First Solar (NASDAQ:FSLR) Trading Up 6% on Analyst Upgrade

Shares of First Solar, Inc. (NASDAQ:FSLR - Get Free Report) were up 6% during trading on Tuesday after Mizuho raised their price target on the stock from $275.00 to $278.00. Mizuho currently has an outperform rating on the stock. First Solar traded as high as $170.84 and last traded at $170.53. Approximately 825,814 shares traded hands during mid-day trading, a decline of 75% from the average daily volume of 3,251,434 shares. The stock had previously closed at $160.84.

Several other brokerages have also recently issued reports on FSLR. Piper Sandler reduced their price objective on First Solar from $230.00 to $205.00 and set an "overweight" rating on the stock in a research note on Monday, April 21st. TD Cowen lowered their price objective on First Solar from $275.00 to $200.00 and set a "buy" rating for the company in a research note on Wednesday, April 30th. Robert W. Baird lowered their price objective on First Solar from $267.00 to $240.00 and set an "outperform" rating for the company in a research note on Tuesday, April 15th. Bank of America lowered their price objective on First Solar from $236.00 to $215.00 and set a "buy" rating for the company in a research note on Tuesday, April 8th. Finally, Truist Financial restated a "buy" rating and set a $200.00 price objective (down from $245.00) on shares of First Solar in a research note on Thursday, May 1st. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, twenty-four have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $228.87.

Insider Buying and Selling at First Solar

In other news, CTO Markus Gloeckler sold 9,557 shares of the company's stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $155.05, for a total value of $1,481,812.85. Following the sale, the chief technology officer directly owned 8,037 shares in the company, valued at approximately $1,246,136.85. This represents a 54.32% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Michael Koralewski sold 2,951 shares of the company's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $158.21, for a total value of $466,877.71. Following the completion of the sale, the insider owned 11,369 shares in the company, valued at $1,798,689.49. This trade represents a 20.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 15,976 shares of company stock worth $2,515,172 over the last ninety days. 0.48% of the stock is currently owned by insiders.

Institutional Investors Weigh In On First Solar

A number of hedge funds have recently made changes to their positions in the company. Norges Bank acquired a new stake in First Solar during the 4th quarter valued at $317,399,000. Nuveen LLC acquired a new position in First Solar during the 1st quarter worth about $114,730,000. Canada Pension Plan Investment Board increased its position in First Solar by 16,857.8% in the 1st quarter. Canada Pension Plan Investment Board now owns 759,033 shares of the solar cell manufacturer's stock valued at $95,965,000 after acquiring an additional 754,557 shares in the last quarter. Demars Financial Group LLC raised its stake in shares of First Solar by 17,404.5% in the fourth quarter. Demars Financial Group LLC now owns 722,760 shares of the solar cell manufacturer's stock worth $127,379,000 after acquiring an additional 718,631 shares during the last quarter. Finally, Invesco Ltd. raised its stake in shares of First Solar by 32.3% in the first quarter. Invesco Ltd. now owns 2,427,500 shares of the solar cell manufacturer's stock worth $306,909,000 after acquiring an additional 592,444 shares during the last quarter. Institutional investors and hedge funds own 92.08% of the company's stock.

First Solar Price Performance

The company has a quick ratio of 1.39, a current ratio of 1.93 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $18.83 billion, a price-to-earnings ratio of 14.93, a price-to-earnings-growth ratio of 0.34 and a beta of 1.52. The stock's 50-day moving average price is $162.48 and its 200-day moving average price is $153.92.

First Solar (NASDAQ:FSLR - Get Free Report) last released its earnings results on Tuesday, April 29th. The solar cell manufacturer reported $1.95 EPS for the quarter, missing the consensus estimate of $2.50 by ($0.55). The firm had revenue of $844.57 million during the quarter, compared to analyst estimates of $863.11 million. First Solar had a net margin of 29.72% and a return on equity of 16.32%. The firm's quarterly revenue was up 6.4% on a year-over-year basis. During the same period last year, the business posted $2.20 earnings per share. Equities research analysts anticipate that First Solar, Inc. will post 13.05 earnings per share for the current year.

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.