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

First Solar (NASDAQ:FSLR) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 13.000-13.500 for the period, compared to the consensus 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.

Wall Street Analyst Weigh In

FSLR has been the topic of several recent research reports. Hsbc Global Res upgraded First Solar to a “strong-buy” rating in a report on Wednesday, October 9th. Clarkson Capital started coverage on shares of First Solar in a research note on Wednesday, August 14th. They issued a “buy” rating and a $270.00 target price on the stock. Jefferies Financial Group dropped their price target on shares of First Solar from $271.00 to $266.00 and set a “buy” rating for the company in a research note on Thursday, October 10th. BMO Capital Markets reduced their price objective on shares of First Solar from $311.00 to $286.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 31st. Finally, Barclays boosted their target price on First Solar from $280.00 to $290.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd. Two research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, First Solar presently has a consensus rating of “Moderate Buy” and an average target price of $289.46.

First Solar Stock Down 2.6 %

FSLR traded down $5.36 during trading on Tuesday, hitting $199.67. The stock had a trading volume of 4,999,739 shares, compared to its average volume of 2,400,744. First Solar has a twelve month low of $129.21 and a twelve month high of $306.77. The stock has a 50 day simple moving average of $223.18 and a two-hundred day simple moving average of $224.11. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.65 and a current ratio of 2.23. The company has a market capitalization of $21.37 billion, a PE ratio of 20.93, a PEG ratio of 0.34 and a beta of 1.44.

First Solar (NASDAQ:FSLR) last issued its quarterly earnings results on Tuesday, July 30th. The solar cell manufacturer reported $3.25 earnings per share for the quarter, topping analysts’ consensus estimates of $2.69 by $0.56. The business had revenue of $1.01 billion for the quarter, compared to analyst estimates of $939.71 million. First Solar had a return on equity of 17.73% and a net margin of 31.98%. The company’s revenue was up 24.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.85 earnings per share. On average, research analysts predict that First Solar will post 13.39 earnings per share for the current year.

Insider Buying and Selling at First Solar

In other news, CAO Byron Michael Jeffers sold 1,766 shares of the business’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $216.50, for a total transaction of $382,339.00. Following the sale, the chief accounting officer now directly owns 500 shares of the company’s stock, valued at $108,250. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Patrick James Buehler sold 8,619 shares of the company’s stock in a transaction on 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 sale, the insider now directly owns 3,468 shares of the company’s stock, valued at $769,896. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Byron Michael Jeffers sold 1,766 shares of the business’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $216.50, for a total transaction of $382,339.00. Following the transaction, the chief accounting officer now owns 500 shares of the company’s stock, valued at $108,250. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 10,885 shares of company stock worth $2,405,757. 0.58% of the stock is 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.