KeyCorp Comments on First Solar, Inc.’s Q2 2022 Earnings (NASDAQ:FSLR)

First Solar, Inc. (NASDAQ:FSLRGet Rating) – KeyCorp issued their Q2 2022 earnings per share (EPS) estimates for shares of First Solar in a research report issued to clients and investors on Tuesday, June 14th. KeyCorp analyst S. Karp anticipates that the solar cell manufacturer will post earnings of $1.60 per share for the quarter. The consensus estimate for First Solar’s current full-year earnings is $0.33 per share. KeyCorp also issued estimates for First Solar’s Q3 2022 earnings at ($0.50) EPS, Q4 2022 earnings at ($0.53) EPS, FY2022 earnings at $0.15 EPS, FY2023 earnings at $2.38 EPS, FY2024 earnings at $3.78 EPS and FY2025 earnings at $4.29 EPS.

First Solar (NASDAQ:FSLRGet Rating) last released its quarterly earnings results on Thursday, April 28th. The solar cell manufacturer reported ($0.41) EPS for the quarter, hitting the consensus estimate of ($0.41). The firm had revenue of $367.00 million for the quarter, compared to analyst estimates of $588.73 million. First Solar had a return on equity of 3.68% and a net margin of 8.68%. First Solar’s revenue for the quarter was down 54.3% on a year-over-year basis. During the same period in the previous year, the company posted $1.96 EPS.

A number of other brokerages have also issued reports on FSLR. UBS Group cut their target price on First Solar from $116.00 to $76.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 2nd. Wolfe Research lowered their price target on First Solar from $75.00 to $65.00 and set a “peer perform” rating for the company in a report on Wednesday, March 2nd. The Goldman Sachs Group lowered their price target on First Solar from $67.00 to $57.00 and set a “sell” rating for the company in a report on Thursday, March 3rd. Bank of America downgraded First Solar from a “neutral” rating to an “underperform” rating and lowered their price target for the company from $76.50 to $65.50 in a report on Tuesday, April 5th. Finally, Robert W. Baird upped their price objective on First Solar from $91.00 to $98.00 in a research note on Friday, April 29th. Four investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $87.76.

Shares of FSLR opened at $62.01 on Thursday. The business’s 50 day moving average is $70.86 and its two-hundred day moving average is $77.58. First Solar has a 52-week low of $59.60 and a 52-week high of $123.13. The firm has a market cap of $6.61 billion, a price-to-earnings ratio of 30.85, a PEG ratio of 15.53 and a beta of 1.37. The company has a quick ratio of 2.93, a current ratio of 4.07 and a debt-to-equity ratio of 0.04.

A number of institutional investors and hedge funds have recently modified their holdings of FSLR. Cullen Frost Bankers Inc. bought a new position in shares of First Solar during the 4th quarter valued at about $26,000. Sageworth Trust Co of South Dakota bought a new stake in shares of First Solar during the 4th quarter valued at $29,000. Ellevest Inc. lifted its position in shares of First Solar by 53.3% during the 1st quarter. Ellevest Inc. now owns 374 shares of the solar cell manufacturer’s stock worth $31,000 after buying an additional 130 shares during the last quarter. Covestor Ltd lifted its position in shares of First Solar by 97.7% during the 1st quarter. Covestor Ltd now owns 421 shares of the solar cell manufacturer’s stock worth $35,000 after buying an additional 208 shares during the last quarter. Finally, IndexIQ Advisors LLC bought a new stake in shares of First Solar during the 4th quarter worth $49,000. Hedge funds and other institutional investors own 75.42% of the company’s stock.

In related news, CEO Mark R. Widmar sold 13,648 shares of the firm’s stock in a transaction that occurred on Friday, May 6th. The stock was sold at an average price of $75.28, for a total transaction of $1,027,421.44. Following the completion of the transaction, the chief executive officer now owns 114,100 shares in the company, valued at approximately $8,589,448. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director R Craig Kennedy sold 600 shares of First Solar stock in a transaction on Wednesday, June 15th. The shares were sold at an average price of $62.50, for a total value of $37,500.00. Following the completion of the transaction, the director now owns 20,397 shares of the company’s stock, valued at approximately $1,274,812.50. The disclosure for this sale can be found here. Insiders have sold 23,967 shares of company stock worth $1,803,636 over the last three months. 0.54% of the stock is owned by insiders.

About First Solar (Get Rating)

First Solar, Inc provides photovoltaic (PV) solar energy solutions in the United State, Japan, France, Canada, India, Australia, and internationally. The company designs, manufactures, and sells cadmium telluride solar modules that converts sunlight into electricity. It serves developers and operators of systems, utilities, independent power producers, commercial and industrial companies, and other system owners.

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

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