Wed, July 24, 2024

First Solar Stock Hits High of $289, Market Cap at $31.53B

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Quick Look:

  • First Solar specialises in photovoltaic (PV) solar modules using thin-film semiconductor tech, serving global markets.
  • The stock recently closed at $281.05, with a market cap of $31.53 billion and a PE ratio 30.84.
  • Boasts a current ratio of 2.41, a quick ratio of 1.86, and a low debt-to-equity ratio of 0.06.
  • Recent EPS of $2.20 beat estimates, with a 44.8% revenue growth year-over-year and strong future growth prospects.

First Solar, Inc. (NASDAQ) continues solidifying its position as a leader in the solar technology industry. Specialising in developing and producing photovoltaic (PV) solar modules, the company leverages its innovative thin-film semiconductor technology to cater to diverse markets, including the United States, France, Japan, Chile, and numerous international regions.

First Solar Stock Closes at $281.05 on 662,334 Shares Volume

First Solar’s stock has been performing robustly, reaching a recent high of $289.00, with the latest trade closing at $281.05 on a volume of 662,334 shares. The previous close was slightly lower at $279.80, reflecting steady investor confidence. Moreover, the company’s market capitalisation stands at $31.53 billion, with a price-to-earnings (PE) ratio of 30.84 and a price/earnings-to-growth (PEG) ratio of 0.35, indicating strong growth potential.

Furthermore, First Solar demonstrates solid financial health, with a current ratio of 2.41 and a quick ratio of 1.86. The debt-to-equity ratio is notably low at 0.06, underscoring the company’s prudent financial management. The fifty-day and two-hundred-day moving averages are $207.89 and $174.32, respectively, highlighting a positive long-term trend in stock performance.

Analysts Boost First Solar Targets: Baird $344, Morgan Stanley $331

Analyst sentiment towards First Solar is overwhelmingly positive, with a consensus rating of “Moderate Buy.” The stock has received significant upgrades and increased price targets from multiple reputable analysts. For instance, Robert W. Baird upgraded their price target from $246.00 to $344.00, rating the stock as “Outperform.” Similarly, Morgan Stanley raised their target from $248.00 to $331.00, reflecting an “Overweight” rating.

Other notable actions include upgrades and increased price objectives from Barclays, Piper Sandler, Evercore ISI, and BMO Capital Markets. Despite a slight downgrade from Guggenheim, which adjusted its price target from $359.00 to $356.00, the overall analyst consensus remains bullish.

Insiders Sell $5.5M in Shares, Institutional Ownership at 92.08%

Insider transactions reveal strategic selling, with Director Michael T. Sweeney and CFO Alexander R. Bradley offloading shares worth over $5.5 million collectively. Despite these sales, insider ownership remains relatively stable at 0.58%.

Moreover, institutional investors continue to show strong interest in First Solar, with new positions acquired by Dixon Mitchell Investment Counsel Inc., University of Texas Texas AM Investment Management Co., Estabrook Capital Management, Baystate Wealth Management LLC, and Headinvest LLC. The institutional ownership percentage is 92.08%, reflecting significant confidence from large-scale investors.

First Solar Q1 EPS $2.20 Beats Estimate, Revenue Up 44.8%

First Solar reported impressive financial results on Wednesday, May 1st. The company’s earnings per share (EPS) came in at $2.20, surpassing the consensus estimate of $1.90. Revenue figures were equally strong, with actual revenue reaching $794.10 million, well above the expected $718.19 million. These results reflect a substantial 44.8% year-over-year revenue growth, with a return on equity of 16.24% and a net margin of 28.75%.

The positive financial results and analyst upgrades have significantly impacted First Solar’s market performance. The stock experienced a 5.3% increase, trading at $279.80. The company’s market capitalisation is approximately $29.95 billion, with a PE ratio of 29.33. Looking ahead, the predicted earnings per share for the current year stands at an impressive 13.55, indicating robust future growth prospects.

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