First Solar (NASDAQ:FSLR) Updates FY 2021 Earnings Guidance

First Solar (NASDAQ:FSLR) updated its FY 2021 earnings guidance on Thursday. The company provided earnings per share guidance of $4.000-$4.600 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $4.140. The company issued revenue guidance of $2.88 billion-$3.10 billion, compared to the consensus revenue estimate of $2.92 billion.

A number of research firms recently commented on FSLR. Morgan Stanley increased their price target on First Solar from $57.00 to $61.00 and gave the stock an underweight rating in a research report on Tuesday, September 21st. Susquehanna Bancshares upped their price objective on First Solar from $123.00 to $140.00 and gave the stock a positive rating in a report on Tuesday, November 9th. Zacks Investment Research raised First Solar from a sell rating to a hold rating and set a $110.00 price objective on the stock in a report on Friday, November 19th. Needham & Company LLC initiated coverage on First Solar in a report on Thursday, September 9th. They set a hold rating on the stock. Finally, Wolfe Research initiated coverage on First Solar in a report on Tuesday, August 31st. They set a peer perform rating and a $100.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, First Solar presently has a consensus rating of Hold and a consensus target price of $107.35.

FSLR stock traded up $1.14 during trading hours on Thursday, reaching $108.28. 2,096,551 shares of the stock were exchanged, compared to its average volume of 2,150,343. The firm’s 50-day moving average is $105.34 and its 200-day moving average is $92.89. The company has a market cap of $11.51 billion, a price-to-earnings ratio of 25.60, a PEG ratio of 2.37 and a beta of 1.35. The company has a debt-to-equity ratio of 0.04, a current ratio of 4.26 and a quick ratio of 3.35. First Solar has a 12 month low of $67.71 and a 12 month high of $123.13.

First Solar (NASDAQ:FSLR) last released its earnings results on Thursday, November 4th. The solar cell manufacturer reported $0.42 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.60 by ($0.18). The firm had revenue of $583.50 million for the quarter, compared to the consensus estimate of $688.10 million. First Solar had a return on equity of 7.94% and a net margin of 17.26%. First Solar’s revenue for the quarter was down 37.1% on a year-over-year basis. During the same quarter last year, the company posted $1.45 EPS. As a group, equities research analysts forecast that First Solar will post 4.23 earnings per share for the current year.

In related news, General Counsel Jason E. Dymbort sold 1,120 shares of the firm’s stock in a transaction dated Tuesday, October 19th. The shares were sold at an average price of $104.80, for a total value of $117,376.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Markus Gloeckler sold 603 shares of the firm’s stock in a transaction dated Monday, November 22nd. The shares were sold at an average price of $112.82, for a total transaction of $68,030.46. The disclosure for this sale can be found here. Insiders sold a total of 2,923 shares of company stock valued at $318,810 in the last 90 days. 0.55% of the stock is owned by corporate insiders.

An institutional investor recently raised its position in First Solar stock. Morgan Stanley boosted its position in First Solar, Inc. (NASDAQ:FSLR) by 150.2% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 815,200 shares of the solar cell manufacturer’s stock after purchasing an additional 489,336 shares during the period. Morgan Stanley owned about 0.77% of First Solar worth $73,785,000 as of its most recent filing with the SEC. 73.48% of the stock is currently owned by institutional investors.

About First Solar

First Solar, Inc engages in designing, manufacturing, marketing, and distribution of photovoltaic solar power systems and solar modules. It operates through the Modules and Systems segments. The Modules segment involves in the design, manufacture, and sale of cadmium telluride solar modules, which convert sunlight into electricity.

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Earnings History and Estimates for First Solar (NASDAQ:FSLR)

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