First Solar FY2024 EPS Forecast Decreased by Seaport Res Ptn

First Solar, Inc. (NASDAQ:FSLR) – Investment analysts at Seaport Res Ptn lowered their FY2024 earnings per share (EPS) estimates for First Solar in a note issued to investors on Wednesday, January 15th. Seaport Res Ptn analyst T. Curran now expects that the solar cell manufacturer will post earnings of $13.23 per share for the year, down from their previous estimate of $13.52. Seaport Res Ptn has a “Strong-Buy” rating on the stock. The consensus estimate for First Solar’s current full-year earnings is $13.09 per share. Seaport Res Ptn also issued estimates for First Solar’s Q4 2024 earnings at $4.87 EPS.

Several other equities analysts have also recently weighed in on the company. Evercore ISI lowered their price target on First Solar from $281.00 to $278.00 and set an “outperform” rating on the stock in a report on Wednesday, October 30th. Susquehanna reduced their price target on First Solar from $280.00 to $252.00 and set a “positive” rating for the company in a research report on Wednesday, October 30th. Truist Financial initiated coverage on First Solar in a research report on Thursday, September 26th. They set a “buy” rating and a $300.00 price objective on the stock. Robert W. Baird reduced their price objective on shares of First Solar from $307.00 to $267.00 and set an “outperform” rating for the company in a research note on Wednesday, December 18th. Finally, Hsbc Global Res upgraded First Solar to a “strong-buy” rating in a research report on Wednesday, October 9th. Three investment analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $277.75.

First Solar Price Performance

FSLR opened at $190.89 on Friday. First Solar has a 52-week low of $135.88 and a 52-week high of $306.77. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.44 and a current ratio of 2.14. The company’s 50-day simple moving average is $190.20 and its two-hundred day simple moving average is $210.03. The stock has a market capitalization of $20.44 billion, a P/E ratio of 16.44, a P/E/G ratio of 0.21 and a beta of 1.49.

First Solar (NASDAQ:FSLR) last issued its earnings results on Tuesday, October 29th. The solar cell manufacturer reported $2.91 EPS for the quarter, missing the consensus estimate of $3.10 by ($0.19). First Solar had a net margin of 32.41% and a return on equity of 17.56%. The business had revenue of $887.70 million for the quarter, compared to analysts’ expectations of $1.07 billion. During the same quarter in the prior year, the business posted $2.50 earnings per share. The business’s revenue for the quarter was up 10.7% on a year-over-year basis.

Institutional Investors Weigh In On First Solar

Hedge funds and other institutional investors have recently made changes to their positions in the company. AlphaMark Advisors LLC bought a new position in shares of First Solar during the third quarter valued at approximately $25,000. Strengthening Families & Communities LLC purchased a new position in First Solar in the 3rd quarter worth about $25,000. Kennebec Savings Bank bought a new stake in First Solar during the 3rd quarter valued at about $29,000. Itau Unibanco Holding S.A. purchased a new stake in First Solar in the 2nd quarter valued at about $38,000. Finally, Larson Financial Group LLC grew its stake in First Solar by 214.0% in the third quarter. Larson Financial Group LLC now owns 157 shares of the solar cell manufacturer’s stock worth $39,000 after purchasing an additional 107 shares in the last quarter. Hedge funds and other institutional investors own 92.08% 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.