First Solar (NASDAQ:FSLR) Issues 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.

First Solar Stock Performance

Shares of FSLR traded down $5.36 during trading hours 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. The firm has a 50-day moving average price of $223.18 and a 200 day moving average price of $224.11. First Solar has a fifty-two week low of $129.21 and a fifty-two week high of $306.77. The firm has a market capitalization of $21.37 billion, a price-to-earnings ratio of 20.93, a PEG ratio of 0.34 and a beta of 1.44. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.65 and a current ratio of 2.23.

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

Analyst Upgrades and Downgrades

Several analysts have commented on FSLR shares. Oppenheimer raised their price objective on First Solar from $325.00 to $326.00 and gave the company an “outperform” rating in a report on Wednesday, July 31st. Robert W. Baird reduced their price objective on shares of First Solar from $344.00 to $307.00 and set an “outperform” rating for the company in a research report on Tuesday, July 2nd. Bank of America cut their target price on shares of First Solar from $343.00 to $321.00 and set a “buy” rating for the company in a research note on Tuesday, October 8th. JPMorgan Chase & Co. raised their price target on shares of First Solar from $262.00 to $282.00 and gave the company an “overweight” rating in a research note on Tuesday, July 16th. Finally, Jefferies Financial Group cut their price objective on First Solar from $271.00 to $266.00 and set a “buy” rating for the company in a research note on Thursday, October 10th. Two research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $289.46.

Insider Activity at First Solar

In other First Solar news, CAO Byron Michael Jeffers sold 500 shares of First Solar stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $220.00, for a total transaction of $110,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, insider Patrick James Buehler sold 8,619 shares of the firm’s stock in a transaction dated 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 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 SEC, which is available through this link. Also, CAO Byron Michael Jeffers sold 500 shares of the business’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $220.00, for a total transaction of $110,000.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 10,885 shares of company stock worth $2,405,757. Company insiders own 0.58% of the company’s stock.

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.