First Solar (NASDAQ:FSLR) Sets New 12-Month High – What’s Next?

Shares of First Solar, Inc. (NASDAQ:FSLR) hit a new 52-week high on Thursday . The company traded as high as $287.65 and last traded at $290.5120, with a volume of 293674 shares changing hands. The stock had previously closed at $273.67.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Evercore increased their price objective on shares of First Solar from $212.00 to $219.00 in a research note on Monday, May 4th. Weiss Ratings upgraded shares of First Solar from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday. Zacks Research upgraded shares of First Solar from a “strong sell” rating to a “hold” rating in a research report on Monday, April 27th. Wolfe Research cut shares of First Solar from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 26th. Finally, TD Cowen cut their price objective on First Solar from $320.00 to $253.00 and set a “buy” rating for the company in a research report on Wednesday, February 25th. One analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, First Solar has a consensus rating of “Moderate Buy” and an average price target of $251.37.

First Solar Stock Up 7.4%

The stock has a market cap of $31.59 billion, a price-to-earnings ratio of 18.86, a P/E/G ratio of 0.59 and a beta of 1.57. The company has a current ratio of 2.56, a quick ratio of 2.15 and a debt-to-equity ratio of 0.02. The firm’s 50 day moving average is $209.21 and its two-hundred day moving average is $230.88.

First Solar (NASDAQ:FSLR) last released its quarterly earnings results on Thursday, April 30th. The solar cell manufacturer reported $3.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.87 by $0.35. The company had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.03 billion. First Solar had a net margin of 30.73% and a return on equity of 18.01%. The firm’s revenue for the quarter was up 23.6% compared to the same quarter last year. During the same period last year, the company earned $1.95 EPS. On average, sell-side analysts predict that First Solar, Inc. will post 17.64 EPS for the current year.

Insider Transactions at First Solar

In other First Solar news, CFO Alexander R. Bradley sold 498 shares of the business’s stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $215.63, for a total value of $107,383.74. Following the completion of the transaction, the chief financial officer directly owned 30,712 shares in the company, valued at approximately $6,622,428.56. The trade was a 1.60% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Michael Koralewski sold 215 shares of the stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $215.63, for a total value of $46,360.45. Following the transaction, the insider directly owned 14,642 shares in the company, valued at approximately $3,157,254.46. This represents a 1.45% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 97,827 shares of company stock worth $20,006,930 in the last three months. 0.39% of the stock is currently owned by company insiders.

Institutional Trading of First Solar

A number of hedge funds have recently added to or reduced their stakes in FSLR. Linden Thomas Advisory Services LLC increased its stake in shares of First Solar by 1.7% during the 3rd quarter. Linden Thomas Advisory Services LLC now owns 2,287 shares of the solar cell manufacturer’s stock valued at $504,000 after acquiring an additional 39 shares during the last quarter. Apollon Wealth Management LLC boosted its position in shares of First Solar by 1.2% in the fourth quarter. Apollon Wealth Management LLC now owns 3,606 shares of the solar cell manufacturer’s stock worth $942,000 after acquiring an additional 44 shares during the last quarter. Root Financial Partners LLC boosted its position in shares of First Solar by 18.2% in the fourth quarter. Root Financial Partners LLC now owns 292 shares of the solar cell manufacturer’s stock worth $76,000 after acquiring an additional 45 shares during the last quarter. FIL Ltd grew its holdings in First Solar by 6.9% in the fourth quarter. FIL Ltd now owns 708 shares of the solar cell manufacturer’s stock valued at $185,000 after purchasing an additional 46 shares during the period. Finally, Fielder Capital Group LLC grew its holdings in First Solar by 4.1% in the fourth quarter. Fielder Capital Group LLC now owns 1,196 shares of the solar cell manufacturer’s stock valued at $312,000 after purchasing an additional 47 shares during the period. 92.08% of the stock is owned by institutional investors and hedge funds.

First Solar Company Profile

First Solar, Inc (NASDAQ: FSLR) is a United States–based solar technology company best known for designing and manufacturing thin‑film photovoltaic (PV) modules that use cadmium telluride (CdTe) semiconductor technology. The company supplies PV modules and delivers integrated solar power solutions for utility‑scale projects, positioning itself as a provider of both components and complete solar energy systems rather than solely a parts supplier. First Solar was founded in 1999 and is headquartered in Tempe, Arizona.

Beyond module manufacturing, First Solar offers a range of project services including development support, engineering, procurement and construction (EPC) services, and operations and maintenance (O&M) for large-scale solar installations.