First Solar, Inc. (NASDAQ:FSLR) Expected to Post Q2 2023 Earnings of $0.96 Per Share

Posted by Defense World Staff on Jul 21st, 2023

First Solar, Inc. (NASDAQ:FSLR – Free Report) – Stock analysts at Zacks Research decreased their Q2 2023 earnings per share (EPS) estimates for shares of First Solar in a research note issued on Tuesday, July 18th. Zacks Research analyst S. Kedia now anticipates that the solar cell manufacturer will post earnings per share of $0.96 for the quarter, down from their prior forecast of $1.26. The consensus estimate for First Solar’s current full-year earnings is $7.26 per share. Zacks Research also issued estimates for First Solar’s Q3 2023 earnings at $2.50 EPS, FY2023 earnings at $7.08 EPS, Q1 2024 earnings at $1.38 EPS, Q2 2024 earnings at $2.00 EPS, Q1 2025 earnings at $3.91 EPS, Q2 2025 earnings at $3.28 EPS and FY2025 earnings at $15.90 EPS.

Other research analysts have also recently issued reports about the stock. Morgan Stanley cut shares of First Solar from an “equal weight” rating to an “underweight” rating and boosted their price target for the stock from $194.00 to $200.00 in a report on Monday, April 3rd. Citigroup upgraded First Solar from a “sell” rating to a “neutral” rating in a research note on Wednesday. StockNews.com downgraded First Solar from a “hold” rating to a “sell” rating in a research report on Friday, June 23rd. TD Cowen boosted their price objective on First Solar from $205.00 to $250.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 19th. Finally, 51job reaffirmed a “maintains” rating on shares of First Solar in a research report on Monday, June 26th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $213.12.

First Solar Stock Down 0.0 %

FSLR stock opened at $198.50 on Thursday. The firm has a market capitalization of $21.21 billion, a PE ratio of 508.99 and a beta of 1.36. The company has a quick ratio of 2.44, a current ratio of 3.08 and a debt-to-equity ratio of 0.05. First Solar has a twelve month low of $71.08 and a twelve month high of $232.00. The stock’s 50 day moving average is $196.35 and its 200-day moving average is $190.29.

First Solar (NASDAQ:FSLR – Get Free Report) last posted its earnings results on Thursday, April 27th. The solar cell manufacturer reported $0.40 earnings per share for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.59). The business had revenue of $548.29 million during the quarter, compared to analyst estimates of $716.66 million. First Solar had a return on equity of 0.71% and a net margin of 1.49%. The company’s revenue was up 49.4% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.41) EPS.

Hedge Funds Weigh In On First Solar

Hedge funds and other institutional investors have recently modified their holdings of the company. Armstrong Advisory Group Inc. bought a new position in shares of First Solar during the 1st quarter valued at approximately $25,000. Glass Jacobson Investment Advisors llc purchased a new stake in shares of First Solar in the fourth quarter worth $30,000. Massmutual Trust Co. FSB ADV lifted its stake in shares of First Solar by 172.7% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 150 shares of the solar cell manufacturer’s stock valued at $33,000 after buying an additional 95 shares in the last quarter. Householder Group Estate & Retirement Specialist LLC bought a new position in First Solar in the 1st quarter worth $33,000. Finally, Lakewood Asset Management LLC purchased a new stake in First Solar in the 4th quarter worth $34,000. 82.74% of the stock is owned by institutional investors.

Insider Activity

In related news, CEO Mark R. Widmar sold 39,948 shares of First Solar stock in a transaction on Tuesday, June 6th. The shares were sold at an average price of $199.97, for a total value of $7,988,401.56. Following the transaction, the chief executive officer now directly owns 90,163 shares of the company’s stock, valued at $18,029,895.11. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Director William J. Post sold 10,000 shares of the stock in a transaction that occurred on Tuesday, May 16th. The shares were sold at an average price of $218.52, for a total transaction of $2,185,200.00. Following the sale, the director now owns 24,207 shares in the company, valued at $5,289,713.64. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Mark R. Widmar sold 39,948 shares of the business’s stock in a transaction dated Tuesday, June 6th. The stock was sold at an average price of $199.97, for a total value of $7,988,401.56. Following the completion of the transaction, the chief executive officer now directly owns 90,163 shares of the company’s stock, valued at approximately $18,029,895.11. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 66,430 shares of company stock valued at $13,561,727. 0.58% of the stock is currently owned by company insiders.

First Solar Company Profile

(Get Free Report)

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.