Equities analysts forecast that First Solar, Inc. (NASDAQ:FSLR) will report sales of $990.14 million for the current fiscal quarter, Zacks Investment Research reports. Four analysts have issued estimates for First Solar’s earnings. The lowest sales estimate is $702.25 million and the highest is $1.15 billion. First Solar reported sales of $676.22 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 46.4%. The firm is expected to report its next quarterly earnings results on Thursday, October 24th.
On average, analysts expect that First Solar will report full-year sales of $3.55 billion for the current fiscal year, with estimates ranging from $3.52 billion to $3.59 billion. For the next financial year, analysts anticipate that the company will post sales of $3.33 billion, with estimates ranging from $3.06 billion to $3.89 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that that provide coverage for First Solar.
First Solar (NASDAQ:FSLR) last released its quarterly earnings data on Thursday, August 1st. The solar cell manufacturer reported ($0.18) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.20). First Solar had a return on equity of 0.46% and a net margin of 0.95%. The business had revenue of $585.00 million during the quarter, compared to analyst estimates of $656.80 million. During the same period in the previous year, the company earned ($0.46) EPS. First Solar’s revenue was up 89.3% on a year-over-year basis.
A number of brokerages recently weighed in on FSLR. UBS Group upped their price target on shares of First Solar to $80.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Roth Capital set a $75.00 price objective on First Solar and gave the company a “buy” rating in a research report on Thursday, June 13th. ValuEngine cut First Solar from a “buy” rating to a “hold” rating in a research note on Monday, August 12th. Robert W. Baird reaffirmed a “buy” rating on shares of First Solar in a research report on Monday. Finally, JPMorgan Chase & Co. upped their target price on First Solar from $74.00 to $82.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and ten have issued a buy rating to the company. First Solar has an average rating of “Hold” and an average target price of $70.11.
Shares of NASDAQ:FSLR traded up $0.93 during midday trading on Friday, hitting $63.31. 676,256 shares of the company’s stock traded hands, compared to its average volume of 1,286,630. The company has a debt-to-equity ratio of 0.09, a quick ratio of 3.35 and a current ratio of 4.05. The company has a market cap of $6.67 billion, a PE ratio of 46.55, a P/E/G ratio of 1.12 and a beta of 1.28. The firm’s fifty day moving average price is $63.11 and its two-hundred day moving average price is $60.28. First Solar has a twelve month low of $36.51 and a twelve month high of $69.24.
In related news, insider Georges Antoun sold 8,476 shares of the stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $65.51, for a total value of $555,262.76. Following the completion of the transaction, the insider now owns 86,870 shares of the company’s stock, valued at $5,690,853.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director R Craig Kennedy sold 1,800 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $62.55, for a total value of $112,590.00. Following the sale, the director now owns 25,805 shares of the company’s stock, valued at approximately $1,614,102.75. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 93,155 shares of company stock valued at $5,799,590. Company insiders own 0.72% of the company’s stock.
A number of hedge funds have recently bought and sold shares of FSLR. Invesco Ltd. boosted its stake in First Solar by 273.0% during the 2nd quarter. Invesco Ltd. now owns 2,686,374 shares of the solar cell manufacturer’s stock valued at $176,441,000 after acquiring an additional 1,966,171 shares during the last quarter. Artisan Partners Limited Partnership increased its position in shares of First Solar by 986.3% in the 1st quarter. Artisan Partners Limited Partnership now owns 1,637,421 shares of the solar cell manufacturer’s stock worth $86,521,000 after purchasing an additional 1,486,686 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of First Solar by 40.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,304,211 shares of the solar cell manufacturer’s stock worth $151,340,000 after purchasing an additional 664,729 shares during the last quarter. Nuveen Asset Management LLC bought a new stake in shares of First Solar in the 2nd quarter worth about $34,160,000. Finally, BlackRock Inc. raised its stake in shares of First Solar by 5.6% in the 1st quarter. BlackRock Inc. now owns 7,998,996 shares of the solar cell manufacturer’s stock valued at $422,666,000 after purchasing an additional 422,290 shares in the last quarter. Institutional investors own 64.41% of the company’s stock.
First Solar Company Profile
First Solar, Inc provides photovoltaic (PV) solar energy solutions in the United States and internationally. It operates in two segments, Modules and Systems. The Components segment designs, manufactures, and sells cadmium telluride solar modules that convert sunlight into electricity. This segment offers its products to integrators and operators of PV solar power systems.
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