First Solar (NASDAQ:FSLR) Trading 4.7% Higher

First Solar, Inc. (NASDAQ:FSLR)’s stock price shot up 4.7% on Monday . The company traded as high as $242.72 and last traded at $241.91. 328,954 shares changed hands during trading, a decline of 87% from the average session volume of 2,437,303 shares. The stock had previously closed at $231.07.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Morgan Stanley lifted their target price on shares of First Solar from $248.00 to $331.00 and gave the stock an “overweight” rating in a report on Tuesday, June 4th. UBS Group increased their target price on First Solar from $350.00 to $360.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Guggenheim cut their target price on First Solar from $359.00 to $356.00 and set a “buy” rating on the stock in a research note on Thursday, May 2nd. Deutsche Bank Aktiengesellschaft boosted their price target on First Solar from $215.00 to $280.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. Finally, Piper Sandler increased their price objective on First Solar from $219.00 to $250.00 and gave the company an “overweight” rating in a research report on Monday, July 22nd. Four analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, First Solar presently has a consensus rating of “Moderate Buy” and a consensus price target of $275.36.

First Solar Price Performance

The stock has a market capitalization of $25.20 billion, a PE ratio of 24.68, a price-to-earnings-growth ratio of 0.37 and a beta of 1.44. The company has a current ratio of 2.23, a quick ratio of 1.86 and a debt-to-equity ratio of 0.06. The firm has a 50 day moving average price of $226.47 and a 200 day moving average price of $204.20.

First Solar (NASDAQ:FSLR) last posted its quarterly earnings data on Tuesday, July 30th. The solar cell manufacturer reported $3.25 EPS for the quarter, topping the consensus estimate of $2.69 by $0.56. First Solar had a return on equity of 17.73% and a net margin of 31.98%. The firm had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $939.71 million. During the same quarter last year, the company earned $1.85 earnings per share. The business’s revenue for the quarter was up 24.6% compared to the same quarter last year. Research analysts anticipate that First Solar, Inc. will post 13.53 earnings per share for the current year.

Insider Buying and Selling at First Solar

In other news, insider Michael Koralewski sold 4,646 shares of the stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $272.92, for a total value of $1,267,986.32. Following the completion of the sale, the insider now directly owns 7,766 shares of the company’s stock, valued at $2,119,496.72. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, insider Michael Koralewski sold 4,646 shares of the company’s stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $272.92, for a total value of $1,267,986.32. Following the completion of the transaction, the insider now owns 7,766 shares of the company’s stock, valued at $2,119,496.72. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Byron Michael Jeffers sold 1,766 shares of First Solar stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $216.50, for a total value of $382,339.00. Following the sale, the chief accounting officer now directly owns 500 shares in the company, valued at approximately $108,250. The disclosure for this sale can be found here. Insiders have sold 37,203 shares of company stock valued at $9,598,253 over the last 90 days. 0.58% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On First Solar

Hedge funds and other institutional investors have recently modified their holdings of the stock. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in First Solar by 6.3% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 259,177 shares of the solar cell manufacturer’s stock worth $43,749,000 after purchasing an additional 15,430 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in First Solar by 20.3% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 121,055 shares of the solar cell manufacturer’s stock valued at $20,434,000 after buying an additional 20,465 shares during the last quarter. Northern Trust Corp boosted its stake in First Solar by 1.7% during the fourth quarter. Northern Trust Corp now owns 1,020,527 shares of the solar cell manufacturer’s stock valued at $175,816,000 after buying an additional 16,756 shares during the last quarter. Legend Financial Advisors Inc. bought a new stake in First Solar in the 1st quarter worth approximately $759,000. Finally, Burford Brothers Inc. purchased a new stake in shares of First Solar during the 4th quarter worth approximately $3,539,000. Institutional investors 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.