First Solar (NASDAQ:FSLR) Releases Earnings Results, Beats Estimates By $0.30 EPS

First Solar (NASDAQ:FSLR) issued its earnings results on Wednesday. The solar cell manufacturer reported $2.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.90 by $0.30, Briefing.com reports. The business had revenue of $794.10 million during the quarter, compared to analysts’ expectations of $718.19 million. First Solar had a return on equity of 13.80% and a net margin of 25.03%. The business’s revenue for the quarter was up 44.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.40 EPS. First Solar updated its FY24 guidance to $13.00-14.00 EPS and its FY 2024 guidance to 13.000-14.000 EPS.

First Solar Stock Up 1.6 %

Shares of NASDAQ FSLR traded up $2.93 during midday trading on Thursday, reaching $180.51. 3,446,448 shares of the company’s stock traded hands, compared to its average volume of 2,079,836. The stock’s 50 day simple moving average is $164.89 and its 200-day simple moving average is $157.84. The company has a quick ratio of 2.92, a current ratio of 3.55 and a debt-to-equity ratio of 0.07. The company has a market cap of $19.32 billion, a price-to-earnings ratio of 23.04, a P/E/G ratio of 0.30 and a beta of 1.37. First Solar has a one year low of $129.21 and a one year high of $232.00.

Insider Buying and Selling at First Solar

In other First Solar news, Director R Craig Kennedy sold 1,500 shares of the business’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $157.76, for a total value of $236,640.00. Following the completion of the transaction, the director now directly owns 15,641 shares in the company, valued at $2,467,524.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director R Craig Kennedy sold 1,500 shares of the firm’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $157.76, for a total value of $236,640.00. Following the completion of the transaction, the director now owns 15,641 shares in the company, valued at approximately $2,467,524.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Georges Antoun sold 16,667 shares of the firm’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $155.55, for a total value of $2,592,551.85. Following the completion of the transaction, the insider now owns 42,041 shares of the company’s stock, valued at $6,539,477.55. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 26,620 shares of company stock valued at $4,269,540. 0.58% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Oppenheimer boosted their target price on shares of First Solar from $269.00 to $271.00 and gave the stock an “outperform” rating in a report on Thursday. Wells Fargo & Company upgraded First Solar from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $187.00 to $250.00 in a research report on Friday, April 19th. Janney Montgomery Scott started coverage on First Solar in a research note on Friday, April 12th. They issued a “buy” rating and a $236.00 price objective on the stock. DZ Bank assumed coverage on shares of First Solar in a report on Wednesday, April 17th. They set a “buy” rating and a $205.00 price target for the company. Finally, Roth Mkm reiterated a “buy” rating and set a $230.00 price target on shares of First Solar in a report on Thursday, April 18th. Three investment analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $238.16.

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.