First Solar (NASDAQ:FSLR) Issues Quarterly Earnings Results

First Solar (NASDAQ:FSLR) issued its quarterly earnings results on Wednesday. The solar cell manufacturer reported $2.20 earnings per share for the quarter, topping analysts’ consensus estimates of $1.90 by $0.30, Briefing.com reports. The company had revenue of $794.10 million during the quarter, compared to the consensus estimate of $718.19 million. First Solar had a net margin of 25.03% and a return on equity of 13.80%. The firm’s quarterly revenue was up 44.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $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 Price Performance

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

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Janney Montgomery Scott initiated coverage on shares of First Solar in a research report on Friday, April 12th. They set a “buy” rating and a $236.00 price target on the stock. Jefferies Financial Group increased their price target on First Solar from $209.50 to $211.00 and gave the company a “buy” rating in a report on Thursday. Susquehanna reissued a “positive” rating and set a $258.00 price objective on shares of First Solar in a research note on Friday, April 5th. DZ Bank started coverage on shares of First Solar in a research report on Wednesday, April 17th. They issued a “buy” rating and a $205.00 price objective for the company. Finally, Bank of America increased their price objective on First Solar from $187.00 to $194.00 and gave the company a “buy” rating in a report on Wednesday, April 10th. Three research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $238.16.

Insider Activity

In other news, Director R Craig Kennedy sold 1,500 shares of the business’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $157.76, for a total value of $236,640.00. Following the transaction, the director now directly owns 15,641 shares of the company’s stock, valued at approximately $2,467,524.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other First Solar news, CTO Markus Gloeckler sold 1,937 shares of the business’s stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of $175.00, for a total transaction of $338,975.00. Following the completion of the sale, the chief technology officer now directly owns 12,536 shares of the company’s stock, valued at approximately $2,193,800. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director R Craig Kennedy sold 1,500 shares of the stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $157.76, for a total transaction of $236,640.00. Following the completion of the sale, the director now owns 15,641 shares of the company’s stock, valued at approximately $2,467,524.16. The disclosure for this sale can be found here. In the last ninety days, insiders sold 26,620 shares of company stock worth $4,269,540. 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.