First Solar (NASDAQ:FSLR) Shares Up 2.6% – Here’s What Happened

First Solar, Inc. (NASDAQ:FSLR) shares rose 2.6% during trading on Tuesday . The stock traded as high as $131.66 and last traded at $130.93. Approximately 1,356,082 shares were traded during mid-day trading, a decline of 48% from the average daily volume of 2,624,474 shares. The stock had previously closed at $127.63.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Roth Mkm reiterated a “buy” rating and set a $280.00 target price on shares of First Solar in a report on Wednesday, February 26th. Seaport Res Ptn raised First Solar from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, January 15th. Guggenheim dropped their target price on shares of First Solar from $335.00 to $304.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. JPMorgan Chase & Co. decreased their price target on shares of First Solar from $282.00 to $268.00 and set an “overweight” rating for the company in a research note on Wednesday, February 26th. Finally, StockNews.com raised shares of First Solar from a “sell” rating to a “hold” rating in a research note on Thursday, January 2nd. Four research 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. According to data from MarketBeat.com, First Solar presently has an average rating of “Moderate Buy” and an average target price of $262.08.

First Solar Stock Up 2.8 %

The company’s 50 day moving average price is $171.20 and its two-hundred day moving average price is $196.97. The company has a current ratio of 2.14, a quick ratio of 1.44 and a debt-to-equity ratio of 0.05. The stock has a market cap of $14.05 billion, a P/E ratio of 11.30, a PEG ratio of 0.19 and a beta of 1.47.

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

Insider Buying and Selling

In other First Solar news, insider Kuntal Kumar Verma sold 7,475 shares of the stock in a transaction on Friday, February 28th. The stock was sold at an average price of $136.60, for a total value of $1,021,085.00. Following the completion of the sale, the insider now owns 3,549 shares in the company, valued at approximately $484,793.40. This represents a 67.81 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Mark R. Widmar sold 21,542 shares of the company’s stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $141.09, for a total value of $3,039,360.78. Following the completion of the transaction, the chief executive officer now directly owns 103,403 shares of the company’s stock, valued at approximately $14,589,129.27. This trade represents a 17.24 % decrease in their position. The disclosure for this sale can be found here. 0.58% of the stock is currently owned by insiders.

Hedge Funds Weigh In On First Solar

Several hedge funds have recently modified their holdings of FSLR. Raymond James & Associates boosted its holdings in shares of First Solar by 10.1% during the 3rd quarter. Raymond James & Associates now owns 13,040 shares of the solar cell manufacturer’s stock valued at $3,253,000 after purchasing an additional 1,197 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in shares of First Solar by 12.1% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 5,912 shares of the solar cell manufacturer’s stock worth $1,475,000 after acquiring an additional 636 shares in the last quarter. Gladstone Institutional Advisory LLC grew its holdings in shares of First Solar by 33.3% in the third quarter. Gladstone Institutional Advisory LLC now owns 1,739 shares of the solar cell manufacturer’s stock valued at $434,000 after purchasing an additional 434 shares in the last quarter. Robeco Institutional Asset Management B.V. increased its position in First Solar by 1,757.2% in the third quarter. Robeco Institutional Asset Management B.V. now owns 546,193 shares of the solar cell manufacturer’s stock worth $136,242,000 after purchasing an additional 516,783 shares during the last quarter. Finally, National Pension Service raised its stake in First Solar by 6.7% during the third quarter. National Pension Service now owns 185,883 shares of the solar cell manufacturer’s stock valued at $46,367,000 after purchasing an additional 11,683 shares in the last quarter. Hedge funds and other 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.