First Solar, Inc. (FSLR) Reaches New 1-Year High at $60.76

First Solar, Inc. (NASDAQ:FSLR)’s share price hit a new 52-week high on Monday . The stock traded as high as $60.76 and last traded at $60.43, with a volume of 4,728,167 shares changing hands. The stock had previously closed at $57.67.

Several equities analysts have weighed in on FSLR shares. Axiom Securities reaffirmed a “buy” rating on shares of First Solar in a report on Wednesday, August 30th. Bank of America Corporation reaffirmed a “buy” rating and set a $64.00 price target on shares of First Solar in a report on Tuesday, August 29th. Zacks Investment Research downgraded shares of First Solar from a “hold” rating to a “sell” rating in a report on Tuesday, July 4th. Deutsche Bank AG raised shares of First Solar from a “hold” rating to a “buy” rating and lifted their price target for the company from $50.00 to $65.00 in a report on Friday, September 15th. Finally, Cowen and Company reaffirmed a “buy” rating and set a $57.00 price target on shares of First Solar in a report on Sunday, September 3rd. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and thirteen have given a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $47.63.

The firm’s 50-day moving average price is $48.58 and its 200-day moving average price is $42.41. The stock’s market cap is $5.72 billion.

First Solar (NASDAQ:FSLR) last issued its earnings results on Thursday, October 26th. The solar cell manufacturer reported $1.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.84 by $1.11. First Solar had a positive return on equity of 8.07% and a negative net margin of 14.70%. The business had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $859.22 million. During the same period last year, the company earned $1.22 EPS. The company’s revenue for the quarter was up 59.5% on a year-over-year basis. On average, equities analysts expect that First Solar, Inc. will post $2.44 EPS for the current fiscal year.

In other First Solar news, CFO Alexander R. Bradley sold 566 shares of the firm’s stock in a transaction on Tuesday, August 8th. The stock was sold at an average price of $48.66, for a total value of $27,541.56. Following the completion of the sale, the chief financial officer now directly owns 963 shares of the company’s stock, valued at approximately $46,859.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.58% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. increased its stake in shares of First Solar by 7,977.6% in the 1st quarter. BlackRock Inc. now owns 6,922,544 shares of the solar cell manufacturer’s stock worth $187,601,000 after acquiring an additional 6,836,843 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of First Solar by 3.9% in the 2nd quarter. Vanguard Group Inc. now owns 6,545,727 shares of the solar cell manufacturer’s stock worth $261,043,000 after acquiring an additional 243,787 shares during the last quarter. Schroder Investment Management Group increased its stake in shares of First Solar by 12,600.7% in the 2nd quarter. Schroder Investment Management Group now owns 1,679,286 shares of the solar cell manufacturer’s stock worth $67,306,000 after acquiring an additional 1,666,064 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of First Solar by 17.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,373,912 shares of the solar cell manufacturer’s stock worth $54,791,000 after acquiring an additional 202,579 shares during the last quarter. Finally, State Treasurer State of Michigan increased its stake in shares of First Solar by 99.1% in the 2nd quarter. State Treasurer State of Michigan now owns 754,373 shares of the solar cell manufacturer’s stock worth $30,084,000 after acquiring an additional 375,500 shares during the last quarter. 53.10% of the stock is owned by institutional investors and hedge funds.

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About First Solar

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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