First Solar (NASDAQ:FSLR) Issues FY24 Earnings Guidance

First Solar (NASDAQ:FSLR) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $13.00-14.00 for the period, compared to the consensus estimate of $13.60. The company issued revenue guidance of $4.4-4.6 billion, compared to the consensus revenue estimate of $4.51 billion. First Solar also updated its FY 2024 guidance to 13.000-14.000 EPS.

Analyst Upgrades and Downgrades

FSLR has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft lifted their target price on First Solar from $215.00 to $280.00 and gave the company a buy rating in a research report on Friday, June 28th. Piper Sandler boosted their target price on First Solar from $219.00 to $250.00 and gave the stock an overweight rating in a report on Monday, July 22nd. DZ Bank lowered First Solar from a buy rating to a hold rating and set a $270.00 target price on the stock. in a report on Wednesday, May 29th. Jefferies Financial Group upped their price objective on First Solar from $209.50 to $211.00 and gave the company a buy rating in a report on Thursday, May 2nd. Finally, Barclays increased their target price on First Solar from $227.00 to $228.00 and gave the stock an overweight rating in a report on Wednesday, May 15th. Five equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and an average target price of $273.17.

First Solar Stock Performance

First Solar stock traded down $9.51 during mid-day trading on Tuesday, reaching $210.89. 3,260,839 shares of the company’s stock were exchanged, compared to its average volume of 2,517,467. The business’s fifty day simple moving average is $247.71 and its 200 day simple moving average is $193.53. The firm has a market capitalization of $22.57 billion, a PE ratio of 23.04, a P/E/G ratio of 0.30 and a beta of 1.44. First Solar has a one year low of $129.21 and a one year high of $306.77. The company has a quick ratio of 1.86, a current ratio of 2.41 and a debt-to-equity ratio of 0.06.

First Solar (NASDAQ:FSLR) last announced its quarterly earnings results on Tuesday, July 30th. The solar cell manufacturer reported $3.25 earnings per share for the quarter, beating the consensus estimate of $2.69 by $0.56. First Solar had a return on equity of 16.24% and a net margin of 28.75%. The company 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 earned $1.85 earnings per share. The firm’s quarterly revenue was up 24.6% compared to the same quarter last year. On average, sell-side analysts expect that First Solar will post 13.58 earnings per share for the current year.

Insider Transactions at First Solar

In other news, insider Caroline Stockdale sold 12,406 shares of the company’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $205.00, for a total value of $2,543,230.00. Following the completion of the transaction, the insider now directly owns 22,025 shares in the company, valued at approximately $4,515,125. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other First Solar news, insider Caroline Stockdale sold 12,406 shares of the company’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $205.00, for a total transaction of $2,543,230.00. Following the completion of the transaction, the insider now owns 22,025 shares of the company’s stock, valued at approximately $4,515,125. The transaction was disclosed in a 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 that occurred on Thursday, May 9th. The shares were sold at an average price of $190.48, for a total value of $602,869.20. Following the transaction, 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. In the last three months, insiders sold 51,153 shares of company stock worth $12,540,428. 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.