First Solar (NASDAQ:FSLR) Trading 10.3% Higher - Time to Buy?

Key Points

• First Solar shares have surged 10.3% recently, reaching a trading price of $198.61, following a previous close of $180.05.
• Analyst ratings reflect a mixed outlook, with KeyCorp downgrading the stock to "underweight" at a $100 target, while others like JPMorgan and UBS maintain a "buy" rating with target prices of $208 and $275 respectively.
• In its latest quarterly report, First Solar reported $3.18 earnings per share, exceeding analyst expectations and reflecting an 8.6% year-over-year revenue growth.

First Solar, Inc. (NASDAQ:FSLR - Get Free Report) shares shot up 10.3% on Friday . The stock traded as high as $194.00 and last traded at $198.61. 2,503,108 shares traded hands during trading, a decline of 34% from the average session volume of 3,766,516 shares. The stock had previously closed at $180.05.

Analyst Ratings Changes

A number of brokerages recently commented on FSLR. KeyCorp downgraded shares of First Solar from a "sector weight" rating to an "underweight" rating and set a $100.00 price objective for the company. in a research report on Wednesday, April 30th. Truist Financial restated a "buy" rating and set a $200.00 target price (down previously from $245.00) on shares of First Solar in a report on Thursday, May 1st. UBS Group restated a "buy" rating and set a $275.00 target price (up previously from $255.00) on shares of First Solar in a report on Tuesday, August 5th. Oppenheimer lowered shares of First Solar from an "outperform" rating to a "market perform" rating in a research note on Wednesday, April 30th. Finally, JPMorgan Chase & Co. boosted their price target on shares of First Solar from $200.00 to $208.00 and gave the company an "overweight" rating in a report on Tuesday, July 22nd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, twenty-two have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $222.44.

First Solar Price Performance

The company's fifty day moving average price is $170.59 and its two-hundred day moving average price is $153.62. The company has a market cap of $21.75 billion, a price-to-earnings ratio of 17.47, a PEG ratio of 0.36 and a beta of 1.48. The company has a quick ratio of 1.41, a current ratio of 1.90 and a debt-to-equity ratio of 0.04.

First Solar (NASDAQ:FSLR - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The solar cell manufacturer reported $3.18 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.68 by $0.50. The business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.03 billion. First Solar had a net margin of 28.95% and a return on equity of 15.57%. The firm's quarterly revenue was up 8.6% on a year-over-year basis. During the same quarter last year, the business earned $3.25 EPS. On average, equities research analysts forecast that First Solar, Inc. will post 13.05 EPS for the current fiscal year.

Insider Buying and Selling at First Solar

In other First Solar news, CTO Markus Gloeckler sold 9,557 shares of the company's stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $155.05, for a total transaction of $1,481,812.85. Following the sale, the chief technology officer directly owned 8,037 shares of the company's stock, valued at $1,246,136.85. This represents a 54.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Michael Koralewski sold 2,951 shares of the company's stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $158.21, for a total transaction of $466,877.71. Following the sale, the insider directly owned 11,369 shares in the company, valued at approximately $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. Over the last 90 days, insiders have sold 43,684 shares of company stock worth $7,660,704. Company insiders own 0.48% of the company's stock.

Institutional Investors Weigh In On First Solar

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Raymond James Financial Inc. purchased a new stake in First Solar in the fourth quarter worth $4,933,000. Mariner LLC lifted its stake in First Solar by 1.8% in the fourth quarter. Mariner LLC now owns 58,796 shares of the solar cell manufacturer's stock worth $10,362,000 after acquiring an additional 1,030 shares during the period. Canada Post Corp Registered Pension Plan bought a new position in First Solar in the fourth quarter worth $115,000. Jump Financial LLC bought a new position in First Solar in the fourth quarter worth $376,000. Finally, NewEdge Advisors LLC raised its holdings in First Solar by 10.5% in the fourth quarter. NewEdge Advisors LLC now owns 9,733 shares of the solar cell manufacturer's stock worth $1,715,000 after purchasing an additional 924 shares in the last quarter. 92.08% of the stock is currently owned by institutional investors.

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.

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