First Solar, Inc. (NASDAQ:FSLR) Short Interest Update

First Solar, Inc. (NASDAQ:FSLR) saw a large increase in short interest in the month of October. As of October 31st, there was short interest totalling 11,470,000 shares, an increase of 6.5% from the September 30th total of 10,770,000 shares. Currently, 15.2% of the company’s shares are sold short. Based on an average daily volume of 1,370,000 shares, the days-to-cover ratio is presently 8.4 days.

A number of analysts have recently commented on the company. UBS Group set a $73.00 price objective on First Solar and gave the stock a “buy” rating in a report on Friday, October 25th. BidaskClub upgraded First Solar from a “sell” rating to a “hold” rating in a report on Tuesday, September 24th. JPMorgan Chase & Co. set a $82.00 price objective on First Solar and gave the stock a “buy” rating in a report on Tuesday, October 15th. Barclays set a $72.00 price objective on First Solar and gave the stock a “buy” rating in a report on Friday, October 25th. Finally, Cowen set a $83.00 price objective on First Solar and gave the stock a “buy” rating in a report on Friday, October 25th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. First Solar has an average rating of “Buy” and an average target price of $70.92.

In other news, CTO Raffi Garabedian sold 16,370 shares of the company’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $53.18, for a total transaction of $870,556.60. Following the completion of the sale, the chief technology officer now directly owns 190 shares in the company, valued at approximately $10,104.20. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Georges Antoun sold 8,476 shares of the company’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $61.83, for a total value of $524,071.08. Following the sale, the insider now owns 73,320 shares of the company’s stock, valued at $4,533,375.60. The disclosure for this sale can be found here. In the last three months, insiders have sold 41,798 shares of company stock worth $2,351,907. Corporate insiders own 0.72% of the company’s stock.

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A number of hedge funds and other institutional investors have recently modified their holdings of FSLR. Meridian Wealth Management LLC bought a new position in First Solar in the second quarter worth about $25,000. Valeo Financial Advisors LLC acquired a new stake in shares of First Solar in the third quarter valued at approximately $43,000. Usca Ria LLC acquired a new stake in shares of First Solar in the third quarter valued at approximately $46,000. NumerixS Investment Technologies Inc acquired a new stake in shares of First Solar in the second quarter valued at approximately $79,000. Finally, Destination Wealth Management acquired a new stake in shares of First Solar in the second quarter valued at approximately $91,000. 61.88% of the stock is currently owned by hedge funds and other institutional investors.

NASDAQ FSLR traded up $0.82 during trading hours on Friday, hitting $53.36. The company had a trading volume of 920,300 shares, compared to its average volume of 1,435,435. The company has a debt-to-equity ratio of 0.09, a current ratio of 4.00 and a quick ratio of 3.24. The firm’s 50 day moving average is $55.20 and its 200 day moving average is $60.92. First Solar has a fifty-two week low of $38.45 and a fifty-two week high of $69.24. The company has a market capitalization of $5.60 billion, a price-to-earnings ratio of 39.24, a P/E/G ratio of 0.94 and a beta of 1.26.

First Solar (NASDAQ:FSLR) last issued its earnings results on Thursday, October 24th. The solar cell manufacturer reported $0.29 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.06 by ($0.77). First Solar had a negative return on equity of 0.07% and a negative net margin of 0.14%. The business had revenue of $547.00 million during the quarter, compared to the consensus estimate of $995.41 million. During the same period in the prior year, the business earned $0.54 EPS. The business’s revenue was down 19.1% on a year-over-year basis. On average, equities analysts anticipate that First Solar will post 2.44 EPS for the current year.

About First Solar

First Solar, Inc provides photovoltaic (PV) solar energy solutions in the United States and internationally. It operates in two segments, Modules and Systems. The Components segment designs, manufactures, and sells cadmium telluride solar modules that convert sunlight into electricity. This segment offers its products to integrators and operators of PV solar power systems.

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