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

First Solar, Inc. (NASDAQ:FSLR) saw unusually large options trading activity on Wednesday. Stock traders purchased 29,648 call options on the company. This is an increase of approximately 34% compared to the average volume of 22,176 call options.

First Solar Stock Performance

NASDAQ FSLR opened at $249.81 on Friday. The firm has a market cap of $26.74 billion, a price-to-earnings ratio of 26.19, a PEG ratio of 0.28 and a beta of 1.37. The company has a 50-day simple moving average of $179.75 and a two-hundred day simple moving average of $163.46. The company has a quick ratio of 1.86, a current ratio of 2.41 and a debt-to-equity ratio of 0.06. First Solar has a 12-month low of $129.21 and a 12-month high of $253.99.

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

Insider Activity

In related news, Director R Craig Kennedy sold 1,500 shares of the stock in a transaction on Friday, March 1st. The stock was sold at an average price of $157.76, for a total value of $236,640.00. Following the transaction, the director now directly owns 15,641 shares in the company, valued at approximately $2,467,524.16. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, Director R Craig Kennedy sold 1,500 shares of the firm’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $157.76, for a total value of $236,640.00. Following the transaction, the director now owns 15,641 shares of the company’s stock, valued at approximately $2,467,524.16. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, 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 value of $2,592,551.85. Following the sale, the insider now directly owns 42,041 shares of the company’s stock, valued at $6,539,477.55. The disclosure for this sale can be found here. Insiders sold a total of 51,455 shares of company stock worth $9,617,472 in the last three months. Company insiders own 0.58% of the company’s stock.

Institutional Investors Weigh In On First Solar

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Dixon Mitchell Investment Counsel Inc. bought a new position in shares of First Solar during the first quarter valued at about $25,000. University of Texas Texas AM Investment Managment Co. purchased a new position in First Solar during the 4th quarter valued at about $27,000. Baystate Wealth Management LLC bought a new position in First Solar during the 4th quarter valued at approximately $29,000. Estabrook Capital Management purchased a new stake in First Solar in the 3rd quarter worth approximately $29,000. Finally, Riverview Trust Co bought a new stake in shares of First Solar in the 1st quarter worth approximately $32,000. 92.08% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on FSLR. Bank of America increased their price objective on First Solar from $187.00 to $194.00 and gave the company a “buy” rating in a report on Wednesday, April 10th. The Goldman Sachs Group lifted their price objective on First Solar from $265.00 to $268.00 and gave the stock a “buy” rating in a report on Thursday, May 2nd. Guggenheim dropped their price objective on shares of First Solar from $359.00 to $356.00 and set a “buy” rating on the stock in a report on Thursday, May 2nd. Wells Fargo & Company upgraded shares of First Solar from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $187.00 to $250.00 in a research note on Friday, April 19th. Finally, Morgan Stanley boosted their price target on shares of First Solar from $245.00 to $248.00 and gave the company an “overweight” rating in a research report on Thursday, May 2nd. Two equities research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $239.16.

About First Solar

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.