First Solar (NASDAQ:FSLR) Trading Up 6.6% After Analyst Upgrade

First Solar, Inc. (NASDAQ:FSLR)’s stock price was up 6.6% during mid-day trading on Thursday after Susquehanna raised their price target on the stock from $258.00 to $285.00. Susquehanna currently has a positive rating on the stock. First Solar traded as high as $231.72 and last traded at $231.11. Approximately 3,989,501 shares changed hands during trading, an increase of 31% from the average daily volume of 3,054,226 shares. The stock had previously closed at $216.73.

FSLR has been the subject of several other reports. Roth Mkm reissued a “buy” rating and issued a $320.00 target price (up from $230.00) on shares of First Solar in a report on Friday, May 31st. BMO Capital Markets boosted their target price on First Solar from $224.00 to $311.00 and gave the company an “outperform” rating in a report on Monday, June 10th. The Goldman Sachs Group boosted their target price on First Solar from $268.00 to $302.00 and gave the company a “buy” rating in a report on Tuesday, June 4th. Piper Sandler boosted their target price on First Solar from $195.00 to $219.00 and gave the company an “overweight” rating in a report on Tuesday, May 21st. Finally, Jefferies Financial Group boosted their target price on First Solar from $209.50 to $211.00 and gave the company a “buy” rating in a report on Thursday, May 2nd. Five investment analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $267.12.

Insider Transactions at First Solar

In related news, Director Richard D. Chapman sold 3,165 shares of the company’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $190.48, for a total value of $602,869.20. Following the sale, the director now owns 1,045 shares in the company, valued at approximately $199,051.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, Director Richard D. Chapman sold 3,165 shares of the company’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $190.48, for a total value of $602,869.20. Following the sale, the director now owns 1,045 shares in the company, valued at approximately $199,051.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Richard D. Chapman sold 7,264 shares of the company’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $248.95, for a total value of $1,808,372.80. Following the completion of the sale, the director now owns 10,440 shares in the company, valued at approximately $2,599,038. The disclosure for this sale can be found here. In the last three months, insiders sold 51,153 shares of company stock valued at $12,540,428. Corporate insiders own 0.58% of the company’s stock.

Institutional Investors Weigh In On First Solar

A number of large investors have recently bought and sold shares of the stock. Cambridge Trust Co. grew its holdings in First Solar by 1.6% during the 1st quarter. Cambridge Trust Co. now owns 3,232 shares of the solar cell manufacturer’s stock valued at $546,000 after buying an additional 50 shares during the last quarter. Great Diamond Partners LLC grew its holdings in First Solar by 3.8% during the 1st quarter. Great Diamond Partners LLC now owns 1,463 shares of the solar cell manufacturer’s stock valued at $247,000 after buying an additional 53 shares during the last quarter. Massmutual Trust Co. FSB ADV grew its holdings in First Solar by 24.9% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 311 shares of the solar cell manufacturer’s stock valued at $70,000 after buying an additional 62 shares during the last quarter. Family Legacy Inc. grew its holdings in First Solar by 1.4% during the 1st quarter. Family Legacy Inc. now owns 4,950 shares of the solar cell manufacturer’s stock valued at $836,000 after buying an additional 69 shares during the last quarter. Finally, Harbor Investment Advisory LLC grew its holdings in First Solar by 36.0% during the 1st quarter. Harbor Investment Advisory LLC now owns 272 shares of the solar cell manufacturer’s stock valued at $46,000 after buying an additional 72 shares during the last quarter. Institutional investors and hedge funds own 92.08% of the company’s stock.

First Solar Trading Up 6.6 %

The business has a fifty day simple moving average of $236.43 and a 200 day simple moving average of $186.91. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.86 and a current ratio of 2.41. The stock has a market cap of $24.74 billion, a price-to-earnings ratio of 24.23, a PEG ratio of 0.28 and a beta of 1.44.

First Solar (NASDAQ:FSLR) last posted its quarterly earnings data on Wednesday, May 1st. The solar cell manufacturer reported $2.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.90 by $0.30. First Solar had a return on equity of 16.24% and a net margin of 28.75%. The business had revenue of $794.10 million for the quarter, compared to analysts’ expectations of $718.19 million. During the same quarter last year, the firm earned $0.40 earnings per share. The business’s revenue was up 44.8% on a year-over-year basis. As a group, equities analysts anticipate that First Solar, Inc. will post 13.58 EPS for the current year.

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.