First Solar (NASDAQ:FSLR) Reaches New 1-Year High at $168.02

Defense World · Nov 24, 2022 19:11

First Solar, Inc. (NASDAQ:FSLR – Get Rating)'s stock price reached a new 52-week high during trading on Tuesday . The stock traded as high as $168.02 and last traded at $166.65, with a volume of 23330 shares changing hands. The stock had previously closed at $165.39.

Analyst Upgrades and Downgrades

Several research firms have commented on FSLR. Roth Capital upped their price target on shares of First Solar from $135.00 to $180.00 in a report on Thursday, October 6th. Evercore ISI upgraded shares of First Solar from an "in-line" rating to an "outperform" rating and upped their price objective for the stock from $88.00 to $150.00 in a research report on Wednesday, September 28th. Cowen upped their price objective on shares of First Solar from $167.00 to $175.00 in a research report on Friday, October 28th. Cowen upped their price objective on shares of First Solar from $167.00 to $175.00 in a research report on Friday, October 28th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of First Solar from $157.00 to $145.00 and set an "overweight" rating for the company in a research report on Thursday, October 20th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and thirteen have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $161.96.

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First Solar Stock Performance

The company has a market cap of $18.07 billion, a PE ratio of 192.58 and a beta of 1.26. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.10 and a current ratio of 4.09. The firm's 50 day moving average is $139.46 and its 200-day moving average is $105.35.

First Solar (NASDAQ:FSLR – Get Rating) last announced its quarterly earnings data on Thursday, October 27th. The solar cell manufacturer reported ($0.46) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.30). First Solar had a net margin of 3.75% and a return on equity of 1.61%. The business had revenue of $629.00 million for the quarter, compared to analysts' expectations of $747.97 million. During the same period in the prior year, the company posted $0.42 EPS. The firm's revenue was up 7.8% on a year-over-year basis. On average, research analysts anticipate that First Solar, Inc. will post -0.51 earnings per share for the current fiscal year.

Insider Activity at First Solar

In related news, Director R Craig Kennedy sold 600 shares of the company's stock in a transaction dated Monday, October 17th. The shares were sold at an average price of $125.68, for a total transaction of $75,408.00. Following the completion of the sale, the director now owns 18,888 shares of the company's stock, valued at approximately $2,373,843.84. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.54% of the stock is owned by corporate insiders.

Institutional Trading of First Solar

Hedge funds have recently made changes to their positions in the company. Riverview Trust Co purchased a new stake in shares of First Solar in the 3rd quarter valued at approximately $25,000. TCI Wealth Advisors Inc. grew its stake in shares of First Solar by 370.7% in the 3rd quarter. TCI Wealth Advisors Inc. now owns 193 shares of the solar cell manufacturer's stock valued at $26,000 after buying an additional 152 shares during the period. SeaCrest Wealth Management LLC purchased a new stake in shares of First Solar in the 2nd quarter valued at approximately $32,000. First Horizon Advisors Inc. grew its stake in shares of First Solar by 214.5% in the 3rd quarter. First Horizon Advisors Inc. now owns 261 shares of the solar cell manufacturer's stock valued at $33,000 after buying an additional 178 shares during the period. Finally, Asset Dedication LLC purchased a new stake in shares of First Solar in the 3rd quarter valued at approximately $35,000. Hedge funds and other 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.

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