First Solar (NASDAQ:FSLR) Sees Large Volume Increase After Analyst Upgrade

First Solar, Inc. (NASDAQ:FSLR) shares saw strong trading volume on Monday after The Goldman Sachs Group raised their price target on the stock from $204.00 to $255.00. The Goldman Sachs Group currently has a buy rating on the stock. 6,629,029 shares traded hands during trading, an increase of 115% from the previous session’s volume of 3,082,157 shares.The stock last traded at $163.56 and had previously closed at $178.46.

Other analysts have also issued research reports about the stock. KeyCorp lowered shares of First Solar from a “sector weight” rating to an “underweight” rating and set a $100.00 price target on the stock. in a research report on Wednesday, April 30th. Deutsche Bank Aktiengesellschaft set a $265.00 target price on First Solar in a research report on Thursday, February 27th. Glj Research raised First Solar from a “hold” rating to a “buy” rating and set a $172.37 price objective on the stock in a report on Thursday, May 1st. Truist Financial reissued a “buy” rating and issued a $200.00 price objective (down from $245.00) on shares of First Solar in a report on Thursday, May 1st. Finally, Piper Sandler dropped their price target on shares of First Solar from $230.00 to $205.00 and set an “overweight” rating on the stock in a research note on Monday, April 21st. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $226.30.

Insider Buying and Selling at First Solar

In related news, CTO Markus Gloeckler sold 380 shares of First Solar stock in a transaction on Monday, March 17th. The shares were sold at an average price of $133.75, for a total transaction of $50,825.00. Following the sale, the chief technology officer now directly owns 17,594 shares in the company, valued at $2,353,197.50. This trade represents a 2.11% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Georges Antoun sold 229 shares of the company’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $133.75, for a total value of $30,628.75. Following the transaction, the insider now directly owns 52,836 shares in the company, valued at $7,066,815. This represents a 0.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 34,311 shares of company stock valued at $4,767,158 in the last quarter. Corporate insiders own 0.48% of the company’s stock.

Institutional Investors Weigh In On First Solar

Hedge funds have recently made changes to their positions in the business. Norges Bank acquired a new position in shares of First Solar during the 4th quarter valued at $317,399,000. Nuveen LLC acquired a new stake in shares of First Solar during the 1st quarter valued at approximately $114,730,000. Canada Pension Plan Investment Board raised its holdings in shares of First Solar by 16,857.8% during the first quarter. Canada Pension Plan Investment Board now owns 759,033 shares of the solar cell manufacturer’s stock worth $95,965,000 after purchasing an additional 754,557 shares during the period. Demars Financial Group LLC raised its stake in First Solar by 17,404.5% during the fourth quarter. Demars Financial Group LLC now owns 722,760 shares of the solar cell manufacturer’s stock worth $127,379,000 after acquiring an additional 718,631 shares during the period. Finally, Invesco Ltd. raised its position in shares of First Solar by 32.3% during the 1st quarter. Invesco Ltd. now owns 2,427,500 shares of the solar cell manufacturer’s stock worth $306,909,000 after purchasing an additional 592,444 shares during the period. Institutional investors and hedge funds own 92.08% of the company’s stock.

First Solar Stock Performance

The stock’s fifty day moving average is $134.97 and its two-hundred day moving average is $162.92. The firm has a market cap of $17.49 billion, a price-to-earnings ratio of 14.06, a PEG ratio of 0.19 and a beta of 1.46. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.44 and a current ratio of 2.14.

First Solar (NASDAQ:FSLR) last posted its quarterly earnings data on Tuesday, April 29th. The solar cell manufacturer reported $1.95 EPS for the quarter, missing analysts’ consensus estimates of $2.50 by ($0.55). The company had revenue of $844.57 million for the quarter, compared to analyst estimates of $863.11 million. First Solar had a net margin of 32.41% and a return on equity of 17.56%. First Solar’s revenue was up 6.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.20 EPS. On average, analysts expect that First Solar, Inc. will post 13.05 earnings per share for the current fiscal 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.