First Solar (NASDAQ:FSLR) Announces Earnings Results, Misses Expectations By $0.19 EPS

First Solar (NASDAQ:FSLR) issued its earnings results on Tuesday. The solar cell manufacturer reported $2.91 earnings per share for the quarter, missing analysts’ consensus estimates of $3.10 by ($0.19), Briefing.com reports. The firm had revenue of $887.70 million during the quarter, compared to analyst estimates of $1.07 billion. First Solar had a net margin of 31.98% and a return on equity of 17.73%. First Solar’s revenue was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.50 EPS. 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 Down 1.1 %

NASDAQ:FSLR opened at $197.50 on Thursday. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.23 and a quick ratio of 1.65. The company has a market cap of $21.14 billion, a P/E ratio of 20.70, a P/E/G 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. The stock’s fifty day moving average price is $222.68 and its two-hundred day moving average price is $223.93.

Analysts Set New Price Targets

A number of brokerages recently commented on FSLR. Barclays increased their price target on First Solar from $280.00 to $290.00 and gave the company an “overweight” rating in a report on Friday, August 2nd. Royal Bank of Canada lowered their target price on First Solar from $315.00 to $280.00 and set an “outperform” rating on the stock in a research report on Wednesday. Jefferies Financial Group reduced their price objective on First Solar from $271.00 to $266.00 and set a “buy” rating for the company in a research note on Thursday, October 10th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $260.00 target price (down previously from $286.00) on shares of First Solar in a research report on Wednesday. Finally, Roth Mkm reduced their price objective on First Solar from $320.00 to $280.00 and set a “buy” rating for the company in a research report on Tuesday, October 15th. Two 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 stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $281.83.

Insider Buying and Selling at First Solar

In related news, insider Patrick James Buehler sold 8,619 shares of the business’s stock in a transaction that occurred on 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 owns 3,468 shares in the company, valued at $769,896. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other First Solar news, CAO Byron Michael Jeffers sold 500 shares of the business’s stock in a transaction on 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 filing 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 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 transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 10,885 shares of company stock valued at $2,405,757 in the last quarter. 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.