First Solar (NASDAQ:FSLR) Posts Earnings Results, Misses Estimates By $0.19 EPS

First Solar (NASDAQ:FSLR) released its quarterly earnings results on Tuesday. The solar cell manufacturer reported $2.91 earnings per share for the quarter, missing the consensus estimate of $3.10 by ($0.19), Briefing.com reports. 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 during the quarter, compared to the consensus estimate of $1.07 billion. During the same period in the previous year, the company posted $2.50 EPS. The company’s revenue for the quarter was up 10.7% compared to the same quarter last year. 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 Stock Down 0.8 %

Shares of FSLR stock traded down $1.63 during midday trading on Wednesday, reaching $198.04. 4,957,373 shares of the stock were exchanged, compared to its average volume of 2,413,319. The firm has a market cap of $21.20 billion, a PE ratio of 20.73, a price-to-earnings-growth ratio of 0.34 and a beta of 1.44. The company has a current ratio of 2.23, a quick ratio of 1.65 and a debt-to-equity ratio of 0.06. The company’s 50 day moving average is $223.18 and its two-hundred day moving average is $224.11. First Solar has a 1 year low of $129.21 and a 1 year high of $306.77.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on FSLR shares. Citigroup upgraded shares of First Solar from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $200.00 to $254.00 in a research report on Tuesday, October 22nd. William Blair initiated coverage on First Solar in a research report on Thursday, August 29th. They set a “market perform” rating on the stock. Susquehanna decreased their price objective on First Solar from $280.00 to $252.00 and set a “positive” rating on the stock in a report on Wednesday. Roth Mkm cut their target price on First Solar from $320.00 to $280.00 and set a “buy” rating for the company in a research note on Tuesday, October 15th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of First Solar from $262.00 to $282.00 and gave the stock an “overweight” rating in a report on Tuesday, July 16th. Two analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $282.71.

Insider Activity at First Solar

In related news, insider Patrick James Buehler sold 8,619 shares of the stock in a transaction dated 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 completion of the transaction, the insider now directly owns 3,468 shares in the company, valued at $769,896. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Patrick James Buehler sold 8,619 shares of the firm’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 transaction of $1,913,418.00. Following the completion of the transaction, the insider now owns 3,468 shares of the company’s stock, valued at $769,896. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Byron Michael Jeffers sold 500 shares of First Solar stock in a transaction on Monday, August 12th. The shares were sold at an average price of $220.00, for a total value of $110,000.00. The disclosure for this sale can be found here. Insiders have sold 10,885 shares of company stock worth $2,405,757 over the last ninety days. 0.58% of the stock is owned by corporate insiders.

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.