First Solar (NASDAQ:FSLR) Trading Up 5.3% – Time to Buy?

First Solar, Inc. (NASDAQ:FSLR)’s stock price rose 5.3% on Thursday . The company traded as high as $138.53 and last traded at $136.65. Approximately 2,249,565 shares were traded during mid-day trading, a decline of 15% from the average daily volume of 2,654,912 shares. The stock had previously closed at $129.82.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on FSLR shares. Wells Fargo & Company cut their price target on shares of First Solar from $240.00 to $209.00 and set an “overweight” rating for the company in a report on Wednesday, January 8th. StockNews.com raised First Solar from a “sell” rating to a “hold” rating in a report on Thursday, January 2nd. BMO Capital Markets reiterated an “outperform” rating and issued a $230.00 price target (down previously from $260.00) on shares of First Solar in a report on Wednesday, February 26th. UBS Group reduced their price target on shares of First Solar from $360.00 to $285.00 and set a “buy” rating for the company in a research report on Wednesday, February 26th. Finally, Bank of America cut their target price on shares of First Solar from $246.00 to $236.00 and set a “buy” rating for the company in a research report on Tuesday, January 28th. Four equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $260.42.

First Solar Price Performance

The company has a debt-to-equity ratio of 0.05, a current ratio of 2.14 and a quick ratio of 1.44. The company has a 50-day moving average price of $146.99 and a two-hundred day moving average price of $182.93. The company has a market cap of $14.34 billion, a PE ratio of 11.54, a P/E/G ratio of 0.19 and a beta of 1.52.

First Solar (NASDAQ:FSLR) last released its quarterly earnings results on Tuesday, February 25th. The solar cell manufacturer reported $3.65 earnings per share for the quarter, missing analysts’ consensus estimates of $4.81 by ($1.16). First Solar had a net margin of 32.41% and a return on equity of 17.56%. The firm had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.48 billion. Sell-side analysts expect that First Solar, Inc. will post 13.05 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Mark R. Widmar sold 21,542 shares of the company’s stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $141.09, for a total value of $3,039,360.78. Following the sale, the chief executive officer now owns 103,403 shares in the company, valued at approximately $14,589,129.27. This represents a 17.24 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Georges Antoun sold 229 shares of First Solar stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $133.75, for a total value of $30,628.75. Following the completion of the transaction, the insider now owns 52,836 shares of the company’s stock, valued at $7,066,815. This trade represents a 0.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 34,311 shares of company stock worth $4,767,158. 0.58% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On First Solar

Hedge funds have recently added to or reduced their stakes in the business. Townsquare Capital LLC bought a new position in shares of First Solar in the 3rd quarter worth about $240,000. Glenmede Trust Co. NA boosted its stake in First Solar by 4.1% in the third quarter. Glenmede Trust Co. NA now owns 2,328 shares of the solar cell manufacturer’s stock valued at $581,000 after acquiring an additional 91 shares during the period. Public Sector Pension Investment Board grew its holdings in shares of First Solar by 12.6% during the third quarter. Public Sector Pension Investment Board now owns 5,371 shares of the solar cell manufacturer’s stock valued at $1,340,000 after purchasing an additional 600 shares during the last quarter. Benjamin Edwards Inc. acquired a new stake in shares of First Solar during the 3rd quarter worth approximately $229,000. Finally, Hilltop Holdings Inc. acquired a new stake in First Solar in the third quarter worth $316,000. Institutional investors and hedge funds own 92.08% of the company’s stock.

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.