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

First Solar (NASDAQ:FSLR) announced its earnings results on Wednesday. The solar cell manufacturer reported $2.20 EPS for the quarter, beating the consensus estimate of $1.90 by $0.30, Briefing.com reports. First Solar had a return on equity of 13.80% and a net margin of 25.03%. The business had revenue of $794.10 million during the quarter, compared to the consensus estimate of $718.19 million. During the same period in the prior year, the business posted $0.40 earnings per share. First Solar’s revenue was up 44.8% compared to the same quarter last year. 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 Stock Performance

Shares of FSLR stock traded up $2.93 during mid-day trading on Thursday, reaching $180.51. The stock had a trading volume of 3,452,249 shares, compared to its average volume of 2,079,837. The firm’s 50 day simple moving average is $164.89 and its 200 day simple moving average is $157.84. The company has a quick ratio of 2.92, a current ratio of 3.55 and a debt-to-equity ratio of 0.07. First Solar has a one year low of $129.21 and a one year high of $232.00. The firm 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.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on FSLR shares. Mizuho increased their price objective on First Solar from $196.00 to $209.00 and gave the stock a “buy” rating in a research note on Thursday. Evercore ISI raised First Solar from an “in-line” rating to an “outperform” rating and set a $227.00 price objective for the company in a research note on Tuesday, April 23rd. JPMorgan Chase & Co. increased their price objective on First Solar from $237.00 to $240.00 and gave the stock an “overweight” rating in a research note on Thursday. Morgan Stanley increased their price objective on First Solar from $245.00 to $248.00 and gave the stock an “overweight” rating in a research note on Thursday. Finally, DZ Bank started coverage on First Solar in a research note on Wednesday, April 17th. They issued a “buy” rating and a $205.00 price objective for the company. Three equities research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $238.16.

Insiders Place Their Bets

In related news, insider Kuntal Kumar Verma sold 250 shares of the firm’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $148.34, for a total transaction of $37,085.00. Following the completion of the transaction, the insider now owns 5,170 shares in the company, valued at approximately $766,917.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CTO Markus Gloeckler sold 1,937 shares of the firm’s stock in a transaction 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Kuntal Kumar Verma sold 250 shares of the firm’s stock in a transaction on Monday, March 18th. The shares were sold at an average price of $148.34, for a total value of $37,085.00. Following the sale, the insider now directly owns 5,170 shares of the company’s stock, valued at $766,917.80. The disclosure for this sale can be found here. In the last quarter, insiders sold 26,620 shares of company stock worth $4,269,540. 0.58% of the stock is currently owned by company insiders.

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.