First Solar, Inc. (NASDAQ:FSLR – Get Rating) was the target of a significant increase in short interest in the month of June. As of June 15th, there was short interest totalling 4,170,000 shares, an increase of 32.0% from the May 31st total of 3,160,000 shares. Approximately 4.5% of the shares of the stock are sold short. Based on an average trading volume of 1,450,000 shares, the days-to-cover ratio is currently 2.9 days.
In other news, insider Kuntal Kumar Verma sold 2,490 shares of the firm’s stock in a transaction dated Thursday, April 7th. The stock was sold at an average price of $78.26, for a total transaction of $194,867.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director R Craig Kennedy sold 600 shares of the firm’s stock in a transaction dated Monday, April 18th. The shares were sold at an average price of $77.85, for a total value of $46,710.00. Following the transaction, the director now owns 21,597 shares of the company’s stock, valued at approximately $1,681,326.45. The disclosure for this sale can be found here. Over the last three months, insiders have sold 21,748 shares of company stock worth $1,620,368. Insiders own 0.54% of the company’s stock.
A number of large investors have recently modified their holdings of FSLR. Cubist Systematic Strategies LLC increased its position in shares of First Solar by 744.2% during the third quarter. Cubist Systematic Strategies LLC now owns 2,997 shares of the solar cell manufacturer’s stock worth $286,000 after purchasing an additional 2,642 shares in the last quarter. LPL Financial LLC increased its position in shares of First Solar by 15.3% during the third quarter. LPL Financial LLC now owns 35,114 shares of the solar cell manufacturer’s stock worth $3,352,000 after purchasing an additional 4,669 shares in the last quarter. Janus Henderson Group PLC increased its position in shares of First Solar by 1,304.8% during the third quarter. Janus Henderson Group PLC now owns 45,332 shares of the solar cell manufacturer’s stock worth $4,327,000 after purchasing an additional 42,105 shares in the last quarter. Stonnington Group LLC acquired a new position in shares of First Solar during the fourth quarter worth $236,000. Finally, Silver Lake Advisory LLC increased its position in shares of First Solar by 5.1% during the fourth quarter. Silver Lake Advisory LLC now owns 28,185 shares of the solar cell manufacturer’s stock worth $2,457,000 after purchasing an additional 1,360 shares in the last quarter. 75.42% of the stock is owned by institutional investors.
First Solar (NASDAQ:FSLR – Get Rating) last issued its quarterly earnings data on Thursday, April 28th. The solar cell manufacturer reported ($0.41) EPS for the quarter, hitting analysts’ consensus estimates of ($0.41). The company had revenue of $367.00 million during the quarter, compared to the consensus estimate of $588.73 million. First Solar had a net margin of 8.68% and a return on equity of 3.68%. First Solar’s revenue for the quarter was down 54.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.96 earnings per share. As a group, research analysts anticipate that First Solar will post 0.33 EPS for the current fiscal year.
A number of research analysts have recently weighed in on the company. Piper Sandler upgraded First Solar from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $80.00 to $90.00 in a research report on Thursday, May 12th. Morgan Stanley dropped their price target on First Solar from $62.00 to $54.00 and set an “underweight” rating for the company in a research report on Monday, June 13th. Roth Capital lifted their price target on First Solar from $78.00 to $85.00 in a research report on Friday, April 29th. 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. Finally, Robert W. Baird lifted their price target on First Solar from $91.00 to $98.00 in a research report on Friday, April 29th. Four analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $86.97.
About First Solar (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.
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