KeyCorp Equities Analysts Cut Earnings Estimates for First Solar, Inc. (NASDAQ:FSLR)

First Solar, Inc. (NASDAQ:FSLR) – Stock analysts at KeyCorp decreased their FY2024 EPS estimates for First Solar in a research report issued to clients and investors on Tuesday, March 26th. KeyCorp analyst S. Karp now expects that the solar cell manufacturer will post earnings of $13.47 per share for the year, down from their prior forecast of $14.38. The consensus estimate for First Solar’s current full-year earnings is $13.50 per share. KeyCorp also issued estimates for First Solar’s FY2025 earnings at $23.46 EPS and FY2027 earnings at $31.29 EPS.

First Solar (NASDAQ:FSLR) last issued its quarterly earnings results on Tuesday, February 27th. The solar cell manufacturer reported $3.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.19 by $0.06. The business had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.31 billion. First Solar had a return on equity of 13.80% and a net margin of 25.03%. The business’s quarterly revenue was up 15.5% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.07) earnings per share.

Several other equities analysts also recently issued reports on the company. Jefferies Financial Group initiated coverage on First Solar in a research report on Friday, December 15th. They issued a “buy” rating and a $211.00 target price on the stock. Oppenheimer increased their target price on shares of First Solar from $268.00 to $269.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 28th. Mizuho increased their target price on shares of First Solar from $188.00 to $196.00 and gave the stock a “buy” rating in a research note on Wednesday, January 3rd. Wells Fargo & Company downgraded shares of First Solar from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $215.00 to $187.00 in a research report on Monday, January 8th. Finally, Morgan Stanley upgraded shares of First Solar from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $214.00 to $237.00 in a research report on Friday, December 8th. Four investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. Based on data from MarketBeat.com, First Solar has a consensus rating of “Moderate Buy” and an average target price of $231.48.

First Solar Stock Performance

Shares of FSLR stock opened at $167.45 on Thursday. 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 business’s fifty day simple moving average is $151.62 and its 200-day simple moving average is $155.16. First Solar has a 12-month low of $129.21 and a 12-month high of $232.00. The company has a market cap of $17.89 billion, a PE ratio of 21.63, a PEG ratio of 0.26 and a beta of 1.41.

Insider Buying and Selling

In related news, insider Kuntal Kumar Verma sold 250 shares of the business’s stock in a transaction on 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 transaction, the insider now owns 5,170 shares in the company, valued at $766,917.80. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, insider Kuntal Kumar Verma sold 250 shares of the business’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 completion of the sale, the insider now directly owns 5,170 shares of the company’s stock, valued at $766,917.80. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, 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 completion of the sale, the chief technology officer now directly owns 14,473 shares of the company’s stock, valued at $2,315,680. The disclosure for this sale can be found here. Over the last quarter, insiders sold 19,883 shares of company stock worth $3,100,837. Corporate insiders own 0.58% of the company’s stock.

Institutional Investors Weigh In On First Solar

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Raymond James & Associates raised its holdings in First Solar by 160.6% during the first quarter. Raymond James & Associates now owns 26,796 shares of the solar cell manufacturer’s stock worth $2,244,000 after purchasing an additional 16,515 shares in the last quarter. American Century Companies Inc. raised its holdings in First Solar by 13.8% during the first quarter. American Century Companies Inc. now owns 8,472 shares of the solar cell manufacturer’s stock worth $710,000 after purchasing an additional 1,030 shares in the last quarter. Cibc World Market Inc. raised its holdings in First Solar by 71.0% during the first quarter. Cibc World Market Inc. now owns 7,464 shares of the solar cell manufacturer’s stock worth $625,000 after purchasing an additional 3,100 shares in the last quarter. Blair William & Co. IL raised its holdings in First Solar by 1.8% during the first quarter. Blair William & Co. IL now owns 50,128 shares of the solar cell manufacturer’s stock worth $4,198,000 after purchasing an additional 890 shares in the last quarter. Finally, Sei Investments Co. raised its holdings in First Solar by 11.6% during the first quarter. Sei Investments Co. now owns 25,804 shares of the solar cell manufacturer’s stock worth $2,161,000 after purchasing an additional 2,691 shares in the last quarter. 92.08% of the stock is owned by hedge funds and other institutional investors.

First Solar Company Profile

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.