First Solar (NASDAQ:FSLR) Announces Quarterly Earnings Results

First Solar (NASDAQ:FSLR) announced its quarterly earnings data on Tuesday. The solar cell manufacturer reported $3.25 EPS for the quarter, beating the consensus estimate of $2.69 by $0.56, Briefing.com reports. First Solar had a net margin of 28.75% and a return on equity of 16.24%. The business had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $939.71 million. During the same period in the previous year, the business posted $1.85 EPS. The business’s quarterly revenue was up 24.6% compared to the same quarter last year. First Solar updated its FY24 guidance to $13.00-14.00 EPS and its FY 2024 guidance to 13.000-14.000 EPS.

First Solar Price Performance

First Solar stock opened at $210.89 on Wednesday. First Solar has a 52-week low of $129.21 and a 52-week high of $306.77. The firm has a market capitalization of $22.57 billion, a price-to-earnings ratio of 22.11, a PEG ratio of 0.29 and a beta of 1.44. The company has a fifty day simple moving average of $247.69 and a 200-day simple moving average of $193.88. The company has a quick ratio of 1.86, a current ratio of 2.41 and a debt-to-equity ratio of 0.06.

Analyst Upgrades and Downgrades

FSLR has been the subject of several analyst reports. Morgan Stanley boosted their target price on shares of First Solar from $248.00 to $331.00 and gave the company an “overweight” rating in a research note on Tuesday, June 4th. DZ Bank cut shares of First Solar from a “buy” rating to a “hold” rating and set a $270.00 target price for the company. in a research note on Wednesday, May 29th. Susquehanna boosted their target price on shares of First Solar from $258.00 to $285.00 and gave the company a “positive” rating in a research note on Wednesday, July 3rd. Jefferies Financial Group boosted their target price on shares of First Solar from $209.50 to $211.00 and gave the company a “buy” rating in a research note on Thursday, May 2nd. Finally, Oppenheimer boosted their target price on shares of First Solar from $271.00 to $325.00 and gave the company an “outperform” rating in a research note on Wednesday, June 12th. Five research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $273.17.

Insider Activity at First Solar

In related news, insider Kuntal Kumar Verma sold 1,621 shares of the company’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $260.00, for a total value of $421,460.00. Following the completion of the sale, the insider now owns 3,549 shares of the company’s stock, valued at $922,740. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Kuntal Kumar Verma sold 1,621 shares of the company’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $260.00, for a total value of $421,460.00. Following the completion of the sale, the insider now owns 3,549 shares of the company’s stock, valued at $922,740. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Richard D. Chapman sold 3,165 shares of the company’s stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $190.48, for a total transaction of $602,869.20. Following the completion of the sale, the director now directly owns 1,045 shares of the company’s stock, valued at approximately $199,051.60. The disclosure for this sale can be found here. Over the last quarter, insiders sold 51,153 shares of company stock valued at $12,540,428. 0.58% of the stock is owned by company 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.