First Solar (FSLR) Outpaces Stock Market Gains: What You Should Know
The latest trading session saw First Solar (FSLR) ending at $159.78, denoting a +0.97% adjustment from its last day's close. The stock's performance was ahead of the S&P 500's daily gain of 0.58%. Elsewhere, the Dow gained 0.91%, while the tech-heavy Nasdaq added 0.3%.
Coming into today, shares of the largest U.S. solar company had gained 7.46% in the past month. In that same time, the Oils-Energy sector lost 0.35%, while the S&P 500 gained 4.61%.
Market participants will be closely following the financial results of First Solar in its upcoming release. The company plans to announce its earnings on February 27, 2024. The company's earnings per share (EPS) are projected to be $3.19, reflecting a 4657.14% increase from the same quarter last year. At the same time, our most recent consensus estimate is projecting a revenue of $1.31 billion, reflecting a 30.83% rise from the equivalent quarter last year.
Investors should also take note of any recent adjustments to analyst estimates for First Solar. These recent revisions tend to reflect the evolving nature of short-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.13% higher. At present, First Solar boasts a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that First Solar has a Forward P/E ratio of 11.99 right now. This expresses a discount compared to the average Forward P/E of 12.02 of its industry.
The Solar industry is part of the Oils-Energy sector. At present, this industry carries a Zacks Industry Rank of 172, placing it within the bottom 32% of over 250 industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow FSLR in the coming trading sessions, be sure to utilize Zacks.com.
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First Solar, Inc. (FSLR) : Free Stock Analysis Report
