First Solar (NASDAQ:FSLR) Updates FY24 Earnings Guidance

First Solar (NASDAQ:FSLR) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $13.00-14.00 for the period, compared to the consensus earnings per share estimate of $13.60. The company issued revenue guidance of $4.4-4.6 billion, compared to the consensus revenue estimate of $4.51 billion. First Solar also updated its FY 2024 guidance to 13.000-14.000 EPS.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. The Goldman Sachs Group boosted their target price on shares of First Solar from $268.00 to $302.00 and gave the company a buy rating in a research note on Tuesday, June 4th. Morgan Stanley boosted their price target on shares of First Solar from $248.00 to $331.00 and gave the company an overweight rating in a report on Tuesday, June 4th. Robert W. Baird reduced their price target on shares of First Solar from $344.00 to $307.00 and set an outperform rating for the company in a report on Tuesday, July 2nd. Oppenheimer boosted their price target on shares of First Solar from $271.00 to $325.00 and gave the company an outperform rating in a report on Wednesday, June 12th. Finally, BMO Capital Markets increased their target price on shares of First Solar from $224.00 to $311.00 and gave the company an outperform rating in a research report on Monday, June 10th. Five research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. According to data from MarketBeat, First Solar presently has an average rating of Moderate Buy and an average price target of $273.17.

First Solar Trading Down 4.3 %

FSLR stock traded down $9.51 during mid-day trading on Tuesday, reaching $210.89. 3,260,839 shares of the stock traded hands, compared to its average volume of 2,517,467. The company has a current ratio of 2.41, a quick ratio of 1.86 and a debt-to-equity ratio of 0.06. First Solar has a 52-week low of $129.21 and a 52-week high of $306.77. The company has a market cap of $22.57 billion, a P/E ratio of 23.04, a P/E/G ratio of 0.30 and a beta of 1.44. The stock’s fifty day moving average is $247.71 and its 200-day moving average is $193.53.

First Solar (NASDAQ:FSLR) last posted its quarterly earnings results on Tuesday, July 30th. The solar cell manufacturer reported $3.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.69 by $0.56. First Solar had a net margin of 28.75% and a return on equity of 16.24%. The business had revenue of $1.01 billion during the quarter, compared to analyst estimates of $939.71 million. During the same period in the prior year, the firm earned $1.85 earnings per share. The firm’s revenue was up 24.6% compared to the same quarter last year. As a group, sell-side analysts expect that First Solar will post 13.58 earnings per share for the current year.

Insider Buying and Selling at First Solar

In other news, Director R Craig Kennedy sold 2,000 shares of the business’s stock in a transaction that occurred 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 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 SEC, which is accessible through the SEC website. In other First Solar news, Director R Craig Kennedy sold 2,000 shares of the business’s 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 transaction, the director now owns 13,908 shares of the company’s stock, valued at $2,736,120.84. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Richard D. Chapman sold 3,165 shares of the company’s stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $190.48, for a total value of $602,869.20. Following the transaction, the director now directly owns 1,045 shares in the company, valued at approximately $199,051.60. The disclosure for this sale can be found here. Insiders have sold a total of 51,153 shares of company stock worth $12,540,428 over the last 90 days. 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.