First Solar (NASDAQ:FSLR – Get a rating) will release its earnings data after the market closes on Thursday, October 27. Analysts expect First Solar to post earnings of ($0.24) per share for the quarter. First Solar set its FY2022 guidance at -$0.25-$0.25 EPS and its FY22 guidance at $(0.25)-$0.25 EPS. Investors interested in listening to the company’s conference call can do so using this link.
First Solar (NASDAQ:FSLR – Get a rating) last released its results on Thursday, July 28. The solar cell maker reported earnings per share (EPS) of $0.52 for the quarter, beating analysts’ consensus estimate of $0.30 by $0.22. The company posted revenue of $621.00 million for the quarter, versus analyst estimates of $606.45 million. First Solar had a net margin of 7.63% and a return on equity of 3.21%. The company’s revenue for the quarter was down 1.3% year over year. In the same quarter a year earlier, the company posted EPS of $0.77. On average, analysts expect First Solar to post $0 EPS for the current fiscal year and $2 EPS for the next fiscal year.
First solar stock down 0.9%
NASDAQ:FSLR opened at $120.21 on Thursday. The company has a debt ratio of 0.03, a quick ratio of 3.20 and a current ratio of 4.21. The company has a market capitalization of $12.81 billion, a price-earnings ratio of 68.30 and a beta of 1.28. First Solar has a one-year low of $59.60 and a one-year high of $145.74. The stock has a 50-day simple moving average of $127.51 and a 200-day simple moving average of $92.82.
Wall Street analysts predict growth
Several research analysts have recently commented on the company. Goldman Sachs Group downgraded First Solar from a ‘sell’ rating to a ‘buy’ rating and raised its share price target from $60.00 to $172.00 in a Wednesday research report September 7. TheStreet upgraded First Solar’s shares from a “c+” rating to a “b-” rating in a Monday, August 15 research note. Susquehanna Bancshares raised its price target on First Solar from $120.00 to $175.00 in a Friday, September 9 research note. Piper Sandler lowered its price target on First Solar from $175.00 to $170.00 and set an “overweight” rating on the stock in a research report on Monday. Finally, Susquehanna raised its price target on First Solar from $120.00 to $175.00 and gave the stock a “positive” rating in a Friday, September 9 report. Two analysts have assigned the stock a sell rating, seven have issued a hold rating and twelve have assigned the stock a buy rating. Based on MarketBeat data, First Solar has a consensus rating of “Hold” and a consensus target price of $127.16.
Insider buying and selling
In other news, CTO Markus Gloeckler sold 805 shares of the company in a trade on Thursday, July 28. The stock was sold at an average price of $90.00, for a total value of $72,450.00. Following the completion of the sale, the chief technology officer now owns 1,851 shares of the company, valued at $166,590. The sale was disclosed in a legal filing with the SEC, available at this link. In other news, CTO Markus Gloeckler sold 805 shares of First Solar in a trade that took place on Thursday, July 28. The shares were sold at an average price of $90.00, for a total value of $72,450.00. As a result of the transaction, the chief technology officer now owns 1,851 shares of the company, valued at approximately $166,590. The sale was disclosed in a filing with the Securities & Exchange Commission, accessible via the SEC website. Also, CEO Mark R. Widmar sold 32,239 shares of the company in a transaction that took place on Thursday, July 28. The stock was sold at an average price of $89.72, for a total transaction of $2,892,483.08. Following the sale, the CEO now owns 81,861 shares of the company, valued at $7,344,568.92. Disclosure of this sale can be found here. Insiders sold a total of 43,251 shares of the company valued at $4,040,061 during the last quarter. Company insiders own 0.54% of the company’s shares.
Institutional investors weigh in on First Solar
Institutional investors and hedge funds have recently changed their stock holdings. Covestor Ltd increased its position in First Solar shares by 97.7% in Q1. Covestor Ltd now owns 421 shares of the solar cell maker valued at $35,000 after acquiring 208 more shares last quarter. XTX Topco Ltd acquired a new stake in First Solar during Q1 valued at $289,000. Stamos Capital Partners LP bought a new equity stake in First Solar in the first quarter worth $335,000. Geneos Wealth Management Inc. increased its position in First Solar shares by 7.7% in the first quarter. Geneos Wealth Management Inc. now owns 4,254 shares of the solar cell maker worth $356,000 after purchasing an additional 304 shares during the period. Finally, Point72 Hong Kong Ltd bought a new position in shares of First Solar during the first quarter worth $468,000. 79.21% of the shares are held by institutional investors and hedge funds.
About First Solar
First Solar, Inc provides photovoltaic (PV) solar power solutions in the United States, Japan, France, Canada, India, Australia and internationally. The company designs, manufactures and sells cadmium telluride solar modules that convert sunlight into electricity. It serves system developers and operators, utilities, independent power producers, commercial and industrial companies, and other system owners.
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