First Solar, Inc. (NASDAQ:FSLR)’s share price reached a new 52-week high on Friday . The stock traded as high as $51.10 and last traded at $51.13, with a volume of 3,205,408 shares. The stock had previously closed at $48.43.
A number of brokerages have recently commented on FSLR. Deutsche Bank AG raised First Solar from a “hold” rating to a “buy” rating and lifted their price objective for the company from $50.00 to $65.00 in a research report on Friday. BidaskClub raised First Solar from a “buy” rating to a “strong-buy” rating in a research report on Monday, July 24th. JMP Securities set a $67.00 price objective on First Solar and gave the company a “buy” rating in a research report on Wednesday, August 16th. TheStreet raised First Solar from a “d+” rating to a “c” rating in a research report on Wednesday, July 19th. Finally, Vetr downgraded First Solar from a “buy” rating to a “sell” rating and set a $46.69 price objective for the company. in a research report on Monday, July 31st. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating and twelve have issued a buy rating to the company’s stock. First Solar has a consensus rating of “Hold” and an average target price of $45.56.
The stock’s market capitalization is $5.35 billion. The firm’s 50 day moving average is $47.71 and its 200 day moving average is $38.02.
First Solar (NASDAQ:FSLR) last released its earnings results on Thursday, July 27th. The solar cell manufacturer reported $0.64 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.04 by $0.60. First Solar had a negative net margin of 18.80% and a positive return on equity of 6.43%. The business had revenue of $623.00 million during the quarter, compared to analysts’ expectations of $591.55 million. During the same quarter last year, the company earned $0.87 earnings per share. The firm’s revenue was down 38.7% on a year-over-year basis. On average, equities research analysts anticipate that First Solar, Inc. will post $2.11 EPS for the current year.
In related news, insider Bryan Robert Schumaker sold 1,235 shares of the stock in a transaction dated Friday, June 23rd. The shares were sold at an average price of $40.00, for a total value of $49,400.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Alexander R. Bradley sold 566 shares of the stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $48.66, for a total transaction of $27,541.56. Following the completion of the sale, the chief financial officer now owns 963 shares of the company’s stock, valued at approximately $46,859.58. The disclosure for this sale can be found here. In the last quarter, insiders sold 95,909 shares of company stock valued at $4,705,246. 0.58% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. lifted its stake in shares of First Solar by 7,977.6% in the first quarter. BlackRock Inc. now owns 6,922,544 shares of the solar cell manufacturer’s stock valued at $187,601,000 after buying an additional 6,836,843 shares during the period. Vanguard Group Inc. lifted its stake in shares of First Solar by 3.9% in the second quarter. Vanguard Group Inc. now owns 6,545,727 shares of the solar cell manufacturer’s stock valued at $261,043,000 after buying an additional 243,787 shares during the period. Wellington Management Group LLP lifted its stake in shares of First Solar by 28.8% in the first quarter. Wellington Management Group LLP now owns 3,038,924 shares of the solar cell manufacturer’s stock valued at $82,356,000 after buying an additional 679,898 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of First Solar by 6.1% in the first quarter. Dimensional Fund Advisors LP now owns 2,756,980 shares of the solar cell manufacturer’s stock valued at $74,715,000 after buying an additional 158,896 shares during the period. Finally, Schroder Investment Management Group lifted its stake in shares of First Solar by 12,600.7% in the second quarter. Schroder Investment Management Group now owns 1,679,286 shares of the solar cell manufacturer’s stock valued at $67,306,000 after buying an additional 1,666,064 shares during the period. Institutional investors and hedge funds own 53.61% of the company’s stock.
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First Solar Company Profile
First Solar, Inc is a provider of photovoltaic (PV) solar energy solutions. The Company designs, manufactures and sells PV solar modules with a thin-film semiconductor technology. The Company also develops, designs, constructs and sells PV solar power systems that primarily use the modules it manufactures.
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