First Solar (NASDAQ:FSLR) Trading 2.8% Higher – Time to Buy?

First Solar, Inc. (NASDAQ:FSLR) was up 2.8% during mid-day trading on Thursday . The stock traded as high as $130.42 and last traded at $129.94. Approximately 700,285 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 2,589,661 shares. The stock had previously closed at $126.34.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Robert W. Baird cut their price target on shares of First Solar from $307.00 to $267.00 and set an “outperform” rating on the stock in a report on Wednesday, December 18th. UBS Group cut their price objective on First Solar from $360.00 to $285.00 and set a “buy” rating on the stock in a research note on Wednesday, February 26th. Redburn Atlantic began coverage on shares of First Solar in a research report on Monday, March 3rd. They set a “neutral” rating for the company. Citigroup dropped 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, February 26th. Finally, Royal Bank of Canada decreased their price target on First Solar from $280.00 to $251.00 and set an “outperform” rating for the company in a report on Wednesday, February 26th. Four analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $262.08.

First Solar Stock Performance

The company’s 50 day simple moving average is $152.88 and its 200 day simple moving average is $186.29. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.44 and a current ratio of 2.14. The stock has a market cap of $13.53 billion, a PE ratio of 10.89, a price-to-earnings-growth ratio of 0.19 and a beta of 1.52.

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

Insiders Place Their Bets

In related news, insider Georges Antoun sold 229 shares of First Solar stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $133.75, for a total value of $30,628.75. Following the sale, the insider now owns 52,836 shares of the company’s stock, valued at approximately $7,066,815. The trade was a 0.43 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Mark R. Widmar sold 1,272 shares of the company’s stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $132.96, for a total value of $169,125.12. Following the completion of the transaction, the chief executive officer now owns 109,000 shares in the company, valued at approximately $14,492,640. The trade was a 1.15 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 34,311 shares of company stock valued at $4,767,158. Company insiders own 0.58% of the company’s stock.

Institutional Investors Weigh In On First Solar

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FSLR. Norges Bank purchased a new position in shares of First Solar in the fourth quarter worth about $317,399,000. Wellington Management Group LLP grew its stake in First Solar by 75.8% in the 3rd quarter. Wellington Management Group LLP now owns 2,097,364 shares of the solar cell manufacturer’s stock valued at $523,166,000 after buying an additional 904,498 shares in the last quarter. Demars Financial Group LLC raised its holdings in First Solar by 17,404.5% during the 4th quarter. Demars Financial Group LLC now owns 722,760 shares of the solar cell manufacturer’s stock valued at $127,379,000 after acquiring an additional 718,631 shares during the period. Mirova US LLC lifted its position in shares of First Solar by 961.0% during the fourth quarter. Mirova US LLC now owns 646,310 shares of the solar cell manufacturer’s stock worth $113,906,000 after acquiring an additional 585,394 shares in the last quarter. Finally, Amundi boosted its holdings in shares of First Solar by 31.0% in the fourth quarter. Amundi now owns 1,805,244 shares of the solar cell manufacturer’s stock worth $336,871,000 after acquiring an additional 426,797 shares during the period. 92.08% of the stock is currently owned by institutional investors.

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.