First Solar (NASDAQ:FSLR) Trading Up 2.8% – Here’s Why

Shares of First Solar, Inc. (NASDAQ:FSLR) were up 2.8% during trading on Thursday . The company traded as high as $130.42 and last traded at $129.94. Approximately 700,285 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 2,589,661 shares. The stock had previously closed at $126.34.

Analyst Ratings Changes

Several analysts have recently weighed in on FSLR shares. BMO Capital Markets restated an “outperform” rating and set a $230.00 target price (down from $260.00) on shares of First Solar in a research note on Wednesday, February 26th. Robert W. Baird lowered their price objective on First Solar from $307.00 to $267.00 and set an “outperform” rating for the company in a research note on Wednesday, December 18th. StockNews.com upgraded First Solar from a “sell” rating to a “hold” rating in a research note on Thursday, January 2nd. Wells Fargo & Company lowered their price target on First Solar from $240.00 to $209.00 and set an “overweight” rating for the company in a report on Wednesday, January 8th. Finally, Morgan Stanley reduced their price objective on First Solar from $297.00 to $238.00 and set an “overweight” rating on the stock in a research note on Thursday, February 27th. Four research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $262.08.

First Solar Price Performance

The business’s 50-day simple moving average is $150.28 and its 200 day simple moving average is $185.33. 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 market capitalization of $13.63 billion, a P/E ratio of 10.97, a P/E/G ratio of 0.19 and a beta of 1.52.

First Solar (NASDAQ:FSLR) last released its earnings results on Tuesday, February 25th. The solar cell manufacturer reported $3.65 earnings per share 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. As a group, sell-side analysts anticipate that First Solar, Inc. will post 13.05 EPS for the current year.

Insider Buying and Selling

In other First Solar news, insider Georges Antoun sold 229 shares of First Solar stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $133.75, for a total value of $30,628.75. Following the transaction, the insider now owns 52,836 shares in the company, valued at approximately $7,066,815. The trade was a 0.43 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Mark R. Widmar sold 21,542 shares of the company’s stock in a transaction on 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 in the company, valued at $14,589,129.27. This represents a 17.24 % 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 valued at $4,767,158 over the last three months. Company insiders own 0.58% of the company’s stock.

Hedge Funds Weigh In On First Solar

A number of hedge funds have recently modified their holdings of FSLR. Clear Harbor Asset Management LLC boosted its position in shares of First Solar by 0.6% in the 4th quarter. Clear Harbor Asset Management LLC now owns 9,210 shares of the solar cell manufacturer’s stock valued at $1,623,000 after purchasing an additional 55 shares during the period. Doliver Advisors LP increased its position in shares of First Solar by 1.2% in the fourth quarter. Doliver Advisors LP now owns 4,713 shares of the solar cell manufacturer’s stock worth $831,000 after acquiring an additional 56 shares in the last quarter. Smartleaf Asset Management LLC raised its holdings in shares of First Solar by 31.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 262 shares of the solar cell manufacturer’s stock valued at $47,000 after acquiring an additional 63 shares during the period. Independent Advisor Alliance lifted its position in shares of First Solar by 3.1% in the 4th quarter. Independent Advisor Alliance now owns 2,090 shares of the solar cell manufacturer’s stock valued at $368,000 after acquiring an additional 63 shares in the last quarter. Finally, Huntington National Bank boosted its stake in First Solar by 15.3% in the 4th quarter. Huntington National Bank now owns 511 shares of the solar cell manufacturer’s stock worth $90,000 after purchasing an additional 68 shares during the period. 92.08% of the stock is currently owned by institutional investors and hedge funds.

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.