Economy

First Solar, Inc. (FSLR) Reached a New 52-Week High

First Solar, Inc. (FSLR) Reached a New 52-Week High”

After a recent check, it is observed that the insiders for the firm now own 0.40% shares. Outstanding shares refer to a company's stock presently held by all its shareholders, counting share blocks held by institutional shareholders and restricted shares owned by the company's officers and insiders. The value of the total investment in First Solar, Inc. increased from $120,000 to $201,000,000 increasing 167,400.0% quarter to quarter. Institutional investors and hedge funds own 53.08% of the company's stock. Finally, Bank of America Corporation reaffirmed a "buy" rating and issued a $54.00 price objective (up previously from $38.00) on shares of First Solar in a research report on Wednesday, July 26th. In addition, the Company provides operations and maintenance (O&M) services to system owners that use solar modules manufactured by it or by third-party manufacturers. Lansdowne Partners (uk) Llp bolstered its stake by buying 280,592 shares an increase of 330.7% as of 06/30/2017. Cubist Systematic Strategies, LLC claims 60,830 shares worth $2,426,000. The value in dollars went from $2,722,000 to $14,573,000 a change of $11,851,000 quarter over quarter. State Treasurer State of MI lifted its stake in shares of First Solar by 99.1% during the second quarter. Volume is the basic fuel of the market since stocks move up or down in price only when shares are trading hands. Finally, Parsec Financial Management Inc. acquired a new position in First Solar in the 2nd quarter valued at $204,000. They now have a $50.00 target price on the solar cell manufacturer's stock.

Several research firms have commented on FSLR. Axiom Securities restated a "buy" rating on shares of First Solar in a research note on Thursday, August 10th. TheStreet upgraded shares of First Solar from a "d+" rating to a "c" rating in a research report on Wednesday, July 19th. BidaskClub raised First Solar from a "hold" rating to a "buy" rating in a research report on Wednesday, June 28th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and eleven have given a buy rating to the company.

What's more, First Solar's staunch support off the price chart has equally strong backing from FSLR stock, which has been on fire this year and looks ready to heat up again.

First Solar (NASDAQ:FSLR) traded up 10.99% during midday trading on Tuesday, hitting $37.26. (NASDAQ:FSLR) expressed a change of 4.17% and closed its trade at $50.45. It is now trading at $50.45 a tad higher than the 50 day moving average which is $47.87 and which is quite a bit higher than the 200 day moving average of $38.11.

First Solar (NASDAQ:FSLR) last released its earnings results on Thursday, July 27th. Next quarter's EPS is estimated at $0.49 and the next full year EPS is anticipated to be $1.29. The business had revenue of $623.00 million during the quarter, compared to analysts' expectations of $591.55 million. During the same quarter previous year, the firm earned $1.60 earnings per share. The company's revenue for the quarter was down 38.7% on a year-over-year basis. Equities research analysts expect that First Solar, Inc. will post $2.11 EPS for the current year. The stock saw a rise in short interest from August 15, 2017 to August 31, 2017 of 1.01%. The shares were sold at an average price of $48.66, for a total value of $27,541.56. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 95,909 shares of company stock worth $4,705,246. Hot Stocks Point (HSP) makes sure to keep the information up to date and correct, but we didn't suggest or recommend buying or selling of any financial instrument, unless that information is subsequently confirmed on your own.

TRADEMARK VIOLATION WARNING: This news story was reported by Dispatch Tribunal and is owned by of Dispatch Tribunal. If you are viewing this news story on another publication, it was copied illegally and reposted in violation of United States and worldwide trademark & copyright legislation.



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