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 13.000-14.000 for the period, compared to the consensus earnings per share estimate of 13.590. The company issued revenue guidance of $4.4 billion-$4.6 billion, compared to the consensus revenue estimate of $4.5 billion. First Solar also updated its FY24 guidance to $13.00-14.00 EPS.

Analyst Ratings Changes

A number of brokerages have commented on FSLR. Barclays increased their price target on shares of First Solar from $227.00 to $228.00 and gave the company an overweight rating in a research note on Wednesday, May 15th. Robert W. Baird reduced their price target on First Solar from $344.00 to $307.00 and set an outperform rating for the company in a report on Tuesday, July 2nd. UBS Group upped their price objective on First Solar from $270.00 to $350.00 and gave the company a buy rating in a research note on Wednesday, May 29th. BMO Capital Markets lifted their target price on First Solar from $224.00 to $311.00 and gave the stock an outperform rating in a research note on Monday, June 10th. Finally, Oppenheimer increased their price target on First Solar from $271.00 to $325.00 and gave the company an outperform rating in a research note on Wednesday, June 12th. Five analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. According to MarketBeat.com, First Solar presently has a consensus rating of Moderate Buy and an average price target of $273.17.

First Solar Price Performance

Shares of NASDAQ:FSLR traded down $9.51 during trading on Tuesday, reaching $210.89. 3,345,469 shares of the company traded hands, compared to its average volume of 2,518,050. The firm has a market capitalization of $22.57 billion, a PE ratio of 23.04, a PEG ratio of 0.30 and a beta of 1.44. First Solar has a 52 week low of $129.21 and a 52 week 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. The company’s 50 day moving average is $247.71 and its two-hundred day moving average is $193.53.

First Solar (NASDAQ:FSLR) last issued its quarterly earnings results on Tuesday, July 30th. The solar cell manufacturer reported $3.25 earnings per share (EPS) 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 for the quarter, compared to analyst estimates of $939.71 million. During the same quarter last year, the company posted $1.85 EPS. The company’s revenue for the quarter was up 24.6% compared to the same quarter last year. As a group, sell-side analysts predict that First Solar will post 13.58 earnings per share for the current year.

Insider Buying and Selling at First Solar

In related news, Director R Craig Kennedy sold 2,000 shares of the stock in a transaction on Monday, May 6th. The stock was sold at an average price of $196.73, for a total value of $393,460.00. Following the completion of the sale, the director now directly owns 13,908 shares in the company, valued at $2,736,120.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Richard D. Chapman sold 3,165 shares of the business’s stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $190.48, for a total transaction of $602,869.20. Following the transaction, the director now owns 1,045 shares in the company, valued at approximately $199,051.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director R Craig Kennedy sold 2,000 shares of the stock in a transaction on Monday, May 6th. The stock was sold at an average price of $196.73, for a total transaction of $393,460.00. Following the transaction, the director now directly owns 13,908 shares in the company, valued at $2,736,120.84. The disclosure for this sale can be found here. In the last ninety days, insiders sold 51,153 shares of company stock worth $12,540,428. 0.58% of the stock is currently owned by company 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.