First Solar (NASDAQ:FSLR) Updates FY24 Earnings Guidance

First Solar (NASDAQ:FSLR) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $13.00-13.50 for the period, compared to the consensus earnings per share estimate of $13.49. The company issued revenue guidance of $4.1-4.25 billion, compared to the consensus revenue estimate of $4.44 billion. First Solar also updated its FY 2024 guidance to 13.000-13.500 EPS.

First Solar Stock Performance

Shares of FSLR stock traded up $6.45 on Friday, hitting $200.93. The company had a trading volume of 1,178,926 shares, compared to its average volume of 2,419,591. The firm has a market cap of $21.51 billion, a P/E ratio of 16.75, a price-to-earnings-growth ratio of 0.34 and a beta of 1.44. The company has a 50-day moving average price of $222.68 and a 200-day moving average price of $223.93. The company has a quick ratio of 1.65, a current ratio of 2.14 and a debt-to-equity ratio of 0.05. First Solar has a twelve month low of $129.21 and a twelve month high of $306.77.

First Solar (NASDAQ:FSLR) last issued its quarterly earnings data on Tuesday, October 29th. The solar cell manufacturer reported $2.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.10 by ($0.19). The company had revenue of $887.70 million during the quarter, compared to analyst estimates 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 last year, the firm earned $2.50 EPS. As a group, equities research analysts predict that First Solar will post 13.18 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

FSLR has been the subject of a number of analyst reports. Barclays upped their price target on First Solar from $280.00 to $290.00 and gave the stock an “overweight” rating in a report on Friday, August 2nd. Bank of America reduced their price target on First Solar from $321.00 to $269.00 and set a “buy” rating for the company in a report on Wednesday. Jefferies Financial Group reduced their price target on First Solar from $271.00 to $266.00 and set a “buy” rating for the company in a report on Thursday, October 10th. UBS Group upped their price target on First Solar from $350.00 to $360.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Finally, JPMorgan Chase & Co. boosted their price objective on First Solar from $262.00 to $282.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 16th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, First Solar has an average rating of “Moderate Buy” and an average price target of $281.13.

Insider Activity at First Solar

In related news, insider Patrick James Buehler sold 8,619 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The stock was 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other First Solar news, insider Patrick James Buehler sold 8,619 shares of the company’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 transaction, the insider now directly owns 3,468 shares in the company, valued at $769,896. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Byron Michael Jeffers sold 500 shares of the company’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $220.00, for a total value of $110,000.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 10,885 shares of company stock worth $2,405,757. Insiders own 0.58% of the company’s stock.

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.