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First Solar Beats on Q3 Earnings, Shares Spike: ETFs to Gain
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First Solar (FSLR - Free Report) posted mixed third-quarter 2023 results. The solar manufacturer beat bottom-line estimates but missed the same for revenues. It lifted the earnings per share guidance.
Following the earnings announcement, FSLR shares climbed as much as 3% in after-market hours and 4% in pre-market today at the time of writing. Investors seeking to tap the upside should consider ETFs with the highest allocation to the solar panel maker. These include Invesco Solar ETF (TAN - Free Report) , Global X Solar ETF (RAYS - Free Report) , iShares Global Clean Energy ETF (ICLN - Free Report) , First Trust NASDAQ Clean Edge Green Energy Index Fund (QCLN - Free Report) and Global X CleanTech ETF (CTEC - Free Report) .
First Solar reported earnings per share of $2.50, which beat the Zacks Consensus Estimate by 41 cents and increased from the year-ago earnings of $1.59. Revenues grew 28% year over year to $801 million and came in below the estimated $901 million.
The solar power company reported 6.8 GW of net bookings in the quarter, bringing the year-to-date net bookings to 27.8 GW and the total backlog to a record 81.8 GW.
U.S. solar panel maker maintained its full-year 2023 revenue guidance of $3.4-$3.6 billion and raised the lower end of the earnings per share guidance to $7.20-$8.00 from $7.00-$8.00.
Invesco Solar ETF offers global exposure to the solar industry by tracking the MAC Global Solar Energy Index. It holds 47 stocks in the basket, with First Solar occupying the top position at 10% share. American firms dominate with 49.1% of the fund’s portfolio, followed by China (21.1%) and Germany (5.8%).
Invesco Solar ETF has amassed $1.2 billion in its asset base and trades in a solid volume of around 787,000 shares a day. It charges investors 69 bps in fees per year and has a Zacks ETF Rank #3 (Hold) with a High-risk outlook (read: 5 ETF Areas That Spooked Investors in October).
Global X Solar ETF seeks to invest in companies positioned to benefit from the advancement of the global solar technology industry. It includes companies involved in solar power production, the integration of solar into energy systems, and the development/manufacturing of solar-powered generators, engines, batteries, and other technologies related to the utilization of solar as an energy source. Global X Solar ETF holds 50 stocks in its basket, with First Solar taking the third spot in the basket with an 8.9% share.
Global X Solar ETF has accumulated $5.9 million in its asset base and charges 51 bps in annual fees. It trades in an average daily volume of 3,000 shares.
iShares Global Clean Energy ETF provides global exposure to 98 companies that produce energy from solar, wind and other renewable sources by tracking the S&P Global Clean Energy Index. First Solar is the top firm, accounting for 8.3% of the assets. The United States and China take the top two spots in terms of country exposure with a 35.6% and 16.7% share, respectively (read: Oil Soars On Israel-Hamas Conflict: Sector ETFs to Gain/Lose).
iShares Global Clean Energy ETF has AUM of $2.6 billion and charges 41 bps in annual fees and expenses. It trades in a heavy volume of 3 million shares and has a Zacks ETF Rank #3 (Hold) with a Medium risk outlook.
First Trust NASDAQ Clean Edge Green Energy Index Fund (QCLN - Free Report)
First Trust NASDAQ Clean Edge Green Energy Index Fund offers exposure to companies engaged in the manufacturing, development, distribution and installation of emerging clean-energy technologies, including solar photovoltaics, wind power, advanced batteries, fuel cells and electric vehicles. It tracks the Nasdaq Clean Edge Green Energy Index and holds 63 stocks in its basket, with First Solar occupying the fourth position at 7.06%.
First Trust NASDAQ Clean Edge Green Energy Index Fund manages assets worth $985.5 million and charges 58 bps in fees per year. The product trades in an average daily volume of 149,000 shares and has a Zacks ETF Rank #3 with a High risk outlook.
Global X CleanTech ETF seeks to invest in companies that stand to benefit from the increased adoption of technologies that inhibit or reduce negative environmental impacts. These include companies involved in renewable energy production, energy storage, smart grid implementation, residential/commercial energy efficiency, and the production and provision of pollution-reducing products and solutions. Global X CleanTech ETF follows the Indxx Global CleanTech Index and holds 40 stocks in its basket. First Solar makes up for the second spot in the basket, accounting for 6.2% of the assets.
Global X CleanTech ETF has accumulated $55.5 million in its asset base and charges 50 bps in annual fees. It trades in a volume of 25,000 shares a day on average.
