Brokerages forecast that First Solar, Inc. (NASDAQ:FSLR) will report $683.93 million in sales for the current fiscal quarter, Zacks reports. Four analysts have issued estimates for First Solar’s earnings, with the highest sales estimate coming in at $760.00 million and the lowest estimate coming in at $642.70 million. First Solar reported sales of $1.09 billion in the same quarter last year, which would suggest a negative year over year growth rate of 37.3%. The business is expected to issue its next quarterly earnings report on Thursday, October 25th.
According to Zacks, analysts expect that First Solar will report full-year sales of $2.53 billion for the current year, with estimates ranging from $2.45 billion to $2.67 billion. For the next financial year, analysts anticipate that the firm will post sales of $3.02 billion per share, with estimates ranging from $2.91 billion to $3.15 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that that provide coverage for First Solar.
First Solar (NASDAQ:FSLR) last announced its quarterly earnings data on Thursday, July 26th. The solar cell manufacturer reported ($0.46) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.43). The firm had revenue of $309.00 million during the quarter, compared to analyst estimates of $509.19 million. First Solar had a negative net margin of 8.35% and a positive return on equity of 4.12%. The business’s quarterly revenue was down 50.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.64 earnings per share.
FSLR has been the topic of a number of recent analyst reports. BidaskClub raised shares of First Solar from a “sell” rating to a “hold” rating in a research note on Saturday, August 11th. Credit Suisse Group raised shares of First Solar from an “underperform” rating to a “neutral” rating and set a $53.00 price target on the stock in a research note on Tuesday, June 19th. Vertical Group cut shares of First Solar from a “buy” rating to a “sell” rating and set a $42.00 price target on the stock. in a research note on Wednesday, June 6th. Morgan Stanley lowered their price target on shares of First Solar from $64.00 to $61.00 and set an “equal weight” rating on the stock in a research note on Monday, July 16th. Finally, Zacks Investment Research raised shares of First Solar from a “sell” rating to a “hold” rating in a research note on Thursday, August 2nd. Five investment analysts have rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $70.85.
Shares of FSLR opened at $48.21 on Friday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 4.60 and a current ratio of 4.89. The firm has a market capitalization of $5.12 billion, a price-to-earnings ratio of 24.21, a PEG ratio of 1.82 and a beta of 1.48. First Solar has a 1 year low of $45.26 and a 1 year high of $81.72.
In other First Solar news, CTO Raffi Garabedian sold 4,159 shares of the company’s stock in a transaction dated Wednesday, August 1st. The shares were sold at an average price of $52.91, for a total value of $220,052.69. Following the transaction, the chief technology officer now directly owns 5,520 shares in the company, valued at approximately $292,063.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Georges Antoun sold 3,142 shares of the company’s stock in a transaction dated Monday, July 23rd. The shares were sold at an average price of $52.72, for a total transaction of $165,646.24. Following the completion of the transaction, the insider now owns 71,251 shares in the company, valued at $3,756,352.72. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 14,756 shares of company stock worth $774,803. 0.54% of the stock is owned by insiders.
Hedge funds have recently made changes to their positions in the company. Centaurus Financial Inc. purchased a new position in shares of First Solar during the 2nd quarter worth about $113,000. Penserra Capital Management LLC lifted its holdings in shares of First Solar by 381.4% during the 1st quarter. Penserra Capital Management LLC now owns 1,704 shares of the solar cell manufacturer’s stock worth $115,000 after acquiring an additional 1,350 shares during the period. Flagship Harbor Advisors LLC purchased a new position in shares of First Solar during the 2nd quarter worth about $122,000. FNY Investment Advisers LLC purchased a new position in shares of First Solar during the 2nd quarter worth about $151,000. Finally, Cavalry Management Group LLC purchased a new position in shares of First Solar during the 1st quarter worth about $206,000. Institutional investors and hedge funds own 54.22% of the company’s stock.
About First Solar
First Solar, Inc provides photovoltaic solar energy solutions in the United States and internationally. It operates through two segments, Components and Systems. The Components segment designs, manufactures, and sells cadmium telluride solar modules that convert sunlight into electricity. This segment offers its products to integrators and operators.
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