First Solar (NASDAQ:FSLR) Shares Gap Up – Still a Buy?

First Solar, Inc. (NASDAQ:FSLR)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $160.24, but opened at $164.93. First Solar shares last traded at $169.55, with a volume of 878,142 shares traded.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. Susquehanna decreased their price objective on shares of First Solar from $280.00 to $252.00 and set a “positive” rating for the company in a report on Wednesday, October 30th. BMO Capital Markets restated an “outperform” rating and set a $260.00 target price (down from $286.00) on shares of First Solar in a research report on Wednesday, October 30th. Jefferies Financial Group decreased their price target on shares of First Solar from $271.00 to $266.00 and set a “buy” rating on the stock in a report on Thursday, October 10th. Mizuho dropped their target price on First Solar from $274.00 to $257.00 and set a “neutral” rating for the company in a research report on Thursday, October 31st. Finally, Evercore ISI decreased their target price on shares of First Solar from $281.00 to $278.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 30th. 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 stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $276.29.

First Solar Trading Up 0.8 %

The company has a quick ratio of 1.44, a current ratio of 2.14 and a debt-to-equity ratio of 0.05. The firm has a market capitalization of $17.92 billion, a PE ratio of 14.42, a PEG ratio of 0.19 and a beta of 1.49. The stock’s fifty day simple moving average is $187.26 and its 200 day simple moving average is $206.36.

First Solar (NASDAQ:FSLR) last announced its earnings results on Tuesday, October 29th. The solar cell manufacturer reported $2.91 EPS for the quarter, missing analysts’ consensus estimates of $3.10 by ($0.19). The company had revenue of $887.70 million during the quarter, compared to the consensus estimate of $1.07 billion. First Solar had a return on equity of 17.56% and a net margin of 32.41%. First Solar’s revenue for the quarter was up 10.7% compared to the same quarter last year. During the same period in the prior year, the business posted $2.50 earnings per share. On average, sell-side analysts predict that First Solar, Inc. will post 13.05 earnings per share for the current year.

Hedge Funds Weigh In On First Solar

Several large investors have recently made changes to their positions in FSLR. JNBA Financial Advisors boosted its holdings in shares of First Solar by 5.9% in the 4th quarter. JNBA Financial Advisors now owns 3,267 shares of the solar cell manufacturer’s stock worth $576,000 after purchasing an additional 181 shares during the period. Montag A & Associates Inc. boosted its position in First Solar by 18.8% during the 4th quarter. Montag A & Associates Inc. now owns 475 shares of the solar cell manufacturer’s stock valued at $84,000 after acquiring an additional 75 shares in the last quarter. New York State Teachers Retirement System grew its stake in First Solar by 0.3% in the fourth quarter. New York State Teachers Retirement System now owns 104,688 shares of the solar cell manufacturer’s stock valued at $18,450,000 after purchasing an additional 288 shares during the last quarter. V Square Quantitative Management LLC lifted its position in shares of First Solar by 3.8% during the fourth quarter. V Square Quantitative Management LLC now owns 2,608 shares of the solar cell manufacturer’s stock valued at $460,000 after buying an additional 95 shares during the last quarter. Finally, Figure 8 Investment Strategies LLC bought a new position in shares of First Solar during the 4th quarter worth approximately $1,440,000. 92.08% of the stock is currently owned by hedge funds and other institutional investors.

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.