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

First Solar (NASDAQ:FSLR) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 13.000-14.000 for the period, compared to the consensus estimate of 13.590. The company issued revenue guidance of $4.4 billion-$4.6 billion, compared to the consensus revenue estimate of $4.5 billion. First Solar also updated its FY24 guidance to $13.00-14.00 EPS.

First Solar Stock Performance

NASDAQ:FSLR traded down $2.85 during trading on Friday, reaching $215.65. The company’s stock had a trading volume of 1,466,134 shares, compared to its average volume of 2,535,819. The firm has a 50 day moving average of $246.34 and a 200-day moving average of $194.21. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.86 and a current ratio of 2.41. The firm has a market cap of $23.09 billion, a price-to-earnings ratio of 22.64, a price-to-earnings-growth ratio of 0.28 and a beta of 1.44. First Solar has a 12 month low of $129.21 and a 12 month high of $306.77.

First Solar (NASDAQ:FSLR) last announced its quarterly earnings data on Tuesday, July 30th. The solar cell manufacturer reported $3.25 earnings per share for the quarter, topping the consensus estimate of $2.69 by $0.56. The company had revenue of $1.01 billion during the quarter, compared to analyst estimates of $939.71 million. First Solar had a return on equity of 18.15% and a net margin of 31.98%. The firm’s revenue for the quarter was up 24.6% on a year-over-year basis. During the same quarter last year, the firm posted $1.85 EPS. Research analysts expect that First Solar will post 13.56 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on FSLR. Susquehanna upped their price target on shares of First Solar from $258.00 to $285.00 and gave the stock a positive rating in a report on Wednesday, July 3rd. Guggenheim cut their price objective on First Solar from $359.00 to $356.00 and set a buy rating for the company in a report on Thursday, May 2nd. JPMorgan Chase & Co. lifted their price objective on shares of First Solar from $262.00 to $282.00 and gave the stock an overweight rating in a report on Tuesday, July 16th. Morgan Stanley lifted their price target on shares of First Solar from $248.00 to $331.00 and gave the stock an overweight rating in a research note on Tuesday, June 4th. Finally, Oppenheimer increased their target price on First Solar from $325.00 to $326.00 and gave the company an outperform rating in a report on Wednesday. Four analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. Based on data from MarketBeat, First Solar has an average rating of Moderate Buy and a consensus target price of $275.58.

Insiders Place Their Bets

In other news, insider Kuntal Kumar Verma sold 1,621 shares of the stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $260.00, for a total transaction of $421,460.00. Following the transaction, the insider now directly owns 3,549 shares of the company’s stock, valued at approximately $922,740. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other First Solar news, Director Richard D. Chapman sold 3,165 shares of the company’s stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $190.48, for a total transaction of $602,869.20. Following the completion of the sale, the director now directly owns 1,045 shares of the company’s stock, valued at $199,051.60. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Kuntal Kumar Verma sold 1,621 shares of the business’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $260.00, for a total transaction of $421,460.00. Following the sale, the insider now directly owns 3,549 shares of the company’s stock, valued at approximately $922,740. The disclosure for this sale can be found here. Over the last three months, insiders have sold 51,153 shares of company stock valued at $12,540,428. 0.58% of the stock is currently 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.