First Solar (NASDAQ:FSLR) Sees Strong Trading Volume – Here’s Why

Shares of First Solar, Inc. (NASDAQ:FSLR) saw strong trading volume on Wednesday . 2,665,016 shares were traded during trading, an increase of 14% from the previous session’s volume of 2,342,583 shares.The stock last traded at $166.15 and had previously closed at $147.46.

Wall Street Analyst Weigh In

FSLR has been the subject of several research reports. Bank of America reduced their price target on shares of First Solar from $246.00 to $236.00 and set a “buy” rating for the company in a research report on Tuesday, January 28th. Citigroup reduced their price target on shares of First Solar from $254.00 to $236.00 and set a “neutral” rating on the stock in a research report on Wednesday. Royal Bank of Canada cut their target price on First Solar from $280.00 to $251.00 and set an “outperform” rating on the stock in a research note on Wednesday. Piper Sandler raised their target price on First Solar from $210.00 to $250.00 and gave the company an “overweight” rating in a research note on Monday, December 2nd. Finally, Wells Fargo & Company lowered their price objective on First Solar from $240.00 to $209.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 8th. Three investment analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $271.96.

First Solar Price Performance

The firm has a market capitalization of $17.56 billion, a P/E ratio of 14.04, a price-to-earnings-growth ratio of 0.19 and a beta of 1.47. The firm has a 50 day moving average price of $174.55 and a 200-day moving average price of $199.38. The company has a current ratio of 2.14, a quick ratio of 1.44 and a debt-to-equity ratio of 0.05.

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

Institutional Trading of First Solar

Large investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in shares of First Solar by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 12,821,701 shares of the solar cell manufacturer’s stock valued at $2,259,697,000 after buying an additional 120,289 shares during the last quarter. State Street Corp boosted its position in shares of First Solar by 2.2% during the 3rd quarter. State Street Corp now owns 4,956,633 shares of the solar cell manufacturer’s stock valued at $1,236,383,000 after acquiring an additional 108,984 shares during the last quarter. Geode Capital Management LLC lifted its holdings in First Solar by 2.4% in the fourth quarter. Geode Capital Management LLC now owns 2,666,242 shares of the solar cell manufacturer’s stock valued at $469,154,000 after acquiring an additional 63,739 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of First Solar by 12.5% in the 4th quarter. Wellington Management Group LLP now owns 2,359,846 shares of the solar cell manufacturer’s stock valued at $415,899,000 after acquiring an additional 262,482 shares during the period. Finally, Invesco Ltd. increased its stake in First Solar by 13.9% during the fourth quarter. Invesco Ltd. now owns 1,835,056 shares of the solar cell manufacturer’s stock worth $323,410,000 after purchasing an additional 223,933 shares during the period. Hedge funds and other institutional investors 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.