First Solar, Inc. (FSLR) Reaches New 12-Month High at $51.10
First Solar, Inc. (NASDAQ:FSLR) hit a new 52-week high on Friday . The company traded as high as $51.10 and last traded at $51.13, with a volume of 3,205,408 shares trading hands. The stock had previously closed at $48.43.
FSLR has been the subject of a number of research reports. Bank of America Corporation reissued a “buy” rating and issued a $64.00 price target on shares of First Solar in a research report on Tuesday, August 29th. JMP Securities raised shares of First Solar from a “market perform” rating to an “outperform” rating and set a $53.00 price target for the company in a research report on Wednesday, May 24th. Axiom Securities reissued a “buy” rating on shares of First Solar in a research report on Wednesday, August 30th. Zacks Investment Research cut shares of First Solar from a “hold” rating to a “sell” rating in a research report on Tuesday, July 4th. Finally, Vetr cut shares of First Solar from a “buy” rating to a “sell” rating and set a $46.69 price target for the company. in a research report on Monday, July 31st. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and eleven have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $45.56.
The company’s market cap is $5.27 billion. The firm has a 50-day moving average of $47.87 and a 200 day moving average of $38.11.
First Solar (NASDAQ:FSLR) last released its quarterly earnings results on Thursday, July 27th. The solar cell manufacturer reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.60. First Solar had a negative net margin of 18.80% and a positive return on equity of 6.43%. The company had revenue of $623.00 million for the quarter, compared to the consensus estimate of $591.55 million. During the same period in the previous year, the firm earned $0.87 EPS. First Solar’s revenue was down 38.7% on a year-over-year basis. Equities research analysts anticipate that First Solar, Inc. will post $2.11 EPS for the current fiscal year.
In other First Solar news, insider Raffi Garabedian sold 5,800 shares of the business’s stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $49.83, for a total transaction of $289,014.00. Following the sale, the insider now directly owns 11,474 shares in the company, valued at approximately $571,749.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Alexander R. Bradley sold 566 shares of the business’s stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $48.66, for a total transaction of $27,541.56. Following the sale, the chief financial officer now owns 963 shares in the company, valued at $46,859.58. The disclosure for this sale can be found here. Insiders have sold a total of 95,909 shares of company stock worth $4,705,246 over the last 90 days. 0.58% of the stock is owned by insiders.
Several hedge funds have recently added to or reduced their stakes in the business. Profund Advisors LLC bought a new stake in shares of First Solar in the 1st quarter worth approximately $432,000. ProShare Advisors LLC raised its holdings in shares of First Solar by 4.9% in the 1st quarter. ProShare Advisors LLC now owns 13,504 shares of the solar cell manufacturer’s stock worth $366,000 after purchasing an additional 633 shares in the last quarter. Janney Montgomery Scott LLC raised its holdings in shares of First Solar by 8.0% in the 1st quarter. Janney Montgomery Scott LLC now owns 9,800 shares of the solar cell manufacturer’s stock worth $266,000 after purchasing an additional 730 shares in the last quarter. Oregon Public Employees Retirement Fund raised its holdings in shares of First Solar by 359.3% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 35,976 shares of the solar cell manufacturer’s stock worth $975,000 after purchasing an additional 28,143 shares in the last quarter. Finally, Canada Pension Plan Investment Board raised its holdings in shares of First Solar by 183.6% in the 1st quarter. Canada Pension Plan Investment Board now owns 48,500 shares of the solar cell manufacturer’s stock worth $1,314,000 after purchasing an additional 31,400 shares in the last quarter. Institutional investors own 53.61% of the company’s stock.
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About First Solar
First Solar, Inc is a provider of photovoltaic (PV) solar energy solutions. The Company designs, manufactures and sells PV solar modules with a thin-film semiconductor technology. The Company also develops, designs, constructs and sells PV solar power systems that primarily use the modules it manufactures.
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