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

First Solar (NASDAQ:FSLRGet Free Report) issued its earnings results 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 company had revenue of $887.70 million during the quarter, compared to analysts’ expectations of $1.07 billion. First Solar had a return on equity of 17.73% and a net margin of 31.98%. The company’s revenue for the quarter was up 10.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.50 EPS. 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 Price Performance

NASDAQ FSLR traded down $1.63 during trading on Wednesday, hitting $198.04. 4,957,373 shares of the stock traded hands, compared to its average volume of 2,413,319. The company has a quick ratio of 1.65, a current ratio of 2.23 and a debt-to-equity ratio of 0.06. First Solar has a 12-month low of $129.21 and a 12-month high of $306.77. The firm has a 50-day simple moving average of $223.18 and a 200-day simple moving average of $224.11. The company has a market capitalization of $21.20 billion, a P/E ratio of 20.73, a price-to-earnings-growth ratio of 0.34 and a beta of 1.44.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. UBS Group lifted their price objective on First Solar from $350.00 to $360.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Evercore ISI reduced their price target on shares of First Solar from $281.00 to $278.00 and set an “outperform” rating for the company in a research report on Wednesday. DZ Bank raised shares of First Solar from a “hold” rating to a “buy” rating and set a $280.00 price objective on the stock in a report on Thursday, August 1st. Jefferies Financial Group reduced their target price on shares of First Solar from $271.00 to $266.00 and set a “buy” rating for the company in a report on Thursday, October 10th. Finally, Barclays lifted their price target on shares of First Solar from $280.00 to $290.00 and gave the stock an “overweight” rating in a research note on Friday, August 2nd. Two equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $282.71.

Check Out Our Latest Research Report on First Solar

Insider Transactions at First Solar

In other First Solar news, CAO Byron Michael Jeffers sold 500 shares of First Solar stock in a transaction on Monday, August 12th. The shares were sold at an average price of $220.00, for a total value of $110,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CAO Byron Michael Jeffers sold 500 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $220.00, for a total value of $110,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Patrick James Buehler sold 8,619 shares of the business’s 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 transaction, the insider now directly owns 3,468 shares in the company, valued at approximately $769,896. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 10,885 shares of company stock valued at $2,405,757 in the last ninety days. Corporate insiders own 0.58% of the company’s stock.

About First Solar

(Get Free Report)

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.

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Earnings History for First Solar (NASDAQ:FSLR)

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