First Solar (NASDAQ:FSLR) Announces Quarterly Earnings Results

First Solar (NASDAQ:FSLR) released its quarterly earnings data on Tuesday. The solar cell manufacturer reported $2.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.10 by ($0.19), Briefing.com reports. First Solar had a return on equity of 17.56% and a net margin of 32.41%. The firm had revenue of $887.70 million for the quarter, compared to analysts’ expectations of $1.07 billion. During the same period last year, the firm posted $2.50 earnings per share. First Solar’s revenue for the quarter was up 10.7% on a year-over-year basis. First Solar updated its FY24 guidance to $13.00-13.50 EPS and its FY 2024 guidance to 13.000-13.500 EPS.

First Solar Trading Up 3.8 %

FSLR stock traded up $7.30 during trading on Friday, reaching $201.78. 314,993 shares of the stock traded hands, compared to its average volume of 2,415,516. The firm has a market capitalization of $21.60 billion, a PE ratio of 16.75, a P/E/G ratio of 0.34 and a beta of 1.44. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.14 and a quick ratio of 1.65. The business’s 50 day moving average price is $222.68 and its 200-day moving average price is $223.93. First Solar has a 52-week low of $129.21 and a 52-week high of $306.77.

Insider Transactions at First Solar

In other news, insider Patrick James Buehler sold 8,619 shares of the business’s stock in a transaction dated Tuesday, August 13th. The stock was 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 in the company, valued at approximately $769,896. The trade was a 0.00 % decrease in their position. The sale 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 firm’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $220.00, for a total value of $110,000.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Patrick James Buehler sold 8,619 shares of the company’s stock in a transaction dated 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 completion of the sale, the insider now directly owns 3,468 shares of the company’s stock, valued at $769,896. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 10,885 shares of company stock worth $2,405,757 in the last three months. 0.58% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

FSLR has been the subject of several recent research reports. JPMorgan Chase & Co. increased their target price on shares of First Solar from $262.00 to $282.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 16th. Evercore ISI lowered their price target on First Solar from $281.00 to $278.00 and set an “outperform” rating on the stock in a report on Wednesday. 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 note on Tuesday. Oppenheimer lifted their target price 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, William Blair began coverage on shares of First Solar in a research report on Thursday, August 29th. They issued a “market perform” rating on the stock. One analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $281.13.

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.