Short Interest in First Solar, Inc. (NASDAQ:FSLR) Drops By 16.0%

First Solar, Inc. (NASDAQ:FSLRGet Rating) saw a large decrease in short interest in the month of May. As of May 15th, there was short interest totalling 3,300,000 shares, a decrease of 16.0% from the April 30th total of 3,930,000 shares. Based on an average trading volume of 1,740,000 shares, the days-to-cover ratio is presently 1.9 days. Currently, 3.5% of the shares of the company are sold short.

In other First Solar news, Director R Craig Kennedy sold 600 shares of the firm’s stock in a transaction dated Tuesday, March 15th. The stock was sold at an average price of $71.46, for a total value of $42,876.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Mark R. Widmar sold 13,648 shares of the firm’s stock in a transaction dated Friday, May 6th. The stock was sold at an average price of $75.28, for a total value of $1,027,421.44. Following the completion of the transaction, the chief executive officer now owns 114,100 shares of the company’s stock, valued at approximately $8,589,448. The disclosure for this sale can be found here. Insiders have sold a total of 26,849 shares of company stock valued at $2,051,947 in the last quarter. 0.54% of the stock is owned by corporate insiders.

Several hedge funds have recently modified their holdings of FSLR. Cullen Frost Bankers Inc. bought a new stake in shares of First Solar in the 4th quarter worth approximately $26,000. Sageworth Trust Co of South Dakota bought a new stake in shares of First Solar in the 4th quarter worth approximately $29,000. Ellevest Inc. grew its position in shares of First Solar by 53.3% in the 1st quarter. Ellevest Inc. now owns 374 shares of the solar cell manufacturer’s stock worth $31,000 after buying an additional 130 shares during the last quarter. Covestor Ltd grew its position in shares of First Solar by 97.7% in the 1st quarter. Covestor Ltd now owns 421 shares of the solar cell manufacturer’s stock worth $35,000 after buying an additional 208 shares during the last quarter. Finally, IndexIQ Advisors LLC bought a new stake in shares of First Solar in the 4th quarter worth approximately $49,000. Hedge funds and other institutional investors own 75.42% of the company’s stock.

Several research analysts have commented on the company. Roth Capital raised their target price on First Solar from $78.00 to $85.00 in a research note on Friday, April 29th. Piper Sandler upgraded First Solar from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $80.00 to $90.00 in a research report on Thursday, May 12th. Credit Suisse Group dropped their price target on First Solar from $88.00 to $82.00 and set a “neutral” rating for the company in a research report on Tuesday, March 8th. JPMorgan Chase & Co. dropped their price target on First Solar from $83.00 to $67.00 and set a “neutral” rating for the company in a research report on Wednesday, March 2nd. Finally, Susquehanna dropped their price target on First Solar from $140.00 to $120.00 and set a “positive” rating for the company in a research report on Wednesday, March 2nd. Five research analysts have rated the stock with a sell rating, twelve have issued a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $87.83.

First Solar stock traded down $0.64 during trading hours on Wednesday, reaching $69.97. The company had a trading volume of 19,795 shares, compared to its average volume of 1,206,336. The company has a debt-to-equity ratio of 0.04, a current ratio of 4.07 and a quick ratio of 2.93. The company has a 50-day moving average price of $73.90 and a 200 day moving average price of $80.59. The firm has a market cap of $7.46 billion, a price-to-earnings ratio of 35.13, a P/E/G ratio of 16.44 and a beta of 1.38. First Solar has a 12-month low of $59.60 and a 12-month high of $123.13.

First Solar (NASDAQ:FSLRGet Rating) last announced its quarterly earnings results on Thursday, April 28th. The solar cell manufacturer reported ($0.41) EPS for the quarter, hitting analysts’ consensus estimates of ($0.41). The business had revenue of $367.00 million for the quarter, compared to analysts’ expectations of $588.73 million. First Solar had a return on equity of 3.68% and a net margin of 8.68%. The business’s quarterly revenue was down 54.3% on a year-over-year basis. During the same period in the previous year, the firm earned $1.96 EPS. As a group, research analysts expect that First Solar will post 0.33 earnings per share for the current year.

First Solar Company Profile (Get Rating)

First Solar, Inc provides photovoltaic (PV) solar energy solutions in the United State, Japan, France, Canada, India, Australia, and internationally. The company designs, manufactures, and sells cadmium telluride solar modules that converts sunlight into electricity. It serves developers and operators of systems, utilities, independent power producers, commercial and industrial companies, and other system owners.

Recommended Stories

Receive News & Ratings for First Solar Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Solar and related companies with MarketBeat.com's FREE daily email newsletter.