Short Interest in First Solar, Inc. (NASDAQ:FSLR) Drops By 16.0%

First Solar, Inc. (NASDAQ:FSLRGet Rating) was the recipient of a large drop in short interest in the month of May. As of May 15th, there was short interest totalling 3,300,000 shares, a drop of 16.0% from the April 30th total of 3,930,000 shares. Based on an average daily trading volume, of 1,740,000 shares, the short-interest ratio is currently 1.9 days. Currently, 3.5% of the company’s stock are sold short.

In other news, Director R Craig Kennedy sold 600 shares of First Solar stock in a transaction that occurred on Tuesday, March 15th. The shares were sold at an average price of $71.46, for a total value of $42,876.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Alexander R. Bradley sold 3,211 shares of First Solar stock in a transaction that occurred on Monday, March 7th. The shares were sold at an average price of $75.19, for a total transaction of $241,435.09. The disclosure for this sale can be found here. Insiders have sold a total of 26,849 shares of company stock worth $2,051,947 over the last 90 days. Corporate insiders own 0.54% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. grew its holdings in shares of First Solar by 4.7% during the first quarter. BlackRock Inc. now owns 14,234,653 shares of the solar cell manufacturer’s stock worth $1,192,010,000 after purchasing an additional 636,492 shares during the last quarter. Wellington Management Group LLP grew its holdings in shares of First Solar by 5.3% during the third quarter. Wellington Management Group LLP now owns 9,657,953 shares of the solar cell manufacturer’s stock worth $921,948,000 after purchasing an additional 488,662 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of First Solar by 0.7% during the first quarter. Vanguard Group Inc. now owns 9,171,019 shares of the solar cell manufacturer’s stock worth $767,981,000 after purchasing an additional 68,131 shares during the last quarter. State Street Corp grew its holdings in shares of First Solar by 1.9% during the first quarter. State Street Corp now owns 3,230,644 shares of the solar cell manufacturer’s stock worth $270,534,000 after purchasing an additional 60,266 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of First Solar during the fourth quarter worth about $197,428,000. 75.42% of the stock is owned by hedge funds and other institutional investors.

NASDAQ FSLR traded down $0.64 during trading on Wednesday, hitting $69.97. 19,795 shares of the company’s stock were exchanged, compared to its average volume of 1,206,336. The company has a current ratio of 4.07, a quick ratio of 2.93 and a debt-to-equity ratio of 0.04. The company has a market cap of $7.46 billion, a PE ratio of 35.13, a P/E/G ratio of 16.44 and a beta of 1.38. First Solar has a fifty-two week low of $59.60 and a fifty-two week high of $123.13. The stock’s 50 day moving average price is $73.90 and its two-hundred day moving average price is $80.59.

First Solar (NASDAQ:FSLRGet Rating) last issued its earnings results on Thursday, April 28th. The solar cell manufacturer reported ($0.41) EPS for the quarter, hitting the consensus estimate of ($0.41). The firm had revenue of $367.00 million during the quarter, compared to the consensus estimate of $588.73 million. First Solar had a return on equity of 3.68% and a net margin of 8.68%. The business’s quarterly revenue was down 54.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.96 earnings per share. Analysts forecast that First Solar will post 0.33 earnings per share for the current fiscal year.

FSLR has been the subject of several analyst reports. Wolfe Research decreased their target price on shares of First Solar from $75.00 to $65.00 and set a “peer perform” rating for the company in a research note on Wednesday, March 2nd. Cowen decreased their target price on shares of First Solar from $92.00 to $90.00 and set an “outperform” rating for the company in a research note on Wednesday, March 2nd. Wells Fargo & Company decreased their target price on shares of First Solar from $115.00 to $88.00 and set an “equal weight” rating for the company in a research note on Tuesday, February 8th. Roth Capital lifted their price objective on shares of First Solar from $78.00 to $85.00 in a research report on Friday, April 29th. Finally, Bank of America cut shares of First Solar from a “neutral” rating to an “underperform” rating and reduced their price objective for the stock from $76.50 to $65.50 in a research report on Tuesday, April 5th. Five equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, First Solar has a consensus rating of “Hold” and an average price target of $87.83.

About First Solar (Get Rating)

First Solar, Inc provides photovoltaic (PV) solar energy solutions in the United State, Japan, France, Canada, India, Australia, and internationally. The company designs, manufactures, and sells cadmium telluride solar modules that converts sunlight into electricity. It serves developers and operators of systems, utilities, independent power producers, commercial and industrial companies, and other system owners.

Recommended Stories

Want More Great Investing Ideas?

Receive News & Ratings for First Solar Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Solar and related companies with MarketBeat.com's FREE daily email newsletter.