Wall Street brokerages expect that First Solar, Inc. (NASDAQ:FSLR) will report $466.98 million in sales for the current quarter, Zacks Investment Research reports. Four analysts have made estimates for First Solar’s earnings. The lowest sales estimate is $430.00 million and the highest is $515.00 million. First Solar reported sales of $623.33 million during the same quarter last year, which indicates a negative year over year growth rate of 25.1%. The business is expected to announce its next earnings report on Thursday, July 26th.
On average, analysts expect that First Solar will report full year sales of $2.51 billion for the current fiscal year, with estimates ranging from $2.37 billion to $2.60 billion. For the next financial year, analysts forecast that the business will report sales of $3.05 billion per share, with estimates ranging from $2.91 billion to $3.15 billion. Zacks’ sales averages are an average based on a survey of research analysts that follow First Solar.
First Solar (NASDAQ:FSLR) last released its quarterly earnings results on Thursday, April 26th. The solar cell manufacturer reported $0.78 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.08) by $0.86. The company had revenue of $567.00 million for the quarter, compared to analysts’ expectations of $421.47 million. First Solar had a positive return on equity of 6.26% and a negative net margin of 3.51%. The business’s revenue for the quarter was down 36.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.25 earnings per share.
Several equities research analysts recently commented on FSLR shares. ValuEngine raised First Solar from a “buy” rating to a “strong-buy” rating in a report on Monday, April 2nd. BidaskClub raised First Solar from a “buy” rating to a “strong-buy” rating in a report on Friday, March 9th. Vetr cut First Solar from a “hold” rating to a “sell” rating and set a $65.52 target price on the stock. in a report on Monday, February 5th. JMP Securities boosted their target price on First Solar to $84.00 and gave the stock an “outperform” rating in a report on Thursday, February 1st. Finally, UBS boosted their target price on First Solar from $81.00 to $94.00 and gave the stock a “positive” rating in a report on Monday, April 30th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. First Solar presently has a consensus rating of “Buy” and a consensus price target of $74.47.
NASDAQ:FSLR traded up $1.20 during midday trading on Friday, hitting $71.20. 629,448 shares of the stock were exchanged, compared to its average volume of 1,875,211. First Solar has a one year low of $35.12 and a one year high of $81.72. The stock has a market cap of $7.33 billion, a price-to-earnings ratio of 27.49, a PEG ratio of 2.75 and a beta of 1.84. The company has a debt-to-equity ratio of 0.08, a current ratio of 6.81 and a quick ratio of 6.49.
In other news, CEO Mark R. Widmar sold 20,574 shares of the business’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $63.90, for a total transaction of $1,314,678.60. Following the transaction, the chief executive officer now directly owns 78,634 shares in the company, valued at approximately $5,024,712.60. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, COO Philip Dejong sold 9,781 shares of the business’s stock in a transaction on Tuesday, May 1st. The shares were sold at an average price of $69.48, for a total transaction of $679,583.88. Following the transaction, the chief operating officer now owns 5,040 shares in the company, valued at $350,179.20. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 49,046 shares of company stock worth $3,330,441. 0.54% of the stock is currently owned by corporate insiders.
A number of large investors have recently modified their holdings of FSLR. Thompson Davis & CO. Inc. bought a new stake in First Solar in the fourth quarter worth $101,000. Penserra Capital Management LLC boosted its holdings in First Solar by 381.4% in the first quarter. Penserra Capital Management LLC now owns 1,704 shares of the solar cell manufacturer’s stock worth $115,000 after purchasing an additional 1,350 shares in the last quarter. NuWave Investment Management LLC bought a new stake in First Solar in the fourth quarter worth $162,000. Compagnie Lombard Odier SCmA lifted its position in First Solar by 145.5% during the 4th quarter. Compagnie Lombard Odier SCmA now owns 2,700 shares of the solar cell manufacturer’s stock worth $182,000 after acquiring an additional 1,600 shares during the last quarter. Finally, Cigna Investments Inc. New acquired a new position in First Solar during the 4th quarter worth $201,000. Hedge funds and other institutional investors own 53.31% of the company’s stock.
About First Solar
First Solar, Inc provides photovoltaic solar energy solutions in the United States and internationally. It operates through two segments, Components 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.
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