First Solar (NASDAQ:FSLR) Trading Up 0.9% – What’s Next?

Shares of First Solar, Inc. (NASDAQ:FSLR) shot up 0.9% on Tuesday . The stock traded as high as $131.18 and last traded at $129.92. 574,914 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 2,579,041 shares. The stock had previously closed at $128.82.

Wall Street Analysts Forecast Growth

FSLR has been the subject of several analyst reports. JPMorgan Chase & Co. dropped their target price on First Solar from $282.00 to $268.00 and set an “overweight” rating for the company in a research note on Wednesday, February 26th. Piper Sandler decreased their target price on First Solar from $250.00 to $230.00 and set an “overweight” rating for the company in a report on Wednesday, February 26th. Deutsche Bank Aktiengesellschaft set a $265.00 price target on shares of First Solar in a report on Thursday, February 27th. Citigroup decreased their price objective on shares of First Solar from $254.00 to $236.00 and set a “neutral” rating for the company in a research note on Wednesday, February 26th. Finally, Bank of America cut their target price on shares of First Solar from $246.00 to $236.00 and set a “buy” rating on the stock in a research note on Tuesday, January 28th. Four analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $262.08.

First Solar Stock Performance

The company has a market capitalization of $13.61 billion, a price-to-earnings ratio of 10.94, a price-to-earnings-growth ratio of 0.19 and a beta of 1.52. The company’s fifty day simple moving average is $152.88 and its two-hundred day simple moving average is $186.29. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.44 and a current ratio of 2.14.

First Solar (NASDAQ:FSLR) last posted its quarterly earnings results on Tuesday, February 25th. The solar cell manufacturer reported $3.65 EPS for the quarter, missing analysts’ consensus estimates of $4.81 by ($1.16). First Solar had a return on equity of 17.56% and a net margin of 32.41%. The firm had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.48 billion. Equities research analysts predict that First Solar, Inc. will post 13.05 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Alexander R. Bradley sold 599 shares of the firm’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $133.75, for a total value of $80,116.25. Following the transaction, the chief financial officer now directly owns 45,717 shares in the company, valued at approximately $6,114,648.75. This trade represents a 1.29 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Mark R. Widmar sold 21,542 shares of the stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $141.09, for a total transaction of $3,039,360.78. Following the sale, the chief executive officer now owns 103,403 shares in the company, valued at approximately $14,589,129.27. This trade represents a 17.24 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 34,311 shares of company stock worth $4,767,158. 0.58% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Cerity Partners LLC lifted its stake in First Solar by 60.0% in the third quarter. Cerity Partners LLC now owns 7,457 shares of the solar cell manufacturer’s stock valued at $1,860,000 after buying an additional 2,796 shares during the last quarter. Larson Financial Group LLC grew its position in First Solar by 214.0% in the 3rd quarter. Larson Financial Group LLC now owns 157 shares of the solar cell manufacturer’s stock worth $39,000 after purchasing an additional 107 shares during the last quarter. Daiwa Securities Group Inc. increased its stake in shares of First Solar by 5.3% in the third quarter. Daiwa Securities Group Inc. now owns 23,975 shares of the solar cell manufacturer’s stock valued at $5,980,000 after purchasing an additional 1,208 shares during the period. Dynamic Technology Lab Private Ltd bought a new stake in shares of First Solar during the third quarter valued at approximately $360,000. Finally, Independent Advisor Alliance boosted its position in shares of First Solar by 10.8% during the third quarter. Independent Advisor Alliance now owns 2,027 shares of the solar cell manufacturer’s stock worth $506,000 after buying an additional 198 shares during the period. Institutional investors and hedge funds own 92.08% of the company’s stock.

First Solar Company Profile

First Solar, Inc, a solar technology company, provides photovoltaic (PV) solar energy solutions in the United States, France, Japan, Chile, and internationally. The company manufactures and sells PV solar modules with a thin film semiconductor technology that provides a lower-carbon alternative to conventional crystalline silicon PV solar modules.