First Solar (NASDAQ:FSLR) Releases Earnings Results, Misses Estimates By $0.19 EPS

First Solar (NASDAQ:FSLR) issued its quarterly earnings data on Tuesday. The solar cell manufacturer reported $2.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.10 by ($0.19), Briefing.com reports. The business had revenue of $887.70 million for the quarter, compared to analysts’ expectations of $1.07 billion. First Solar had a net margin of 32.41% and a return on equity of 17.56%. The business’s quarterly revenue was up 10.7% compared to the same quarter last year. During the same period 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 Performance

NASDAQ:FSLR opened at $194.48 on Friday. The company’s 50-day moving average is $222.68 and its two-hundred day moving average is $223.93. First Solar has a 1-year low of $129.21 and a 1-year high of $306.77. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.14 and a quick ratio of 1.65. The firm has a market capitalization of $20.82 billion, a price-to-earnings ratio of 16.75, a PEG ratio of 0.34 and a beta of 1.44.

Insider Transactions at First Solar

In related news, insider Patrick James Buehler sold 8,619 shares of First Solar stock in a transaction that occurred 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 completion of the transaction, the insider now owns 3,468 shares in the company, valued at approximately $769,896. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, insider Patrick James Buehler sold 8,619 shares of the business’s stock in a transaction on 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 of the company’s stock, valued at $769,896. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Byron Michael Jeffers sold 1,766 shares of the business’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $216.50, for a total value of $382,339.00. Following the transaction, the chief accounting officer now directly owns 500 shares of the company’s stock, valued at approximately $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 ninety days, insiders sold 10,885 shares of company stock worth $2,405,757. 0.58% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

FSLR has been the topic of a number of recent research reports. Jefferies Financial Group dropped their price objective on First Solar from $271.00 to $266.00 and set a “buy” rating on the stock in a research report on Thursday, October 10th. Clarkson Capital initiated coverage on shares of First Solar in a report on Wednesday, August 14th. They set a “buy” rating and a $270.00 price objective on the stock. Oppenheimer raised their price target on shares of First Solar from $325.00 to $326.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 31st. Roth Mkm lowered their price objective on First Solar from $320.00 to $280.00 and set a “buy” rating on the stock in a research report on Tuesday, October 15th. Finally, Piper Sandler dropped their price target on shares of First Solar from $250.00 to $245.00 and set an “overweight” rating on the stock in a research report on Wednesday. One analyst has rated the stock with a sell rating, two have given 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 data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $281.13.

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.