Sunday, June 26, 2022

Insider Selling: KENNEDY R CRAIG, First Solar Inc. [FSLR] Director divested 600 shares

Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. First Solar Inc. shares valued at $37,500 were sold by KENNEDY R CRAIG on Jun 15. At $62.50 per share, KENNEDY R CRAIG sold 600 shares. The insider’s holdings dropped to 20,397 shares worth approximately $1.38 million following the completion of this transaction.

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Also, Gloeckler Markus sold 980 shares, netting a total of over 71,677 in proceeds. Following the sale of shares at $73.14 each, the insider now holds 2,656 shares.

Before that, Dymbort Jason E. had sold 3,430 shares from its account. In a trade valued at $242,192, the General Counsel and Secretary traded First Solar Inc. shares for $70.61 each. Upon closing the transaction, the insider’s holdings decreased to 3,430 shares, worth approximately $0.23 million.

As published in a research note from Piper Sandler on May 13, 2022, First Solar Inc. [FSLR] has been rated up from a Neutral to an Overweight and the price target has been revised to $90 from $80. This represents a 24.89% premium over Wednesday’s closing price. Analysts at BofA Securities downgraded the stock from ‘”a Neutral”‘ to ‘”an Underperform”‘ outlook in a report released in early April. As of March 02, 2022, Wolfe Research has reiterated its “Peer perform” rating for FSLR. Earlier on March 02, 2022, UBS resumed its rating. Their recommendation was “a Neutral” for FSLR stock.

Analyzing FSLR’s Price Performance

On Wednesday, First Solar Inc. [NASDAQ: FSLR] plunged -0.88% to $67.60. The stock’s lowest price that day was $66.664, but it reached a high of $68.74 in the same session. During the last five days, there has been a surge of approximately 9.12%. Over the course of the year, First Solar Inc. shares have dropped approximately -22.44%. Shares of the company reached a 52-week high of $91.36 on 01/04/22 and a 52-week low of $59.60 on 05/12/22. A 50-day SMA is recorded $70.36, while a 200-day SMA reached $85.46. Nevertheless, trading volume fell to 1.47 million shares from 2.21 million shares the previous day.

Support And Resistance Levels for First Solar Inc. (FSLR)

According to the 24-hour chart, there is a support level at 66.60, which, if violated, would cause prices to drop to 65.59. In the upper region, resistance lies at 68.67. The next price resistance is at 69.74. RSI (Relative Strength Index) is 48.74 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.80, which suggests the price will decrease in the coming days. Percent R is at 57.18%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.

Which companies own the most shares of First Solar Inc. (FSLR)?

According to BlackRock Fund Advisors filings, the company currently owns 9,921,198 shares, which is about 9.31% of the total FSLR shares outstanding. The investor’s shares have appreciated by 95,859 from its previous 13-F filing of 9825339.0 shares. With the completion of the buy, The Vanguard Group, Inc.’s stake is now worth $638,884,364. SSgA Funds Management, Inc. acquire a 1.90% interest valued at $228.12 million while Wellington Management Co. LLP sold a -5,256,470 stake. A total of -166,724 shares of First Solar Inc. were sold by Invesco Capital Management LLC during the quarter, and 277,886 were bought by Norges Bank Investment Management. In its current portfolio, Schroder Investment Management Lt holds 2,222,958 shares valued at $156.96 million.

In terms of First Solar Inc. share price expectations, FactSet research, analysts set an average price target of $79.82 in the next 12 months, up nearly 18.11% from the previous closing price of $68.20. Analysts anticipate First Solar Inc. stock to reach $120.00 by 2022, with the lowest price target being $53.00. In spite of this, 24 analysts ranked First Solar Inc. stock as a Hold at the end of 2022. On March 02, 2022, Susquehanna assigned a price target of “a Positive” to the stock and reiterated coverage with a $120.

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