Forgent shares have fallen roughly 63% from their June peak, despite the electrical equipment manufacturer reporting record revenue and backlog in the fiscal fourth quarter.
- The company said CFO Ryan Fiedler was stepping down to spend more time with his family, with Executive Vice President of Finance Amy Ard succeeding him.
- Forgent shares have fallen roughly 63% from their June peak of $66, wiping out gains since the company’s February IPO.
- FPS’ Q4 revenue jumped 94% year over year, while backlog reached a record $3 billion.
Forgent Power Solutions Inc. (FPS) stock plunged more than 23% on Thursday, hitting a record low and falling below its initial public offering (IPO) price after the company announced that Chief Financial Officer Ryan Fiedler would step down.
The electrical distribution equipment manufacturer said Fiedler would transition to an external consulting role while continuing to support the company. Fiedler has helped guide Forgent through its IPO and record fiscal 2026, the firm said.
Forgent appointed Amy Ard, its executive vice president of finance since January, as Fiedler’s successor. Ard has more than 25 years of senior finance and accounting experience and has been part of the company’s leadership team since its founding.
As of this writing, FPS stock was down over 24% and was among Stocktwits’ top trending tickers.
FPS Stock Erases IPO Gains, Falls Nearly 63% From Peak
Forgent made its New York Stock Exchange (NYSE) debut earlier this year in February after pricing its IPO at $27 per share, raising approximately $1.5 billion. Shares opened at $26, below the offering price, before recovering to close their first trading session above $29.
The stock climbed to an all-time intraday high of $66 on June 22. Thursday’s decline leaves shares roughly 63% below that peak, erasing their post-IPO gains.
Forgent’s Q4 Earnings Show Strong Growth
The selloff comes despite Forgent reporting record fiscal fourth-quarter (Q4) results in September, supported by demand for electrical distribution equipment used in data centers, power grids, and industrial facilities.
The company’s revenue surged 94% year over year to $462 million, while bookings jumped 375% to $1.5 billion. FPS also reported a record backlog of $3 billion, up 256% from a year earlier.
Forgent also projected fiscal 2027 revenue between $2.4 billion and $2.6 billion, representing 76% year-over-year growth at the midpoint. The outlook is significantly above the company’s IPO forecast, according to management.
Retail Investors’ Sentiment Around FPS Stock
Even as FPS shares plunged, retail investors’ sentiment around FPS on Stocktwits shifted to ‘bullish’ territory from ‘bearish’ a day earlier amid high message volume.
In the last six months, FPS shares have fallen more than 31%. By comparison, the First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund (GRID), which holds the stock, has fallen nearly 11% over the same period.
See Also: Rob Kaplan Sees Fed Hike Likely In December — Warns Aggressive Tightening May Hurt Jobs Without Taming Inflation
For updates and corrections, email newsroom[at]stocktwits[dot]com.<