First Solar, Inc. Forecasted to Earn Q1 2024 Earnings of $2.06 Per Share (NASDAQ:FSLR)

First Solar, Inc. (NASDAQ:FSLR) – Equities researchers at KeyCorp issued their Q1 2024 earnings estimates for First Solar in a note issued to investors on Tuesday, March 26th. KeyCorp analyst S. Karp anticipates that the solar cell manufacturer will post earnings per share of $2.06 for the quarter. The consensus estimate for First Solar’s current full-year earnings is $13.51 per share. KeyCorp also issued estimates for First Solar’s Q2 2024 earnings at $3.64 EPS, Q3 2024 earnings at $4.27 EPS, Q4 2024 earnings at $3.50 EPS and FY2026 earnings at $30.29 EPS.

Other equities analysts have also issued reports about the stock. Royal Bank of Canada restated an “outperform” rating and set a $195.00 target price on shares of First Solar in a research report on Wednesday, February 28th. Oppenheimer lifted their price objective on shares of First Solar from $268.00 to $269.00 and gave the company an “outperform” rating in a research report on Wednesday, February 28th. Susquehanna decreased their target price on shares of First Solar from $261.00 to $258.00 and set a “positive” rating on the stock in a research report on Wednesday, February 28th. Jefferies Financial Group assumed coverage on First Solar in a research note on Friday, December 15th. They set a “buy” rating and a $211.00 price target for the company. Finally, Wells Fargo & Company downgraded First Solar from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $215.00 to $187.00 in a research note on Monday, January 8th. Four analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $231.48.

First Solar Stock Performance

Shares of FSLR opened at $168.80 on Friday. 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 firm has a market cap of $18.04 billion, a PE ratio of 21.81, a price-to-earnings-growth ratio of 0.29 and a beta of 1.41. The company’s 50 day simple moving average is $152.04 and its 200-day simple moving average is $155.26. First Solar has a 12-month low of $129.21 and a 12-month high of $232.00.

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

Hedge Funds Weigh In On First Solar

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. First Pacific Financial purchased a new position in shares of First Solar during the 3rd quarter valued at approximately $27,000. University of Texas Texas AM Investment Managment Co. purchased a new position in shares of First Solar during the 4th quarter valued at approximately $27,000. Estabrook Capital Management purchased a new position in shares of First Solar during the 3rd quarter valued at approximately $29,000. Baystate Wealth Management LLC purchased a new position in shares of First Solar during the 4th quarter valued at approximately $29,000. Finally, Headinvest LLC purchased a new position in shares of First Solar during the 3rd quarter valued at approximately $30,000. Hedge funds and other institutional investors own 92.08% of the company’s stock.

Insider Transactions at First Solar

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 transaction of $236,640.00. Following the completion of the sale, the director now owns 15,641 shares in the company, 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 679 shares of the company’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $160.00, for a total value of $108,640.00. Following the completion of the transaction, the chief technology officer now owns 14,473 shares in the company, valued at approximately $2,315,680. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director R Craig Kennedy sold 1,500 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $157.76, for a total value of $236,640.00. Following the completion of the transaction, 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 quarter, insiders sold 19,883 shares of company stock worth $3,100,837. 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.