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

First Solar, Inc. (NASDAQ:FSLR) – Stock analysts at KeyCorp dropped their FY2024 EPS estimates for First Solar in a note issued to investors on Tuesday, March 26th. KeyCorp analyst S. Karp now forecasts that the solar cell manufacturer will post earnings per share of $13.47 for the year, down from their previous estimate 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.

Several other equities analysts also recently weighed in on the stock. Oppenheimer raised their price target 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. Morgan Stanley raised shares of First Solar from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $214.00 to $237.00 in a research note on Friday, December 8th. Susquehanna reduced their price target on shares of First Solar from $261.00 to $258.00 and set a “positive” rating on the stock in a research note on Wednesday, February 28th. Mizuho upped their price objective on shares of First Solar from $188.00 to $196.00 and gave the stock a “buy” rating in a report on Wednesday, January 3rd. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $195.00 target price on shares of First Solar in a report on Wednesday, February 28th. Four analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $231.48.

First Solar Stock Performance

NASDAQ:FSLR opened at $167.45 on Thursday. The company’s 50-day moving average price is $151.62 and its 200-day moving average price is $155.16. 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 company has a market cap of $17.89 billion, a P/E ratio of 21.63, a P/E/G ratio of 0.26 and a beta of 1.41. First Solar has a twelve month low of $129.21 and a twelve month high of $232.00.

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

Institutional Investors Weigh In On First Solar

A number of institutional investors have recently bought and sold shares of the stock. Advisory Services Network LLC grew its holdings in First Solar by 5.2% in the first quarter. Advisory Services Network LLC now owns 996 shares of the solar cell manufacturer’s stock valued at $217,000 after purchasing an additional 49 shares during the period. Shay Capital LLC lifted its position in First Solar by 1.5% during the second quarter. Shay Capital LLC now owns 3,551 shares of the solar cell manufacturer’s stock valued at $675,000 after buying an additional 51 shares in the last quarter. Balentine LLC lifted its position in First Solar by 2.7% during the second quarter. Balentine LLC now owns 1,970 shares of the solar cell manufacturer’s stock valued at $374,000 after buying an additional 51 shares in the last quarter. Apollon Wealth Management LLC lifted its position in First Solar by 2.0% during the first quarter. Apollon Wealth Management LLC now owns 3,104 shares of the solar cell manufacturer’s stock valued at $675,000 after buying an additional 60 shares in the last quarter. Finally, SVB Wealth LLC lifted its position in shares of First Solar by 2.1% during the first quarter. SVB Wealth LLC now owns 3,439 shares of the solar cell manufacturer’s stock worth $748,000 after purchasing an additional 71 shares in the last quarter. 92.08% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at First Solar

In other First Solar news, 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 transaction, the insider now directly owns 5,170 shares in the company, valued at approximately $766,917.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director R Craig Kennedy sold 1,500 shares of First Solar stock in a transaction dated Friday, March 1st. The shares were 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 directly owns 15,641 shares in the company, valued at $2,467,524.16. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Kuntal Kumar Verma sold 250 shares of the business’s stock in a transaction that occurred 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 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 19,883 shares of company stock worth $3,100,837 over the last 90 days. Company insiders own 0.58% of the company’s stock.

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.