Why First Solar (FSLR) Dipped More Than Broader Market Today
First Solar (FSLR) closed the most recent trading day at $139.81, moving -1.42% from the previous trading session. The stock trailed the S&P 500, which registered a daily loss of 0.32%. Elsewhere, the Dow lost 0.71%, while the tech-heavy Nasdaq lost 0.2%.
The largest U.S. solar company's stock has dropped by 15.01% in the past month, falling short of the Oils-Energy sector's loss of 2.12% and the S&P 500's gain of 4.59%.
The investment community will be paying close attention to the earnings performance of First Solar in its upcoming release. The company is slated to reveal its earnings on February 27, 2024. In that report, analysts expect First Solar to post earnings of $3.20 per share. This would mark year-over-year growth of 4671.43%. Our most recent consensus estimate is calling for quarterly revenue of $1.31 billion, up 30.96% from the year-ago period.
Investors might also notice recent changes to analyst estimates for First Solar. These recent revisions tend to reflect the evolving nature of short-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
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 last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.21% increase. First Solar is currently a Zacks Rank #2 (Buy).
With respect to valuation, First Solar is currently being traded at a Forward P/E ratio of 10.72. This indicates a discount in contrast to its industry's Forward P/E of 10.94.
The Solar industry is part of the Oils-Energy sector. Currently, this industry holds a Zacks Industry Rank of 180, positioning it in the bottom 29% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
First Solar, Inc. (FSLR) : Free Stock Analysis Report
