First Solar (NASDAQ:FSLR) Issues FY24 Earnings Guidance

First Solar (NASDAQ:FSLR) updated its FY24 earnings guidance on Tuesday. The company provided EPS guidance of $13.00-13.50 for the period, compared to the consensus EPS estimate of $13.49. The company issued revenue guidance of $4.1-4.25 billion, compared to the consensus revenue estimate of $4.44 billion.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. JPMorgan Chase & Co. raised their price target on shares of First Solar from $262.00 to $282.00 and gave the company an “overweight” rating in a research report on Tuesday, July 16th. Roth Mkm lowered their price objective on shares of 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 raised shares of First Solar from a “neutral” rating to a “buy” rating and set a $260.00 price objective on the stock in a research report on Tuesday. Oppenheimer lifted their price objective on shares of First Solar from $325.00 to $326.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 31st. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $315.00 price objective on shares of First Solar in a research report on Wednesday, July 31st. Two research 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’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $289.46.

First Solar Price Performance

NASDAQ:FSLR traded down $5.36 during mid-day trading on Tuesday, hitting $199.67. 4,999,739 shares of the stock traded hands, compared to its average volume of 2,400,744. First Solar has a 12-month low of $129.21 and a 12-month high of $306.77. The company has a market cap of $21.37 billion, a PE ratio of 20.93, a price-to-earnings-growth ratio of 0.34 and a beta of 1.44. 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 business’s 50-day moving average price is $223.59 and its 200 day moving average price is $223.99.

First Solar (NASDAQ:FSLR) last announced its earnings results on Tuesday, July 30th. The solar cell manufacturer reported $3.25 earnings per share (EPS) 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 business had revenue of $1.01 billion during the quarter, compared to analyst estimates of $939.71 million. During the same period in the previous year, the business posted $1.85 earnings per share. First Solar’s revenue for the quarter was up 24.6% on a year-over-year basis. On average, analysts expect that First Solar will post 13.39 EPS for the current fiscal year.

Insider Buying and Selling at First Solar

In other First Solar news, CAO Byron Michael Jeffers sold 1,766 shares of First Solar stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $216.50, for a total transaction of $382,339.00. Following the completion of the sale, the chief accounting officer now directly owns 500 shares in the company, valued at $108,250. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, insider Patrick James Buehler sold 8,619 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $222.00, for a total value of $1,913,418.00. Following the completion of the sale, the insider now directly owns 3,468 shares in the company, valued at approximately $769,896. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Byron Michael Jeffers sold 1,766 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $216.50, for a total transaction of $382,339.00. Following the completion of the sale, the chief accounting officer now owns 500 shares of the company’s stock, valued at approximately $108,250. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 10,885 shares of company stock worth $2,405,757 over the last three months. 0.58% of the stock is owned by insiders.

First Solar Company Profile

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.