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

First Solar (NASDAQ:FSLR) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 13.000-13.500 for the period, compared to the consensus earnings per share estimate of 13.490. The company issued revenue guidance of $4.1 billion-$4.3 billion, compared to the consensus revenue estimate of $4.4 billion. First Solar also updated its FY24 guidance to $13.00-13.50 EPS.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Janney Montgomery Scott upgraded First Solar from a “neutral” rating to a “buy” rating and set a $260.00 price target for the company in a research note on Tuesday. Jefferies Financial Group decreased their price target 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. JPMorgan Chase & Co. lifted their price target on First Solar from $262.00 to $282.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 16th. UBS Group lifted their price target on First Solar from $350.00 to $360.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Finally, Bank of America decreased their price target on First Solar from $321.00 to $269.00 and set a “buy” rating for the company in a research note on Wednesday. Two equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $281.83.

First Solar Price Performance

NASDAQ:FSLR traded down $2.17 during midday trading on Wednesday, hitting $197.50. 7,075,257 shares of the stock were exchanged, compared to its average volume of 2,423,380. First Solar has a one year low of $129.21 and a one year high of $306.77. The company has a market capitalization of $21.14 billion, a price-to-earnings ratio of 20.70, a P/E/G ratio of 0.34 and a beta of 1.44. The business has a 50-day moving average price of $222.68 and a two-hundred day moving average price of $223.93. The company has a current ratio of 2.23, a quick ratio of 1.65 and a debt-to-equity ratio of 0.06.

First Solar (NASDAQ:FSLR) last announced its earnings results on Tuesday, October 29th. The solar cell manufacturer reported $2.91 EPS for the quarter, missing the consensus estimate of $3.10 by ($0.19). First Solar had a return on equity of 17.73% and a net margin of 31.98%. The firm had revenue of $887.70 million for the quarter, compared to the consensus estimate of $1.07 billion. During the same period in the previous year, the firm earned $2.50 EPS. First Solar’s revenue for the quarter was up 10.7% on a year-over-year basis. Sell-side analysts predict that First Solar will post 13.39 EPS for the current year.

Insider Buying and Selling

In other First Solar news, CAO Byron Michael Jeffers sold 1,766 shares of the company’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $216.50, for a total value 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other First Solar news, insider Patrick James Buehler sold 8,619 shares of the company’s stock in a transaction 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 transaction, the insider now owns 3,468 shares of the company’s stock, valued at approximately $769,896. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Byron Michael Jeffers sold 1,766 shares of the company’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $216.50, for a total value of $382,339.00. Following the completion of the transaction, the chief accounting officer now directly owns 500 shares in the company, valued at $108,250. This represents 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 valued at $2,405,757 over the last quarter. 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.