First Solar Target of Unusually High Options Trading (NASDAQ:FSLR)

First Solar, Inc. (NASDAQ:FSLRGet Rating) saw unusually large options trading activity on Tuesday. Traders acquired 46,971 put options on the stock. This represents an increase of 61% compared to the average volume of 29,259 put options.

Analyst Ratings Changes

Several analysts have issued reports on the company. Piper Sandler upped their target price on First Solar from $170.00 to $200.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 1st. Evercore ISI raised First Solar from an “in-line” rating to an “outperform” rating and upped their target price for the stock from $88.00 to $150.00 in a research note on Wednesday, September 28th. Morgan Stanley upped their target price on First Solar from $136.00 to $146.00 and gave the stock an “equal weight” rating in a research note on Thursday, September 22nd. UBS Group upped their target price on First Solar from $76.00 to $140.00 and gave the stock a “neutral” rating in a research note on Friday, October 28th. Finally, Argus upped their target price on First Solar from $123.00 to $176.00 in a research note on Thursday, November 10th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $161.96.

First Solar Price Performance

Shares of First Solar stock opened at $167.66 on Wednesday. The company has a quick ratio of 3.10, a current ratio of 4.09 and a debt-to-equity ratio of 0.04. The company has a market cap of $17.87 billion, a PE ratio of 190.52 and a beta of 1.26. The business has a 50 day moving average of $138.78 and a 200 day moving average of $104.90. First Solar has a 52 week low of $59.60 and a 52 week high of $168.17.

First Solar (NASDAQ:FSLRGet Rating) last announced its earnings results on Thursday, October 27th. The solar cell manufacturer reported ($0.46) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.30). The business had revenue of $629.00 million for the quarter, compared to the consensus estimate of $747.97 million. First Solar had a net margin of 3.75% and a return on equity of 1.61%. First Solar’s revenue was up 7.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.42 EPS. As a group, equities research analysts forecast that First Solar will post -0.51 earnings per share for the current year.

Insider Buying and Selling

In related news, Director R Craig Kennedy sold 600 shares of the company’s stock in a transaction that occurred on Monday, October 17th. The shares were sold at an average price of $125.68, for a total value of $75,408.00. Following the transaction, the director now directly owns 18,888 shares in the company, valued at $2,373,843.84. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.54% of the stock is owned by company insiders.

Hedge Funds Weigh In On First Solar

A number of institutional investors have recently added to or reduced their stakes in FSLR. Goldman Sachs Group Inc. increased its holdings in shares of First Solar by 197.8% during the first quarter. Goldman Sachs Group Inc. now owns 1,336,038 shares of the solar cell manufacturer’s stock valued at $111,880,000 after acquiring an additional 887,443 shares in the last quarter. Fred Alger Management LLC bought a new position in shares of First Solar during the third quarter valued at $100,007,000. BlackRock Inc. increased 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 valued at $1,192,010,000 after acquiring an additional 636,492 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of First Solar by 74.4% during the first quarter. Renaissance Technologies LLC now owns 931,000 shares of the solar cell manufacturer’s stock valued at $77,962,000 after acquiring an additional 397,100 shares in the last quarter. Finally, Allianz Asset Management GmbH increased its holdings in shares of First Solar by 45.5% during the first quarter. Allianz Asset Management GmbH now owns 1,157,245 shares of the solar cell manufacturer’s stock valued at $96,907,000 after acquiring an additional 361,999 shares in the last quarter. Institutional investors own 79.21% of the company’s stock.

About First Solar

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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.

Further Reading

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