Traders Purchase Large Volume of Call Options on First Solar (NASDAQ:FSLR)

First Solar, Inc. (NASDAQ:FSLR) saw unusually large options trading on Wednesday. Stock traders purchased 36,233 call options on the stock. This is an increase of approximately 13% compared to the average daily volume of 32,137 call options.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Strengthening Families & Communities LLC acquired a new position in First Solar during the third quarter worth approximately $25,000. Kennebec Savings Bank acquired a new stake in First Solar during the 3rd quarter valued at $29,000. Larson Financial Group LLC grew its holdings in shares of First Solar by 214.0% during the third quarter. Larson Financial Group LLC now owns 157 shares of the solar cell manufacturer’s stock worth $39,000 after buying an additional 107 shares in the last quarter. Smartleaf Asset Management LLC increased its stake in First Solar by 31.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 262 shares of the solar cell manufacturer’s stock valued at $47,000 after purchasing an additional 63 shares during the last quarter. Finally, Crews Bank & Trust acquired a new position in shares of First Solar in the 4th quarter valued at about $53,000. 92.08% of the stock is currently owned by hedge funds and other institutional investors.

First Solar Stock Up 9.6 %

Shares of FSLR traded up $14.14 during mid-day trading on Wednesday, hitting $161.60. 4,103,217 shares of the company traded hands, compared to its average volume of 2,389,405. The business has a 50 day moving average of $174.55 and a 200 day moving average of $199.38. First Solar has a 1-year low of $144.28 and a 1-year high of $306.77. The company has a quick ratio of 1.44, a current ratio of 2.14 and a debt-to-equity ratio of 0.05. The company has a market capitalization of $17.30 billion, a PE ratio of 13.90, a price-to-earnings-growth ratio of 0.19 and a beta of 1.47.

First Solar (NASDAQ:FSLR) last posted its quarterly earnings data on Tuesday, February 25th. The solar cell manufacturer reported $3.65 earnings per share for the quarter, missing analysts’ consensus estimates of $4.81 by ($1.16). First Solar had a return on equity of 17.56% and a net margin of 32.41%. The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.48 billion. Equities research analysts anticipate that First Solar will post 13.05 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have commented on FSLR shares. Piper Sandler raised their target price on shares of First Solar from $210.00 to $250.00 and gave the company an “overweight” rating in a research note on Monday, December 2nd. Royal Bank of Canada cut their target price on First Solar from $315.00 to $280.00 and set an “outperform” rating for the company in a research report on Wednesday, October 30th. Mizuho raised shares of First Solar from a “neutral” rating to an “outperform” rating and upped their price target for the company from $218.00 to $259.00 in a report on Tuesday, February 11th. Janney Montgomery Scott raised First Solar from a “neutral” rating to a “buy” rating and set a $260.00 target price for the company in a report on Tuesday, October 29th. Finally, Evercore ISI lowered their price target on First Solar from $281.00 to $278.00 and set an “outperform” rating for the company in a research note on Wednesday, October 30th. Three analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $273.75.

About First Solar

First Solar, Inc, a solar technology company, provides photovoltaic (PV) solar energy solutions in the United States, France, Japan, Chile, and internationally. The company manufactures and sells PV solar modules with a thin film semiconductor technology that provides a lower-carbon alternative to conventional crystalline silicon PV solar modules.