First Solar (NASDAQ:FSLR) Stock Price Up 5.1% – Time to Buy?

Shares of First Solar, Inc. (NASDAQ:FSLR) shot up 5.1% during trading on Friday . The company traded as high as $138.19 and last traded at $137.76. 847,010 shares were traded during mid-day trading, a decline of 68% from the average session volume of 2,660,360 shares. The stock had previously closed at $131.13.

Analyst Ratings Changes

FSLR has been the subject of several recent research reports. Mizuho upgraded shares of First Solar from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $218.00 to $259.00 in a report on Tuesday, February 11th. JPMorgan Chase & Co. reduced their price objective on shares of First Solar from $282.00 to $268.00 and set an “overweight” rating for the company in a research note on Wednesday, February 26th. Robert W. Baird lowered their target price on First Solar from $307.00 to $267.00 and set an “outperform” rating on the stock in a research report on Wednesday, December 18th. Bank of America reduced their price target on First Solar from $246.00 to $236.00 and set a “buy” rating for the company in a research report on Tuesday, January 28th. Finally, Piper Sandler lowered their price target on First Solar from $250.00 to $230.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 26th. Four research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $262.08.

First Solar Price Performance

The company has a current ratio of 2.14, a quick ratio of 1.44 and a debt-to-equity ratio of 0.05. The company has a 50 day moving average of $167.08 and a 200-day moving average of $194.60. The firm has a market capitalization of $14.90 billion, a P/E ratio of 11.98, a P/E/G ratio of 0.19 and a beta of 1.52.

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

Insider Transactions at First Solar

In other news, insider Kuntal Kumar Verma sold 7,475 shares of the stock in a transaction on Friday, February 28th. The stock was sold at an average price of $136.60, for a total transaction of $1,021,085.00. Following the sale, the insider now directly owns 3,549 shares of the company’s stock, valued at approximately $484,793.40. This represents a 67.81 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Mark R. Widmar sold 21,542 shares of the business’s stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $141.09, for a total value of $3,039,360.78. Following the completion of the transaction, the chief executive officer now directly owns 103,403 shares of the company’s stock, 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. Insiders own 0.58% of the company’s stock.

Institutional Trading of First Solar

Large investors have recently made changes to their positions in the company. Norges Bank bought a new stake in First Solar during the fourth quarter worth $317,399,000. Wellington Management Group LLP lifted its position in shares of First Solar by 75.8% during the 3rd quarter. Wellington Management Group LLP now owns 2,097,364 shares of the solar cell manufacturer’s stock worth $523,166,000 after buying an additional 904,498 shares during the last quarter. Demars Financial Group LLC boosted its stake in First Solar by 17,404.5% in the fourth quarter. Demars Financial Group LLC now owns 722,760 shares of the solar cell manufacturer’s stock valued at $127,379,000 after buying an additional 718,631 shares in the last quarter. Mirova US LLC boosted its stake in First Solar by 961.0% in the fourth quarter. Mirova US LLC now owns 646,310 shares of the solar cell manufacturer’s stock valued at $113,906,000 after buying an additional 585,394 shares in the last quarter. Finally, Amundi grew its position in First Solar by 31.0% in the fourth quarter. Amundi now owns 1,805,244 shares of the solar cell manufacturer’s stock valued at $336,871,000 after acquiring an additional 426,797 shares during the last quarter. Institutional investors and hedge funds own 92.08% of the company’s stock.

About First Solar

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.