First Solar (NASDAQ:FSLR) Trading 7.3% Higher – What’s Next?

Shares of First Solar, Inc. (NASDAQ:FSLR) shot up 7.3% on Thursday . The company traded as high as $197.47 and last traded at $195.42. 3,726,516 shares changed hands during mid-day trading, an increase of 48% from the average session volume of 2,518,718 shares. The stock had previously closed at $182.13.

Analysts Set New Price Targets

A number of research firms have recently weighed in on FSLR. Royal Bank of Canada cut their price target on First Solar from $315.00 to $280.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 30th. DZ Bank raised First Solar from a “hold” rating to a “buy” rating and set a $280.00 price target on the stock in a research note on Thursday, August 1st. Clarkson Capital began coverage on First Solar in a research note on Wednesday, August 14th. They issued a “buy” rating and a $270.00 price target on the stock. Morgan Stanley cut their price target on First Solar from $329.00 to $297.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 30th. Finally, Citigroup raised First Solar from a “neutral” rating to a “buy” rating and increased their price target for the company from $200.00 to $254.00 in a research note on Tuesday, October 22nd. Four investment analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, First Solar presently has an average rating of “Moderate Buy” and an average target price of $280.50.

First Solar Price Performance

The company has a market cap of $20.89 billion, a P/E ratio of 15.69, a PEG ratio of 0.32 and a beta of 1.48. The company has a fifty day moving average price of $217.04 and a two-hundred day moving average price of $225.37. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.44 and a current ratio of 2.14.

First Solar (NASDAQ:FSLR) last announced its quarterly earnings data on Tuesday, October 29th. The solar cell manufacturer reported $2.91 earnings per share for the quarter, missing the consensus estimate of $3.10 by ($0.19). The company had revenue of $887.70 million during the quarter, compared to the consensus estimate of $1.07 billion. First Solar had a net margin of 32.41% and a return on equity of 17.56%. First Solar’s revenue was up 10.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.50 EPS. On average, sell-side analysts anticipate that First Solar, Inc. will post 13.16 earnings per share for the current fiscal year.

Hedge Funds Weigh In On First Solar

Several hedge funds have recently modified their holdings of FSLR. Western Financial Corp CA acquired a new position in First Solar during the third quarter worth approximately $1,209,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in First Solar by 20.3% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 121,055 shares of the solar cell manufacturer’s stock worth $20,434,000 after buying an additional 20,465 shares during the last quarter. Harbour Capital Advisors LLC increased its position in First Solar by 224.0% during the third quarter. Harbour Capital Advisors LLC now owns 5,217 shares of the solar cell manufacturer’s stock worth $1,301,000 after buying an additional 3,607 shares during the last quarter. Mivtachim The Workers Social Insurance Fund Ltd. Under Special Management acquired a new position in First Solar during the third quarter worth approximately $17,635,000. Finally, Vanguard Group Inc. increased its position in First Solar by 0.9% during the first quarter. Vanguard Group Inc. now owns 12,257,053 shares of the solar cell manufacturer’s stock worth $2,068,991,000 after buying an additional 105,236 shares during the last quarter. Institutional investors own 92.08% of the company’s stock.

First Solar Company Profile

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.