First Solar (NASDAQ:FSLR) Sets New 12-Month High Following Analyst Upgrade

First Solar, Inc. (NASDAQ:FSLR) hit a new 52-week high during trading on Wednesday after JPMorgan Chase & Co. raised their price target on the stock from $240.00 to $262.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. First Solar traded as high as $233.64 and last traded at $233.10, with a volume of 2732176 shares. The stock had previously closed at $212.11.

Several other equities research analysts have also issued reports on the company. Susquehanna reiterated a “positive” rating and set a $258.00 price target on shares of First Solar in a report on Friday, April 5th. UBS Group lifted their price target on First Solar from $252.00 to $270.00 and gave the company a “buy” rating in a report on Tuesday. Mizuho lifted their price target on First Solar from $196.00 to $209.00 and gave the company a “buy” rating in a report on Thursday, May 2nd. Evercore ISI upgraded First Solar from an “in-line” rating to an “outperform” rating and set a $227.00 price target for the company in a report on Tuesday, April 23rd. Finally, Guggenheim reduced their price target on First Solar from $359.00 to $356.00 and set a “buy” rating for the company in a report on Thursday, May 2nd. Two equities research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $239.16.

Insider Activity

In other news, insider Georges Antoun sold 16,667 shares of the business’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $155.55, for a total transaction of $2,592,551.85. Following the sale, the insider now directly owns 42,041 shares in the company, valued at $6,539,477.55. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, Director Richard D. Chapman sold 3,165 shares of the business’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $190.48, for a total transaction of $602,869.20. Following the sale, the director now directly owns 1,045 shares in the company, valued at $199,051.60. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Georges Antoun sold 16,667 shares of the business’s stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $155.55, for a total value of $2,592,551.85. Following the sale, the insider now owns 42,041 shares in the company, valued at $6,539,477.55. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 51,455 shares of company stock worth $9,617,472. Company insiders own 0.58% of the company’s stock.

Institutional Trading of First Solar

Several institutional investors have recently bought and sold shares of the stock. Great Diamond Partners LLC boosted its stake in First Solar by 3.8% in the 1st quarter. Great Diamond Partners LLC now owns 1,463 shares of the solar cell manufacturer’s stock valued at $247,000 after buying an additional 53 shares in the last quarter. Family Legacy Inc. boosted its stake in First Solar by 1.4% in the 1st quarter. Family Legacy Inc. now owns 4,950 shares of the solar cell manufacturer’s stock valued at $836,000 after buying an additional 69 shares in the last quarter. Harbor Investment Advisory LLC boosted its stake in First Solar by 36.0% in the 1st quarter. Harbor Investment Advisory LLC now owns 272 shares of the solar cell manufacturer’s stock valued at $46,000 after buying an additional 72 shares in the last quarter. Atticus Wealth Management LLC boosted its stake in First Solar by 15.6% in the 1st quarter. Atticus Wealth Management LLC now owns 534 shares of the solar cell manufacturer’s stock valued at $90,000 after buying an additional 72 shares in the last quarter. Finally, Benjamin F. Edwards & Company Inc. boosted its stake in First Solar by 10.7% in the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 765 shares of the solar cell manufacturer’s stock valued at $129,000 after buying an additional 74 shares in the last quarter. Institutional investors and hedge funds own 92.08% of the company’s stock.

First Solar Trading Down 0.8 %

The company has a current ratio of 2.41, a quick ratio of 1.86 and a debt-to-equity ratio of 0.06. The firm has a market cap of $26.74 billion, a price-to-earnings ratio of 26.19, a price-to-earnings-growth ratio of 0.28 and a beta of 1.37. The company has a 50 day moving average of $179.75 and a 200 day moving average of $163.46.

First Solar (NASDAQ:FSLR) last announced its earnings results on Wednesday, May 1st. The solar cell manufacturer reported $2.20 earnings per share for the quarter, beating analysts’ consensus estimates of $1.90 by $0.30. First Solar had a return on equity of 16.24% and a net margin of 28.75%. The company had revenue of $794.10 million during the quarter, compared to analyst estimates of $718.19 million. During the same period last year, the company posted $0.40 earnings per share. The firm’s quarterly revenue was up 44.8% compared to the same quarter last year. As a group, research analysts anticipate that First Solar, Inc. will post 13.56 EPS for the current year.

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.