First Solar Inc. (FSLR) Trading 1.2% Higher
Shares of First Solar Inc. (NASDAQ:FSLR) traded up 1.2% during mid-day trading on Friday . The stock traded as high as $38.14 and last traded at $37.49, with a volume of 1,984,603 shares trading hands. The stock had previously closed at $37.04.
Several analysts recently issued reports on the company. Barclays PLC downgraded First Solar from an “overweight” rating to a “neutral” rating in a research note on Thursday. Goldman Sachs Group Inc. decreased their target price on First Solar from $67.00 to $58.00 and set a “buy” rating on the stock in a research note on Tuesday, August 16th. Mizuho decreased their target price on First Solar from $67.00 to $46.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 10th. Roth Capital reissued a “buy” rating and set a $55.00 target price (down previously from $70.00) on shares of First Solar in a research note on Friday, August 5th. Finally, Oppenheimer Holdings Inc. reissued an “outperform” rating and set a $56.00 target price on shares of First Solar in a research note on Friday, August 5th. Fourteen equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $62.36.
The company’s 50 day moving average price is $43.59 and its 200-day moving average price is $54.43. The firm has a market capitalization of $3.84 billion and a P/E ratio of 5.53.
First Solar (NASDAQ:FSLR) last posted its earnings results on Wednesday, August 3rd. The solar cell manufacturer reported $0.87 EPS for the quarter, beating the Zacks’ consensus estimate of $0.55 by $0.32. The business earned $934.40 million during the quarter, compared to analysts’ expectations of $862.68 million. During the same quarter in the prior year, the firm earned $0.93 EPS. First Solar’s revenue for the quarter was up 4.2% compared to the same quarter last year. On average, equities analysts predict that First Solar Inc. will post $4.32 EPS for the current year.
In other news, insider Georges Antoun sold 133,761 shares of First Solar stock in a transaction on Friday, August 5th. The stock was sold at an average price of $44.54, for a total value of $5,957,714.94. Following the completion of the sale, the insider now directly owns 151,471 shares of the company’s stock, valued at $6,746,518.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, COO Philip Dejong sold 67,251 shares of First Solar stock in a transaction on Friday, August 5th. The shares were sold at an average price of $44.28, for a total value of $2,977,874.28. Following the completion of the sale, the chief operating officer now directly owns 45,499 shares of the company’s stock, valued at $2,014,695.72. The disclosure for this sale can be found here.
First Solar, Inc is a provider of photovoltaic (PV) solar energy solutions. The Company designs, manufactures and sells PV solar modules with thin-film semiconductor technology, and also develops, designs, constructs and sells PV solar power solutions. The Company operates through two segments: components and systems.
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