First Solar (NASDAQ:FSLR) Shares Gap Up - What's Next?

Shares of First Solar, Inc. (NASDAQ:FSLR - Get Free Report) gapped up before the market opened on Wednesday . The stock had previously closed at $160.24, but opened at $164.93. First Solar shares last traded at $169.55, with a volume of 878,142 shares.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on FSLR. Bank of America reduced their price objective on First Solar from $246.00 to $236.00 and set a "buy" rating on the stock in a research note on Tuesday. Guggenheim reaffirmed a "buy" rating and issued a $335.00 target price on shares of First Solar in a research report on Wednesday, January 22nd. BMO Capital Markets reiterated an "outperform" rating and set a $260.00 price objective (down from $286.00) on shares of First Solar in a research note on Wednesday, October 30th. Jefferies Financial Group dropped their target price on shares of First Solar from $271.00 to $266.00 and set a "buy" rating for the company in a research report on Thursday, October 10th. Finally, Evercore ISI reduced their price target on shares of First Solar from $281.00 to $278.00 and set an "outperform" rating on the stock in a research report on Wednesday, October 30th. Three investment analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, First Solar has a consensus rating of "Moderate Buy" and an average target price of $276.29.

First Solar Stock Performance

The stock has a market cap of $17.65 billion, a price-to-earnings ratio of 14.16, a PEG ratio of 0.20 and a beta of 1.49. The company's 50 day simple moving average is $187.95 and its 200 day simple moving average is $206.91. 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 - Get Free Report) last posted 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). First Solar had a net margin of 32.41% and a return on equity of 17.56%. The business had revenue of $887.70 million for the quarter, compared to the consensus estimate of $1.07 billion. During the same quarter last year, the business posted $2.50 EPS. The business's revenue for the quarter was up 10.7% on a year-over-year basis. On average, equities research analysts anticipate that First Solar, Inc. will post 13.07 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of FSLR. Massmutual Trust Co. FSB ADV raised its position in shares of First Solar by 14.5% during the third quarter. Massmutual Trust Co. FSB ADV now owns 356 shares of the solar cell manufacturer's stock worth $89,000 after purchasing an additional 45 shares during the period. Davis Investment Partners LLC lifted its stake in First Solar by 0.6% during the third quarter. Davis Investment Partners LLC now owns 7,698 shares of the solar cell manufacturer's stock valued at $1,805,000 after buying an additional 46 shares in the last quarter. Gilman Hill Asset Management LLC boosted its holdings in shares of First Solar by 2.8% in the third quarter. Gilman Hill Asset Management LLC now owns 1,825 shares of the solar cell manufacturer's stock worth $455,000 after buying an additional 50 shares during the period. Covestor Ltd raised its holdings in shares of First Solar by 6.4% during the third quarter. Covestor Ltd now owns 916 shares of the solar cell manufacturer's stock valued at $229,000 after acquiring an additional 55 shares during the period. Finally, Field & Main Bank lifted its position in shares of First Solar by 4.1% in the 3rd quarter. Field & Main Bank now owns 1,385 shares of the solar cell manufacturer's stock valued at $345,000 after acquiring an additional 55 shares in the last quarter. Institutional investors 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.

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