTE Networks is having an incredible start to the trading session this morning after the company announced new contracts. In a press release issued early this morning, the company said that it was awarded about $116 million in new infrastructure projects in January and February.
According to the release, the new contract awards to FTNW and its subsidiaries surround a variety of infrastructure projects. These agreements have been signed with significant customers.
Some of the these customers include a globally recognized technology leader and a major financial institution. The company will be performing interior buildouts as well as technology and smart device deployments.
The work will primarilly take place throughout the Northeast. FTNW said that it is expecting that the work will be completed within the next 12 to 18 months.
In a statement, Anthony Sirotka, Interim CEO at FTNW, had the following to offer:
I am extremely pleased with the pace of new contract wins in early 2019. Business operations remain brisk with several highly recognizable brands included in these new awards. The wins reflect our strong brand presence in the New York market which will increasingly become a focus of both our infrastructure and technology segments. We remain fully committed to our strategic vision to create and maintain the entire in-building ecosystem and we see tremendous potential to build upon the foundation established in this market.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to work in the market is that the news leads to moves in the market. When it comes to FTE Networks, the news proved to be overwhelmingly positive.
The company just announced $116 million in new products, putting its contractual backlog up to around $450 million. With such a strong first two months of the year, investors are excited to see what’s coming next.
As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (9:37), FTNW is trading at $3.93 per share after a gain of $2.84 per share or 269.55% thus far today.
Stop wasting your time! Start finding winning trades in minutes with Trade Ideas!
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 continued work to expand its contractual revenue backlog and provide growing value to its investors. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
Never Miss The News Again
Do you want real-time, actionable news delivered to your inbox? Join the CNA Finance mailing list below!