First Solar, Inc. (NASDAQ:FSLR) Expected to Post FY2024 Earnings of $5.78 Per Share

First Solar, Inc. (NASDAQ:FSLRGet Rating) – Equities researchers at Oppenheimer issued their FY2024 earnings estimates for shares of First Solar in a research report issued on Friday, July 29th. Oppenheimer analyst C. Rusch expects that the solar cell manufacturer will post earnings per share of $5.78 for the year. Oppenheimer currently has a “Outperform” rating and a $116.00 target price on the stock. The consensus estimate for First Solar’s current full-year earnings is $0.34 per share.

A number of other research analysts have also recently issued reports on FSLR. Roth Capital lifted their price target on shares of First Solar from $85.00 to $135.00 in a research report on Friday. Morgan Stanley lowered their price target on shares of First Solar from $62.00 to $54.00 and set an “underweight” rating for the company in a research report on Monday, June 13th. JPMorgan Chase & Co. lifted their price target on shares of First Solar from $73.00 to $83.00 and gave the company a “maintains” rating in a research report on Friday. Credit Suisse Group lowered their price target on shares of First Solar to $77.00 in a research report on Monday, July 25th. Finally, Robert W. Baird lifted their price target on shares of First Solar from $98.00 to $119.00 in a research report on Friday. Four research analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $92.68.

First Solar Trading Up 12.1 %

NASDAQ:FSLR opened at $99.17 on Monday. The company has a 50-day moving average price of $70.20 and a 200-day moving average price of $73.08. First Solar has a 12 month low of $59.60 and a 12 month high of $123.13. The company has a current ratio of 4.07, a quick ratio of 2.93 and a debt-to-equity ratio of 0.04. The stock has a market cap of $10.57 billion, a price-to-earnings ratio of 49.34, a P/E/G ratio of 14.55 and a beta of 1.32.

First Solar (NASDAQ:FSLRGet Rating) last posted its earnings results on Thursday, July 28th. The solar cell manufacturer reported $0.52 EPS for the quarter, missing the consensus estimate of $0.61 by ($0.09). First Solar had a return on equity of 3.68% and a net margin of 8.68%. The company had revenue of $621.00 million during the quarter, compared to analysts’ expectations of $606.45 million. During the same period in the prior year, the business posted $0.77 earnings per share. The company’s revenue for the quarter was down 1.3% on a year-over-year basis.

Insider Buying and Selling

In related news, insider Michael Koralewski sold 1,822 shares of the firm’s stock in a transaction that occurred on Friday, July 1st. The shares were sold at an average price of $67.58, for a total value of $123,130.76. Following the transaction, the insider now owns 1,007 shares of the company’s stock, valued at $68,053.06. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other First Solar news, insider Michael Koralewski sold 1,822 shares of First Solar stock in a transaction that occurred on Friday, July 1st. The shares were sold at an average price of $67.58, for a total transaction of $123,130.76. Following the transaction, the insider now owns 1,007 shares of the company’s stock, valued at $68,053.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director R Craig Kennedy sold 600 shares of First Solar stock in a transaction that occurred on Wednesday, June 15th. The shares were sold at an average price of $62.50, for a total transaction of $37,500.00. Following the transaction, the director now directly owns 20,397 shares in the company, valued at approximately $1,274,812.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 54,124 shares of company stock valued at $4,505,729. 0.54% of the stock is owned by insiders.

Hedge Funds Weigh In On First Solar

Several large investors have recently added to or reduced their stakes in the company. Ellevest Inc. lifted its holdings in First Solar by 53.3% during the first quarter. Ellevest Inc. now owns 374 shares of the solar cell manufacturer’s stock valued at $31,000 after purchasing an additional 130 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S lifted its holdings in shares of First Solar by 0.8% in the fourth quarter. BI Asset Management Fondsmaeglerselskab A S now owns 19,107 shares of the solar cell manufacturer’s stock worth $1,665,000 after buying an additional 153 shares in the last quarter. Bouvel Investment Partners LLC lifted its holdings in shares of First Solar by 0.8% in the first quarter. Bouvel Investment Partners LLC now owns 18,905 shares of the solar cell manufacturer’s stock worth $1,583,000 after buying an additional 153 shares in the last quarter. KCM Investment Advisors LLC lifted its holdings in shares of First Solar by 5.7% in the fourth quarter. KCM Investment Advisors LLC now owns 3,075 shares of the solar cell manufacturer’s stock worth $268,000 after buying an additional 165 shares in the last quarter. Finally, Kestra Advisory Services LLC lifted its holdings in shares of First Solar by 5.7% in the first quarter. Kestra Advisory Services LLC now owns 3,139 shares of the solar cell manufacturer’s stock worth $263,000 after buying an additional 170 shares in the last quarter. Hedge funds and other institutional investors own 75.42% of the company’s stock.

About First Solar

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First Solar, Inc provides photovoltaic (PV) solar energy solutions in the United State, Japan, France, Canada, India, Australia, and internationally. The company designs, manufactures, and sells cadmium telluride solar modules that converts sunlight into electricity. It serves developers and operators of systems, utilities, independent power producers, commercial and industrial companies, and other system owners.

See Also

Earnings History and Estimates for First Solar (NASDAQ:FSLR)

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