First Solar (NASDAQ:FSLR) Updates FY 2024 Earnings Guidance

First Solar (NASDAQ:FSLR) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 13.000-14.000 for the period, compared to the consensus earnings per share estimate of 13.590. The company issued revenue guidance of $4.4 billion-$4.6 billion, compared to the consensus revenue estimate of $4.5 billion. First Solar also updated its FY24 guidance to $13.00-14.00 EPS.

First Solar Stock Down 1.3 %

FSLR stock traded down $2.85 during trading on Friday, hitting $215.65. 1,466,134 shares of the company’s stock traded hands, compared to its average volume of 2,535,819. The business has a fifty day simple moving average of $246.34 and a two-hundred day simple moving average of $194.21. The company has a quick ratio of 1.86, a current ratio of 2.41 and a debt-to-equity ratio of 0.06. The firm has a market capitalization of $23.09 billion, a P/E ratio of 22.64, a PEG ratio of 0.28 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 issued its quarterly earnings data on Tuesday, July 30th. The solar cell manufacturer reported $3.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.69 by $0.56. The firm had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $939.71 million. First Solar had a net margin of 31.98% and a return on equity of 18.15%. The company’s quarterly revenue was up 24.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.85 EPS. Sell-side analysts anticipate that First Solar will post 13.56 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have recently issued reports on FSLR shares. Robert W. Baird decreased their price objective on First Solar from $344.00 to $307.00 and set an outperform rating for the company in a report on Tuesday, July 2nd. Piper Sandler lifted their target price on shares of First Solar from $219.00 to $250.00 and gave the company an overweight rating in a report on Monday, July 22nd. Jefferies Financial Group increased their price target on shares of First Solar from $209.50 to $211.00 and gave the stock a buy rating in a report on Thursday, May 2nd. Oppenheimer lifted their price objective on shares of First Solar from $325.00 to $326.00 and gave the company an outperform rating in a report on Wednesday. Finally, Royal Bank of Canada reissued an outperform rating and set a $315.00 target price on shares of First Solar in a research note on Wednesday. Four research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $275.58.

Insiders Place Their Bets

In related news, insider Kuntal Kumar Verma sold 1,621 shares of the stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $260.00, for a total value of $421,460.00. Following the transaction, the insider now owns 3,549 shares of the company’s stock, valued at $922,740. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Kuntal Kumar Verma sold 1,621 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $260.00, for a total transaction of $421,460.00. Following the completion of the sale, the insider now owns 3,549 shares in the company, valued at approximately $922,740. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Richard D. Chapman sold 3,165 shares of the stock in a transaction on 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 transaction, the director now directly owns 1,045 shares in the company, valued at $199,051.60. The disclosure for this sale can be found here. Insiders sold 51,153 shares of company stock worth $12,540,428 in the last 90 days. Corporate insiders own 0.58% of the company’s stock.

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.