First Solar (NASDAQ:FSLR) Announces Quarterly Earnings Results

First Solar (NASDAQ:FSLR) issued its quarterly earnings results on Tuesday. The solar cell manufacturer reported $2.91 EPS for the quarter, missing analysts’ consensus estimates of $3.10 by ($0.19), Briefing.com reports. The business had revenue of $887.70 million for the quarter, compared to the consensus estimate of $1.07 billion. First Solar had a net margin of 31.98% and a return on equity of 17.73%. The firm’s revenue was up 10.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.50 earnings per share. 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 0.4 %

FSLR traded down $0.79 during trading on Wednesday, reaching $198.88. The stock had a trading volume of 4,846,768 shares, compared to its average volume of 2,412,792. 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 has a market capitalization of $21.29 billion, a price-to-earnings ratio of 20.73, a P/E/G ratio of 0.34 and a beta of 1.44. The stock’s 50 day moving average is $223.18 and its two-hundred day moving average is $224.11. First Solar has a one year low of $129.21 and a one year high of $306.77.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on FSLR shares. DZ Bank raised shares of First Solar from a “hold” rating to a “buy” rating and set a $280.00 target price on the stock in a report on Thursday, August 1st. Barclays lifted their price objective on First Solar from $280.00 to $290.00 and gave the stock an “overweight” rating in a report on Friday, August 2nd. Susquehanna dropped their target price on First Solar from $280.00 to $252.00 and set a “positive” rating for the company in a report on Wednesday. Bank of America reduced their price target on First Solar from $321.00 to $269.00 and set a “buy” rating on the stock in a research report on Wednesday. Finally, The Goldman Sachs Group lowered their price objective on First Solar from $311.00 to $279.00 and set a “buy” rating for the company in a research report on Wednesday. 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 stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $282.71.

Insider Activity

In other First Solar news, CAO Byron Michael Jeffers sold 1,766 shares of the company’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $216.50, for a total value of $382,339.00. Following the sale, the chief accounting officer now owns 500 shares in the company, valued at approximately $108,250. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other First Solar news, insider Patrick James Buehler sold 8,619 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $222.00, for a total transaction of $1,913,418.00. Following the completion of the sale, the insider now directly owns 3,468 shares in the company, valued at approximately $769,896. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Byron Michael Jeffers sold 1,766 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $216.50, for a total transaction of $382,339.00. Following the completion of the transaction, the chief accounting officer now owns 500 shares in the company, valued at approximately $108,250. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 10,885 shares of company stock worth $2,405,757. 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.