First Solar, Inc. (FSLR) Expected to Announce Quarterly Sales of $797.39 Million
Wall Street analysts expect that First Solar, Inc. (NASDAQ:FSLR) will post sales of $797.39 million for the current quarter, according to Zacks Investment Research. Seven analysts have made estimates for First Solar’s earnings, with estimates ranging from $666.40 million to $1.04 billion. First Solar reported sales of $688.03 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 15.9%. The business is expected to issue its next earnings results on Wednesday, November 1st.
According to Zacks, analysts expect that First Solar will report full year sales of $797.39 million for the current financial year, with estimates ranging from $2.91 billion to $3.11 billion. For the next financial year, analysts expect that the company will report sales of $2.40 billion per share, with estimates ranging from $1.74 billion to $3.05 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for First Solar.
First Solar (NASDAQ:FSLR) last announced its earnings results on Thursday, July 27th. The solar cell manufacturer reported $0.64 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.04 by $0.60. First Solar had a positive return on equity of 6.43% and a negative net margin of 18.80%. The company had revenue of $623 million for the quarter, compared to analyst estimates of $591.55 million. During the same period in the prior year, the company posted $0.87 EPS. The firm’s quarterly revenue was down 38.7% compared to the same quarter last year.
FSLR has been the subject of a number of recent analyst reports. Cowen and Company set a $40.00 price target on First Solar and gave the stock a “buy” rating in a report on Monday, July 10th. Axiom Securities raised First Solar from a “hold” rating to a “buy” rating and lifted their price target for the stock from $45.40 to $51.00 in a report on Wednesday, July 19th. Credit Suisse Group raised First Solar from an “underperform” rating to a “neutral” rating and lifted their price target for the stock from $25.00 to $31.00 in a report on Monday, May 1st. Zacks Investment Research downgraded First Solar from a “hold” rating to a “sell” rating in a report on Tuesday, July 4th. Finally, ValuEngine downgraded First Solar from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating and nine have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $43.35.
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In other news, insider Raffi Garabedian sold 5,800 shares of the business’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $49.83, for a total transaction of $289,014.00. Following the sale, the insider now owns 11,474 shares of the company’s stock, valued at approximately $571,749.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director J Thomas Presby purchased 4,000 shares of the firm’s stock in a transaction dated Thursday, May 11th. The shares were purchased at an average cost of $36.89 per share, for a total transaction of $147,560.00. Following the purchase, the director now directly owns 17,958 shares in the company, valued at $662,470.62. The disclosure for this purchase can be found here. Insiders have sold a total of 95,011 shares of company stock worth $4,661,550 in the last quarter. 0.40% of the stock is currently owned by insiders.
Several large investors have recently made changes to their positions in FSLR. BlackRock Inc. raised its stake in shares of First Solar by 7,977.6% in the first quarter. BlackRock Inc. now owns 6,922,544 shares of the solar cell manufacturer’s stock valued at $187,601,000 after buying an additional 6,836,843 shares during the period. Wellington Management Group LLP raised its stake in shares of First Solar by 28.8% in the first quarter. Wellington Management Group LLP now owns 3,038,924 shares of the solar cell manufacturer’s stock valued at $82,356,000 after buying an additional 679,898 shares during the period. State Treasurer State of Michigan raised its stake in shares of First Solar by 99.1% in the second quarter. State Treasurer State of Michigan now owns 754,373 shares of the solar cell manufacturer’s stock valued at $30,084,000 after buying an additional 375,500 shares during the period. Bank of New York Mellon Corp raised its stake in shares of First Solar by 17.3% in the second quarter. Bank of New York Mellon Corp now owns 1,373,912 shares of the solar cell manufacturer’s stock valued at $54,791,000 after buying an additional 202,579 shares during the period. Finally, Principal Financial Group Inc. raised its stake in shares of First Solar by 171.3% in the first quarter. Principal Financial Group Inc. now owns 314,986 shares of the solar cell manufacturer’s stock valued at $8,536,000 after buying an additional 198,889 shares during the period. 60.75% of the stock is currently owned by institutional investors and hedge funds.
First Solar (NASDAQ FSLR) opened at 47.98 on Monday. The firm’s market capitalization is $5.01 billion. First Solar has a 12 month low of $25.56 and a 12 month high of $50.21. The company’s 50-day moving average price is $41.35 and its 200 day moving average price is $34.90.
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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