First Solar, Inc. (NASDAQ:FSLR) was the target of a significant drop in short interest in the month of September. As of September 29th, there was short interest totalling 5,581,064 shares, a drop of 48.1% from the September 15th total of 10,746,611 shares. Approximately 7.2% of the shares of the company are sold short. Based on an average trading volume of 3,757,047 shares, the short-interest ratio is currently 1.5 days.
In other First Solar news, CFO Alexander R. Bradley sold 566 shares of the stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $48.66, for a total value of $27,541.56. Following the transaction, the chief financial officer now directly owns 963 shares in the company, valued at $46,859.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Mark R. Widmar sold 43,189 shares of the stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $48.55, for a total transaction of $2,096,825.95. Following the completion of the transaction, the chief executive officer now owns 107,454 shares in the company, valued at $5,216,891.70. The disclosure for this sale can be found here. Insiders sold 94,674 shares of company stock worth $4,655,846 over the last quarter. Insiders own 0.58% of the company’s stock.
Large investors have recently modified their holdings of the stock. Bank of Nova Scotia acquired a new stake in First Solar in the first quarter valued at approximately $212,000. Benjamin F. Edwards & Company Inc. raised its holdings in First Solar by 57.6% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 2,600 shares of the solar cell manufacturer’s stock valued at $104,000 after acquiring an additional 950 shares in the last quarter. Fiduciary Trust Co. acquired a new stake in First Solar in the second quarter valued at approximately $128,000. NEXT Financial Group Inc raised its holdings in First Solar by 23.9% in the second quarter. NEXT Financial Group Inc now owns 5,050 shares of the solar cell manufacturer’s stock valued at $201,000 after acquiring an additional 975 shares in the last quarter. Finally, Parsec Financial Management Inc. acquired a new stake in First Solar in the second quarter valued at approximately $204,000. 53.08% of the stock is currently owned by hedge funds and other institutional investors.
Several research analysts have weighed in on FSLR shares. Cowen and Company set a $40.00 price target on shares of First Solar and gave the stock a “buy” rating in a research report on Monday, July 10th. Axiom Securities restated a “buy” rating on shares of First Solar in a research report on Thursday, August 10th. Deutsche Bank AG upgraded shares of First Solar from a “hold” rating to a “buy” rating and raised their price objective for the company from $50.00 to $65.00 in a research report on Friday, September 15th. Robert W. Baird restated a “hold” rating and set a $50.00 price objective on shares of First Solar in a research report on Friday, September 1st. Finally, Vetr upgraded shares of First Solar from a “sell” rating to a “hold” rating and set a $48.61 price objective on the stock in a research report on Wednesday, August 2nd. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. First Solar currently has a consensus rating of “Hold” and a consensus price target of $45.18.
Shares of First Solar (FSLR) opened at 47.11 on Friday. The company’s market cap is $4.92 billion. The company’s 50-day moving average is $47.70 and its 200-day moving average is $40.20. First Solar has a one year low of $25.56 and a one year high of $53.00.
First Solar (NASDAQ:FSLR) last issued its earnings results on Thursday, July 27th. The solar cell manufacturer reported $0.64 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.04 by $0.60. The firm had revenue of $623.00 million for the quarter, compared to analysts’ expectations of $591.55 million. First Solar had a negative net margin of 18.80% and a positive return on equity of 6.43%. The firm’s revenue was down 38.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.87 earnings per share. On average, equities analysts predict that First Solar will post $2.11 EPS for the current year.
TRADEMARK VIOLATION NOTICE: This article was first posted by Sports Perspectives and is the property of of Sports Perspectives. If you are accessing this article on another site, it was illegally copied and reposted in violation of United States and international copyright legislation. The legal version of this article can be read at https://sportsperspectives.com/2017/10/13/first-solar-inc-fslr-sees-significant-decline-in-short-interest.html.
About First Solar
First Solar, Inc is a provider of photovoltaic (PV) solar energy solutions. The Company designs, manufactures and sells PV solar modules with a thin-film semiconductor technology. The Company also develops, designs, constructs and sells PV solar power systems that primarily use the modules it manufactures.
Receive News & Ratings for First Solar Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Solar Inc. and related companies with MarketBeat.com's FREE daily email newsletter.