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First Solar Beats on Q3 Earnings, Shares Spike: ETFs to Gain
First Solar (FSLR - Free Report) posted mixed third-quarter 2023 results. The solar manufacturer beat bottom-line estimates but missed the same for revenues. It lifted the earnings per share guidance.
Following the earnings announcement, FSLR shares climbed as much as 3% in after-market hours and 4% in pre-market today at the time of writing. Investors seeking to tap the upside should consider ETFs with the highest allocation to the solar panel maker. These include Invesco Solar ETF (TAN - Free Report) , Global X Solar ETF (RAYS - Free Report) , iShares Global Clean Energy ETF (ICLN - Free Report) , First Trust NASDAQ Clean Edge Green Energy Index Fund (QCLN - Free Report) and Global X CleanTech ETF (CTEC - Free Report) .
First Solar reported earnings per share of $2.50, which beat the Zacks Consensus Estimate by 41 cents and increased from the year-ago earnings of $1.59. Revenues grew 28% year over year to $801 million and came in below the estimated $901 million.
The solar power company reported 6.8 GW of net bookings in the quarter, bringing the year-to-date net bookings to 27.8 GW and the total backlog to a record 81.8 GW.
U.S. solar panel maker maintained its full-year 2023 revenue guidance of $3.4-$3.6 billion and raised the lower end of the earnings per share guidance to $7.20-$8.00 from $7.00-$8.00.
ETFs to Tap
Invesco Solar ETF (TAN - Free Report)
Invesco Solar ETF offers global exposure to the solar industry by tracking the MAC Global Solar Energy Index. It holds 47 stocks in the basket, with First Solar occupying the top position at 10% share. American firms dominate with 49.1% of the fund’s portfolio, followed by China (21.1%) and Germany (5.8%).
Invesco Solar ETF has amassed $1.2 billion in its asset base and trades in a solid volume of around 787,000 shares a day. It charges investors 69 bps in fees per year and has a Zacks ETF Rank #3 (Hold) with a High-risk outlook (read: 5 ETF Areas That Spooked Investors in October).
Global X Solar ETF (RAYS - Free Report)
Global X Solar ETF seeks to invest in companies positioned to benefit from the advancement of the global solar technology industry. It includes companies involved in solar power production, the integration of solar into energy systems, and the development/manufacturing of solar-powered generators, engines, batteries, and other technologies related to the utilization of solar as an energy source. Global X Solar ETF holds 50 stocks in its basket, with First Solar taking the third spot in the basket with an 8.9% share.
Global X Solar ETF has accumulated $5.9 million in its asset base and charges 51 bps in annual fees. It trades in an average daily volume of 3,000 shares.
iShares Global Clean Energy ETF (ICLN - Free Report)
iShares Global Clean Energy ETF provides global exposure to 98 companies that produce energy from solar, wind and other renewable sources by tracking the S&P Global Clean Energy Index. First Solar is the top firm, accounting for 8.3% of the assets. The United States and China take the top two spots in terms of country exposure with a 35.6% and 16.7% share, respectively (read: Oil Soars On Israel-Hamas Conflict: Sector ETFs to Gain/Lose).
iShares Global Clean Energy ETF has AUM of $2.6 billion and charges 41 bps in annual fees and expenses. It trades in a heavy volume of 3 million shares and has a Zacks ETF Rank #3 (Hold) with a Medium risk outlook.
First Trust NASDAQ Clean Edge Green Energy Index Fund (QCLN - Free Report)
First Trust NASDAQ Clean Edge Green Energy Index Fund offers exposure to companies engaged in the manufacturing, development, distribution and installation of emerging clean-energy technologies, including solar photovoltaics, wind power, advanced batteries, fuel cells and electric vehicles. It tracks the Nasdaq Clean Edge Green Energy Index and holds 63 stocks in its basket, with First Solar occupying the fourth position at 7.06%.
First Trust NASDAQ Clean Edge Green Energy Index Fund manages assets worth $985.5 million and charges 58 bps in fees per year. The product trades in an average daily volume of 149,000 shares and has a Zacks ETF Rank #3 with a High risk outlook.
Global X CleanTech ETF (CTEC - Free Report)
Global X CleanTech ETF seeks to invest in companies that stand to benefit from the increased adoption of technologies that inhibit or reduce negative environmental impacts. These include companies involved in renewable energy production, energy storage, smart grid implementation, residential/commercial energy efficiency, and the production and provision of pollution-reducing products and solutions. Global X CleanTech ETF follows the Indxx Global CleanTech Index and holds 40 stocks in its basket. First Solar makes up for the second spot in the basket, accounting for 6.2% of the assets.
Global X CleanTech ETF has accumulated $55.5 million in its asset base and charges 50 bps in annual fees. It trades in a volume of 25,000 shares a day on average.