First Solar (NASDAQ:FSLR) Issues FY 2024 Earnings Guidance

by · The Markets Daily

First Solar (NASDAQ:FSLR – Get Free Report) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided EPS guidance of 13.000-13.500 for the period, compared to the consensus EPS estimate of 13.490. The company issued revenue guidance of $4.1 billion-$4.3 billion, compared to the consensus revenue estimate of $4.4 billion. First Solar also updated its FY24 guidance to $13.00-13.50 EPS.

First Solar Stock Down 2.6 %

Shares of FSLR traded down $5.36 on Tuesday, hitting $199.67. The company’s stock had a trading volume of 4,999,739 shares, compared to its average volume of 2,400,744. The firm’s fifty day moving average price is $223.18 and its 200-day moving average price is $224.11. First Solar has a fifty-two week low of $129.21 and a fifty-two week high of $306.77. The company has a quick ratio of 1.65, a current ratio of 2.23 and a debt-to-equity ratio of 0.06. The firm has a market capitalization of $21.37 billion, a price-to-earnings ratio of 20.93, a P/E/G ratio of 0.34 and a beta of 1.44.

First Solar (NASDAQ:FSLR – Get Free Report) last released its quarterly earnings results on Tuesday, July 30th. The solar cell manufacturer reported $3.25 earnings per share for the quarter, beating the consensus estimate of $2.69 by $0.56. First Solar had a net margin of 31.98% and a return on equity of 17.73%. The company had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $939.71 million. During the same quarter in the prior year, the company earned $1.85 earnings per share. The business’s quarterly revenue was up 24.6% compared to the same quarter last year. On average, equities research analysts expect that First Solar will post 13.39 EPS for the current year.

Wall Street Analyst Weigh In

FSLR has been the subject of a number of research reports. Jefferies Financial Group lowered their target price on First Solar from $271.00 to $266.00 and set a “buy” rating for the company in a report on Thursday, October 10th. Roth Mkm dropped their target price on First Solar from $320.00 to $280.00 and set a “buy” rating on the stock in a research report on Tuesday, October 15th. Janney Montgomery Scott upgraded First Solar from a “neutral” rating to a “buy” rating and set a $260.00 target price on the stock in a research note on Tuesday. UBS Group raised their price target on shares of First Solar from $350.00 to $360.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Finally, Bank of America cut their price objective on shares of First Solar from $343.00 to $321.00 and set a “buy” rating on the stock in a research report on Tuesday, October 8th. Two investment analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $289.46.

Get Our Latest Analysis on First Solar

Insider Buying and Selling at First Solar

In other news, insider Patrick James Buehler sold 8,619 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $222.00, for a total value of $1,913,418.00. Following the transaction, the insider now owns 3,468 shares of the company’s stock, valued at approximately $769,896. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other First Solar news, CAO Byron Michael Jeffers sold 500 shares of the stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $220.00, for a total transaction of $110,000.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Patrick James Buehler sold 8,619 shares of First Solar stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $222.00, for a total transaction of $1,913,418.00. Following the completion of the sale, the insider now owns 3,468 shares of the company’s stock, valued at approximately $769,896. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 10,885 shares of company stock valued at $2,405,757 in the last three months. 0.58% of the stock is currently owned by company insiders.

First Solar Company Profile

(Get Free Report)

First Solar, Inc, a solar technology company, provides photovoltaic (PV) solar energy solutions in the United States, France, Japan, Chile, and internationally. The company manufactures and sells PV solar modules with a thin film semiconductor technology that provides a lower-carbon alternative to conventional crystalline silicon PV solar modules.

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