First Solar (NASDAQ:FSLR) Trading 0.7% Higher – Here’s What Happened

First Solar, Inc. (NASDAQ:FSLR)’s share price rose 0.7% during mid-day trading on Monday . The stock traded as high as $135.00 and last traded at $132.26. Approximately 906,833 shares changed hands during trading, a decline of 65% from the average daily volume of 2,568,889 shares. The stock had previously closed at $131.32.

Wall Street Analyst Weigh In

FSLR has been the topic of several recent analyst reports. Citigroup decreased their target price on shares of First Solar from $254.00 to $236.00 and set a “neutral” rating on the stock in a report on Wednesday, February 26th. Royal Bank of Canada reduced their price target on shares of First Solar from $280.00 to $251.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 26th. Truist Financial reiterated a “buy” rating and issued a $285.00 price objective (down from $300.00) on shares of First Solar in a research report on Wednesday, February 26th. Mizuho raised First Solar from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $218.00 to $259.00 in a research note on Tuesday, February 11th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and issued a $230.00 price target (down previously from $260.00) on shares of First Solar in a research note on Wednesday, February 26th. Four investment analysts have rated the stock with a hold rating, twenty-three have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, First Solar presently has an average rating of “Moderate Buy” and a consensus price target of $262.08.

First Solar Price Performance

The stock’s 50 day moving average is $156.26 and its two-hundred day moving average is $187.86. The stock has a market capitalization of $14.05 billion, a PE ratio of 11.29, a price-to-earnings-growth ratio of 0.19 and a beta of 1.52. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.14 and a quick ratio of 1.44.

First Solar (NASDAQ:FSLR) last announced its quarterly earnings data 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). The firm had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.48 billion. First Solar had a net margin of 32.41% and a return on equity of 17.56%. As a group, sell-side analysts forecast that First Solar, Inc. will post 13.05 earnings per share for the current fiscal year.

Insider Buying and Selling at First Solar

In other First Solar news, insider Kuntal Kumar Verma sold 7,475 shares of the stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $136.60, for a total value of $1,021,085.00. Following the transaction, the insider now directly owns 3,549 shares in the company, valued at $484,793.40. This represents a 67.81 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Markus Gloeckler sold 380 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $133.75, for a total transaction of $50,825.00. Following the sale, the chief technology officer now owns 17,594 shares of the company’s stock, valued at $2,353,197.50. This represents a 2.11 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 34,311 shares of company stock worth $4,767,158 over the last ninety days. Corporate insiders own 0.58% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Prospera Financial Services Inc grew its holdings in shares of First Solar by 52.5% during the third quarter. Prospera Financial Services Inc now owns 2,037 shares of the solar cell manufacturer’s stock worth $508,000 after purchasing an additional 701 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in shares of First Solar by 5.3% in the 3rd quarter. PNC Financial Services Group Inc. now owns 15,422 shares of the solar cell manufacturer’s stock valued at $3,847,000 after purchasing an additional 777 shares during the period. Advisors Asset Management Inc. grew its stake in First Solar by 8.6% during the 3rd quarter. Advisors Asset Management Inc. now owns 5,718 shares of the solar cell manufacturer’s stock worth $1,426,000 after buying an additional 452 shares during the last quarter. Moors & Cabot Inc. lifted its stake in First Solar by 17.0% in the third quarter. Moors & Cabot Inc. now owns 1,313 shares of the solar cell manufacturer’s stock valued at $328,000 after buying an additional 191 shares during the last quarter. Finally, Citizens Financial Group Inc. RI acquired a new stake in shares of First Solar in the third quarter valued at approximately $213,000. 92.08% of the stock is owned by hedge funds and other institutional investors.

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.