The stock of First Solar, Inc. (NASDAQ:FSLR) is now priced at $78.42 and the shares are 1.83 points up or 2.39% higher compared to its previous closing price of $76.59. The stock had 1.076 million contracts set over the past session. FSLR shares’ daily volume is compared to its average trading volume at 1.466 million shares. However, it has a float of 76.01 million and although its performance was 1.36% over the week, it’s one to watch. Analysts have given the FSLR stock a yearly average price target of $66.31 per share. It means the stock’s downside potential is -15.44% with the FSLR share price recently placing at $76.4401 to $78.49. However, some brokerage firms have priced the stock below the average, including one that has called $35.8.
The shorts are running away from the First Solar, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the FSLR shares have declined. Short interest in the stock represents just 13.67% of its float, but the volume has dropped by -742050. The volume of shorted shares dropped to 10.391 million from 11.133 million shares over the last two weeks. The average intraday trading volume has been 1.87 million shares, which means that days to cover moved to roughly 5.556602.
In the last trading session, First Solar, Inc. (NASDAQ:FSLR) raised by $1.05 over the week and gained $14.38 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $81.87. The stock recorded its established 52-week high on 08/28/20.
Since 03/18/20, the stock has traded to a low of $28.47 at 175.45%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.54. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, First Solar, Inc.’s two-week RSI is 65.67. This suggests that the stock is neutral at the moment and that FSLR shares’ price movement remains stable. The stochastic readings are equally revealing at 67.87% meaning the FSLR share price is currently in neutral territory.
The technical chart shows that the FSLR stock will likely settle at between $79.13 and $79.83 per share. However, if the stock dips below $77.08, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $75.73.
Currently, the stock is trading in the green of MACD, with a reading of 1.4. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at BofA Securities raised their recommendation for FSLR from Neutral to Buy in August 07 review. ROTH Capital analysts downgraded their recommendation of the stock from Buy to Neutral while keeping its target price at $55 to $56 in a flash note released to investors on July 27. BofA/Merrill seeing the improvements upgraded the stock from Underperform to Neutral on March 31.
The average rating for the FSLR equity is 2.38 and is currently gathering a bullish momentum. Of 16 analysts tracking First Solar, Inc. polled by Reuters, 4 rated FSLR as a hold. The remaining 12 analysts were split evenly. However, the split wasn’t equal as a majority (10) rated it as a buy or strong buy. 2 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the FSLR stock price is 22.4X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 84.3 above the group’s average of 79.4. First Solar, Inc. has its P/E ratio at 1.6, which means that the stock is currently trading at a discount relative to the 4.3 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for First Solar, Inc. (NASDAQ:FSLR) will increase by about 7.96%, which will see them reach $693 million. The company’s full-year revenues are, however, expected to diminish by about -12.75%, down from $3060 million to $2670 million. FSLR’s expected adjusted earnings should surge almost 110.34% to end up at $0.61 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 93.24% to record $2.86/share.