First Solar (NASDAQ:FSLR) Sees Strong Trading Volume After Analyst Upgrade

Shares of First Solar, Inc. (NASDAQ:FSLR) saw strong trading volume on Friday after JPMorgan Chase & Co. raised their price target on the stock from $240.00 to $262.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. 1,813,743 shares were traded during trading, a decline of 18% from the previous session’s volume of 2,212,083 shares.The stock last traded at $264.08 and had previously closed at $249.81.

A number of other equities research analysts also recently issued reports on FSLR. DZ Bank assumed coverage on First Solar in a research note on Wednesday, April 17th. They set a “buy” rating and a $205.00 price target for the company. Morgan Stanley boosted their price objective on First Solar from $245.00 to $248.00 and gave the company an “overweight” rating in a research note on Thursday, May 2nd. Wells Fargo & Company upgraded First Solar from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $187.00 to $250.00 in a research note on Friday, April 19th. Guggenheim cut their price objective on First Solar from $359.00 to $356.00 and set a “buy” rating for the company in a research note on Thursday, May 2nd. Finally, Janney Montgomery Scott assumed coverage on First Solar in a report on Friday, April 12th. They issued a “buy” rating and a $236.00 price target on the stock. Two analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $239.16.

Insider Buying and Selling at First Solar

In other First Solar news, CTO Markus Gloeckler sold 679 shares of the company’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $160.00, for a total value of $108,640.00. Following the transaction, the chief technology officer now owns 14,473 shares of the company’s stock, valued at approximately $2,315,680. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other First Solar news, CTO Markus Gloeckler sold 679 shares of the company’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $160.00, for a total value of $108,640.00. Following the transaction, the chief technology officer now owns 14,473 shares of the company’s stock, valued at approximately $2,315,680. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Kuntal Kumar Verma sold 250 shares of the stock in a transaction on Monday, March 18th. The stock was sold at an average price of $148.34, for a total value of $37,085.00. Following the transaction, the insider now directly owns 5,170 shares in the company, valued at approximately $766,917.80. The disclosure for this sale can be found here. Insiders have sold 51,455 shares of company stock valued at $9,617,472 in the last quarter. 0.58% of the stock is owned by insiders.

Hedge Funds Weigh In On First Solar

A number of hedge funds and other institutional investors have recently made changes to their positions in FSLR. Norges Bank purchased a new stake in shares of First Solar during the 4th quarter worth $298,123,000. Clean Energy Transition LLP raised its stake in First Solar by 948.8% in the third quarter. Clean Energy Transition LLP now owns 1,186,646 shares of the solar cell manufacturer’s stock valued at $191,750,000 after buying an additional 1,073,500 shares during the last quarter. Barclays PLC raised its stake in First Solar by 125.5% in the third quarter. Barclays PLC now owns 848,623 shares of the solar cell manufacturer’s stock valued at $137,130,000 after buying an additional 472,327 shares during the last quarter. Schroder Investment Management Group raised its stake in First Solar by 16.7% in the fourth quarter. Schroder Investment Management Group now owns 2,454,499 shares of the solar cell manufacturer’s stock valued at $422,861,000 after buying an additional 351,540 shares during the last quarter. Finally, Covalis Capital LLP raised its stake in shares of First Solar by 615.6% in the third quarter. Covalis Capital LLP now owns 408,012 shares of the solar cell manufacturer’s stock worth $65,931,000 after purchasing an additional 350,996 shares during the last quarter. Institutional investors own 92.08% of the company’s stock.

First Solar Stock Performance

The stock has a market capitalization of $29.62 billion, a PE ratio of 29.01, a PEG ratio of 0.33 and a beta of 1.37. The company has a quick ratio of 1.86, a current ratio of 2.41 and a debt-to-equity ratio of 0.06. The firm has a 50 day moving average price of $182.34 and a 200-day moving average price of $164.50.

First Solar (NASDAQ:FSLR) last posted its earnings results on Wednesday, May 1st. The solar cell manufacturer reported $2.20 EPS for the quarter, topping the consensus estimate of $1.90 by $0.30. The firm had revenue of $794.10 million for the quarter, compared to analyst estimates of $718.19 million. First Solar had a return on equity of 16.24% and a net margin of 28.75%. First Solar’s revenue for the quarter was up 44.8% compared to the same quarter last year. During the same period last year, the company earned $0.40 earnings per share. Research analysts expect that First Solar, Inc. will post 13.56 EPS for the current fiscal year.

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.