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

First Solar (NASDAQ:FSLR) posted its earnings results on Wednesday. The solar cell manufacturer reported $2.20 earnings per share (EPS) for the quarter, beating 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 analysts’ expectations of $718.19 million. First Solar had a net margin of 28.75% and a return on equity of 16.24%. First Solar’s quarterly revenue was up 44.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.40 earnings per share. 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 Trading Up 6.1 %

Shares of NASDAQ:FSLR opened at $191.55 on Friday. The company’s 50-day moving average price is $166.57 and its two-hundred day moving average price is $158.28. First Solar has a one year low of $129.21 and a one year high of $232.00. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.41 and a quick ratio of 2.92. The stock has a market capitalization of $20.50 billion, a PE ratio of 20.08, a price-to-earnings-growth ratio of 0.31 and a beta of 1.37.

Insider Activity

In related news, CTO Markus Gloeckler sold 679 shares of the business’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $160.00, for a total transaction of $108,640.00. Following the transaction, the chief technology officer now directly owns 14,473 shares in the company, valued at $2,315,680. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, CTO Markus Gloeckler sold 679 shares of the business’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $160.00, for a total transaction of $108,640.00. Following the transaction, the chief technology officer now directly owns 14,473 shares in the company, valued at approximately $2,315,680. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Kuntal Kumar Verma sold 250 shares of the firm’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $148.34, for a total transaction of $37,085.00. Following the completion of the sale, the insider now owns 5,170 shares of the company’s stock, valued at $766,917.80. The disclosure for this sale can be found here. Insiders sold 26,620 shares of company stock worth $4,269,540 in the last quarter. Corporate insiders own 0.58% of the company’s stock.

Analyst Upgrades and Downgrades

FSLR has been the subject of a number of research analyst reports. Guggenheim cut their price target on First Solar from $359.00 to $356.00 and set a “buy” rating for the company in a report on Thursday. Susquehanna reaffirmed a “positive” rating and issued a $258.00 target price on shares of First Solar in a research note on Friday, April 5th. Mizuho upped their price objective on First Solar from $196.00 to $209.00 and gave the company a “buy” rating in a report on Thursday. JPMorgan Chase & Co. upped their price target on First Solar from $237.00 to $240.00 and gave the company an “overweight” rating in a research note on Thursday. Finally, Morgan Stanley lifted their price objective on shares of First Solar from $245.00 to $248.00 and gave the stock an “overweight” rating in a research note on Thursday. Three analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average 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.