Zacks: Brokerages Expect First Solar, Inc. (FSLR) Will Announce Quarterly Sales of $528.11 Million
Analysts forecast that First Solar, Inc. (NASDAQ:FSLR) will announce sales of $528.11 million for the current fiscal quarter, according to Zacks Investment Research. Seven analysts have issued estimates for First Solar’s earnings, with the lowest sales estimate coming in at $289.10 million and the highest estimate coming in at $749.50 million. First Solar reported sales of $934.38 million during the same quarter last year, which indicates a negative year-over-year growth rate of 43.5%. The business is expected to announce its next quarterly earnings report on Wednesday, August 2nd.
According to Zacks, analysts expect that First Solar will report full year sales of $528.11 million for the current fiscal year, with estimates ranging from $2.85 billion to $2.95 billion. For the next year, analysts anticipate that the firm will post sales of $2.23 billion per share, with estimates ranging from $1.74 billion to $3.05 billion. Zacks’ sales calculations are an average based on a survey of research analysts that follow First Solar.
First Solar (NASDAQ:FSLR) last posted its earnings results on Tuesday, May 2nd. The solar cell manufacturer reported $0.25 earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.38. The firm had revenue of $891.79 million during the quarter, compared to analyst estimates of $699.15 million. First Solar had a negative net margin of 18.14% and a positive return on equity of 6.71%.
Several equities research analysts have recently commented on FSLR shares. Cowen and Company set a $40.00 price target on First Solar and gave the stock a “buy” rating in a research note on Monday, July 10th. Roth Capital set a $40.00 price target on First Solar and gave the stock a “buy” rating in a research note on Wednesday, May 3rd. Robert W. Baird cut First Solar from an “outperform” rating to a “neutral” rating and upped their price target for the stock from $35.00 to $38.00 in a research note on Thursday, May 18th. Zacks Investment Research upgraded First Solar from a “sell” rating to a “hold” rating in a research note on Wednesday. Finally, JMP Securities upgraded First Solar from a “market perform” rating to an “outperform” rating and set a $53.00 price target for the company in a research note on Wednesday, May 24th. One investment analyst has rated the stock with a sell rating, twenty-one have given a hold rating and eight have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $41.42.
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In other First Solar news, Director J Thomas Presby purchased 4,000 shares of the firm’s stock in a transaction on Thursday, May 11th. The shares were purchased at an average cost of $36.89 per share, with a total value of $147,560.00. Following the purchase, the director now owns 17,958 shares in the company, valued at $662,470.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Bryan Robert Schumaker sold 2,747 shares of the firm’s stock in a transaction dated Wednesday, May 3rd. The stock was sold at an average price of $35.00, for a total value of $96,145.00. Following the completion of the sale, the insider now directly owns 1,235 shares in the company, valued at $43,225. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by company insiders.
A number of hedge funds have recently modified their holdings of the company. Bank of Nova Scotia purchased a new position in First Solar during the first quarter worth approximately $212,000. Amica Retiree Medical Trust increased its position in First Solar by 814.5% in the first quarter. Amica Retiree Medical Trust now owns 4,097 shares of the solar cell manufacturer’s stock worth $111,000 after buying an additional 3,649 shares during the period. NEXT Financial Group Inc increased its position in First Solar by 23.9% in the second quarter. NEXT Financial Group Inc now owns 5,050 shares of the solar cell manufacturer’s stock worth $201,000 after buying an additional 975 shares during the period. LS Investment Advisors LLC increased its position in First Solar by 36.7% in the first quarter. LS Investment Advisors LLC now owns 5,275 shares of the solar cell manufacturer’s stock worth $143,000 after buying an additional 1,417 shares during the period. Finally, Trust Co. of Vermont increased its position in First Solar by 27.8% in the first quarter. Trust Co. of Vermont now owns 5,477 shares of the solar cell manufacturer’s stock worth $149,000 after buying an additional 1,190 shares during the period. 60.45% of the stock is currently owned by hedge funds and other institutional investors.
First Solar (NASDAQ:FSLR) opened at 42.94 on Friday. First Solar has a 12-month low of $25.56 and a 12-month high of $49.50. The stock’s 50 day moving average is $37.42 and its 200 day moving average is $33.34. The stock’s market capitalization is $4.48 billion.
About First Solar
First Solar, Inc is a provider of photovoltaic (PV) solar energy solutions. The Company designs, manufactures and sells PV solar modules with a thin-film semiconductor technology. The Company also develops, designs, constructs and sells PV solar power systems that primarily use the modules it manufactures.
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