First Solar (NASDAQ:FSLR) Trading Up 2.6% - Here's What Happened

First Solar, Inc. (NASDAQ:FSLR) saw its shares increase by 2.6% during mid-day trading on Tuesday, reaching a high of $131.66 before settling at $130.93. In total, 1,356,082 shares changed hands, which marks a significant drop of 48% from the average daily trading volume of 2,624,474 shares. The stock previously closed at $127.63.

Wall Street Analysts Forecast Growth

Recently, several brokerages have offered their insights on First Solar's performance. Bank of America lowered their price target from $246.00 to $236.00 while maintaining a "buy" rating on the stock. Truist Financial also confirmed a "buy" rating but reduced their price target from $300.00 to $285.00. Guggenheim made a similar adjustment, decreasing their target price from $335.00 to $304.00, still retaining a "buy" rating. Meanwhile, Robert W. Baird lowered their target from $307.00 to $267.00 and kept an "outperform" rating. Redburn Atlantic has started coverage with a "neutral" rating. Overall, First Solar's stock is categorized as follows: four analysts recommend holding, twenty-three suggest buying, and two have given it a strong buy rating. MarketBeat data indicates a consensus rating of "Moderate Buy" with an average target price of $262.08.

First Solar Stock Metrics

The company's financials are noteworthy, with a quick ratio of 1.44 and a current ratio of 2.14, indicating strong liquidity. The debt-to-equity ratio stands at a minimal 0.05. First Solar's market capitalization is approximately $14.04 billion, accompanied by a price-to-earnings ratio of 11.29 and a price-to-earnings growth (P/E/G) ratio of 0.19. Additionally, the stock has a beta of 1.47 and its 50-day moving average is $169.00, while the 200-day moving average is $195.85.

First Solar last reported its quarterly earnings results on February 25. The solar cell manufacturer posted earnings of $3.65 per share for the quarter, falling short of the consensus estimate of $4.81 by $1.16. The company recorded a return on equity of 17.56% and enjoyed a net margin of 32.41%. Revenue for the quarter totaled $1.51 billion, slightly exceeding the anticipated $1.48 billion. Analysts predict that First Solar, Inc. will achieve an earnings per share of 13.05 for the ongoing fiscal year.

Insider Transactions at First Solar

In other news regarding First Solar, CEO Mark R. Widmar sold 21,542 shares of the company last Friday at an average price of $141.09, realizing a total value of approximately $3.04 million. After this transaction, he now owns 103,403 shares in total, valued at around $14.59 million, representing a decrease in his ownership by 17.24%. Additionally, insider Kuntal Kumar Verma sold 7,475 shares for about $1.02 million. Following this sale, Verma directly owns only 3,549 shares, a significant drop of 67.81% in ownership. Insiders currently hold 0.58% of the company's shares.

Institutional Investors Weigh In

Numerous larger investors have recently altered their stakes in First Solar. For example, Strengthening Families & Communities LLC invested in the company during the third quarter, valued at around $25,000. Similarly, Kennebec Savings Bank also acquired a new position worth $29,000. Larson Financial Group LLC significantly increased its shares by 214.0%, now holding 157 shares worth $39,000. Lastly, Smartleaf Asset Management LLC raised its position by 31.7%, having 262 shares valued at approximately $47,000. Overall, institutional owners control 92.08% of First Solar's stock.

Company Overview

First Solar, Inc. operates within the solar technology sector, providing photovoltaic (PV) solar energy solutions in various countries, including the United States, France, Japan, and Chile. The company specializes in manufacturing and selling photovoltaic solar modules using thin-film semiconductor technology, offering a more eco-friendly alternative to traditional crystalline silicon PV modules.

Final Thoughts

In conclusion, First Solar's recent stock increase of 2.6% can be attributed to positive analyst ratings and institutional investor interest, despite mixed earnings reports. Investors keep a close eye on the developments within the solar energy sector and the company's financial performance, suggesting a cautious optimism moving forward.

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