First Solar surges on analyst upgrade with large trading volume.

By Oliver Townsend May 25, 2024
First Solar (NASDAQ:FSLR) Sees Large Volume Increase on Analyst Upgrade.jpegOrginal image from:

First Solar (NASDAQ:FSLR) recently experienced a significant increase in trading volume following an analyst upgrade from JPMorgan Chase & Co. The stock saw a notable rise in price target from $240.00 to $262.00, with an overweight rating from JPMorgan. This upgrade led to a surge in trading activity, with approximately 1,813,743 shares being traded.

Analyst Upgrade Impact on First Solar Stock

The upgrade from JPMorgan Chase & Co. had a positive impact on First Solar stock, driving increased trading volume and pushing the stock price up to $264.08. This surge in activity indicates a growing interest in the company among investors, with other research firms also providing positive ratings and price targets for First Solar.

Analysts’ Ratings and Price Targets

Several research firms, including Susquehanna, Royal Bank of Canada, and Barclays, have reaffirmed positive ratings and increased price targets for First Solar. This consensus reflects a strong outlook for the company and its position in the market. With a majority of analysts giving a buy rating to the stock, there is a sense of optimism surrounding First Solar’s future performance.

Insider Selling and Institutional Interest

Despite the positive outlook from analysts, there have been instances of insider selling, with CTO Markus Gloeckler and Director Richard D. Chapman both selling shares of the stock. However, institutional investors have shown interest in First Solar, with companies like Zurcher Kantonalbank Zurich Cantonalbank and Vanguard Group Inc. increasing their stake in the company.

Financial Performance and Projections

First Solar’s recent quarterly earnings results exceeded expectations, with the company reporting $2.20 earnings per share for the quarter. This performance, coupled with a return on equity of 16.24% and a net margin of 28.75%, showcases the company’s strong financial standing. Analysts predict that First Solar will post 13.56 EPS for the current fiscal year, indicating continued growth and profitability.

About First Solar

First Solar, Inc. is a leading solar technology company that provides photovoltaic solar energy solutions globally. The company’s focus on thin film semiconductor technology offers a lower-carbon alternative to traditional PV solar modules, positioning First Solar as a key player in the renewable energy industry.

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