First Solar (NASDAQ:FSLR) Updates FY24 Earnings Guidance

First Solar (NASDAQ:FSLR) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $13.00-13.50 for the period, compared to the consensus earnings per share 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.

First Solar Trading Down 2.6 %

NASDAQ FSLR traded down $5.38 during mid-day trading on Tuesday, reaching $199.65. 4,530,114 shares of the stock were exchanged, compared to its average volume of 2,398,710. The business’s fifty day simple moving average is $223.59 and its 200 day simple moving average is $223.99. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.65 and a current ratio of 2.23. The stock has a market capitalization of $21.37 billion, a PE ratio of 20.93, a PEG ratio of 0.34 and a beta of 1.44. First Solar has a 1-year low of $129.21 and a 1-year high of $306.77.

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

Analyst Upgrades and Downgrades

A number of research firms have recently commented on FSLR. DZ Bank raised shares of First Solar from a “hold” rating to a “buy” rating and set a $280.00 target price on the stock in a research report on Thursday, August 1st. Royal Bank of Canada restated an “outperform” rating and set a $315.00 price target on shares of First Solar in a research report on Wednesday, July 31st. Barclays boosted their price target on shares of First Solar from $280.00 to $290.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. Hsbc Global Res raised shares of First Solar to a “strong-buy” rating in a report on Wednesday, October 9th. Finally, Roth Mkm reduced their price objective on shares of First Solar from $320.00 to $280.00 and set a “buy” rating for the company in a research note on Tuesday, October 15th. Two investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, First Solar has a consensus rating of “Moderate Buy” and an average price target of $289.46.

Insider Transactions at First Solar

In related news, insider Patrick James Buehler sold 8,619 shares of the firm’s stock in a transaction dated 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 transaction, the insider now directly owns 3,468 shares of the company’s stock, valued at approximately $769,896. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other First Solar news, insider Patrick James Buehler sold 8,619 shares of the stock in a transaction dated 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 sale, the insider now directly owns 3,468 shares in the company, valued at $769,896. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Byron Michael Jeffers sold 1,766 shares of the business’s 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 transaction, the chief accounting officer now owns 500 shares of the company’s stock, valued at approximately $108,250. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 10,885 shares of company stock valued at $2,405,757. 0.58% of the stock is currently owned by corporate insiders.

About First Solar

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.