First Solar (NASDAQ:FSLR) Stock Price Up 8.9% on Analyst Upgrade

First Solar, Inc. (NASDAQ:FSLR - Get Free Report)'s stock price shot up 8.9% during trading on Wednesday after Royal Bank Of Canada raised their price target on the stock from $188.00 to $200.00. Royal Bank Of Canada currently has an outperform rating on the stock. First Solar traded as high as $178.31 and last traded at $177.40. Approximately 3,485,415 shares traded hands during trading, an increase of 8% from the average session volume of 3,213,272 shares. The stock had previously closed at $162.96.

Other equities research analysts also recently issued research reports about the stock. Susquehanna decreased their price objective on shares of First Solar from $223.00 to $217.00 and set a "positive" rating for the company in a report on Monday, April 14th. Wall Street Zen lowered First Solar from a "hold" rating to a "sell" rating in a report on Friday, May 2nd. Morgan Stanley set a $223.00 price target on First Solar and gave the company an "overweight" rating in a report on Wednesday, April 23rd. Oppenheimer downgraded First Solar from an "outperform" rating to a "market perform" rating in a report on Wednesday, April 30th. Finally, Mizuho boosted their target price on First Solar from $251.00 to $275.00 and gave the stock an "outperform" rating in a research report on Monday, June 2nd. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, twenty-four have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $228.69.

Insider Activity

In other news, insider Michael Koralewski sold 2,951 shares of First Solar stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $158.21, for a total value of $466,877.71. Following the completion of the transaction, the insider owned 11,369 shares in the company, valued at approximately $1,798,689.49. This trade represents a 20.61% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CTO Markus Gloeckler sold 9,557 shares of the business's stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $155.05, for a total value of $1,481,812.85. Following the completion of the sale, the chief technology officer owned 8,037 shares of the company's stock, valued at approximately $1,246,136.85. This represents a 54.32% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 14,376 shares of company stock worth $2,227,172 over the last 90 days. 0.48% of the stock is currently owned by corporate insiders.

Institutional Trading of First Solar

Several hedge funds have recently modified their holdings of FSLR. Vanguard Group Inc. boosted its position in shares of First Solar by 3.0% in the first quarter. Vanguard Group Inc. now owns 13,200,342 shares of the solar cell manufacturer's stock worth $1,668,919,000 after acquiring an additional 378,641 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of First Solar by 17.2% in the 1st quarter. Wellington Management Group LLP now owns 2,765,303 shares of the solar cell manufacturer's stock worth $349,617,000 after acquiring an additional 405,457 shares during the period. Geode Capital Management LLC raised its stake in shares of First Solar by 2.4% during the fourth quarter. Geode Capital Management LLC now owns 2,666,242 shares of the solar cell manufacturer's stock valued at $469,154,000 after purchasing an additional 63,739 shares in the last quarter. Invesco Ltd. boosted its stake in First Solar by 32.3% during the first quarter. Invesco Ltd. now owns 2,427,500 shares of the solar cell manufacturer's stock valued at $306,909,000 after buying an additional 592,444 shares in the last quarter. Finally, Amundi boosted its position in shares of First Solar by 31.0% in the 4th quarter. Amundi now owns 1,805,244 shares of the solar cell manufacturer's stock valued at $336,871,000 after purchasing an additional 426,797 shares during the period. 92.08% of the stock is owned by institutional investors and hedge funds.

First Solar Price Performance

The stock has a fifty day moving average price of $154.81 and a 200-day moving average price of $154.89. The company has a market cap of $18.29 billion, a PE ratio of 14.50, a price-to-earnings-growth ratio of 0.33 and a beta of 1.52. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.93 and a quick ratio of 1.39.

First Solar (NASDAQ:FSLR - Get Free Report) last issued its quarterly 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). First Solar had a return on equity of 16.32% and a net margin of 29.72%. The business had revenue of $844.57 million during the quarter, compared to the consensus estimate of $863.11 million. During the same period in the prior year, the firm earned $2.20 earnings per share. The business's quarterly revenue was up 6.4% on a year-over-year basis. On average, equities analysts expect 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.