Is it a good time to sell First Solar Inc. [FSLR] shares after an insider sold 26,553 shares?


First Solar Inc.’s recent filing unveils that its Chief Executive Officer Widmar Mark R unloaded Company’s shares for reported $5.49 million on Mar 03. In the deal valued at $206.70 per share,26,553 shares were sold. As a result of this transaction, Widmar Mark R now holds 108,413 shares worth roughly $ 23.02 million.

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Then, Dymbort Jason E. sold 1,610 shares, generating $322,338 in total proceeds. Upon selling the shares at $200.21, the General Counsel and Secretary now owns 5,039 shares.

Before that, KENNEDY R CRAIG sold 600 shares. First Solar Inc. shares valued at $75,408 were divested by the Director at a price of $125.68 per share. As a result of the transaction, KENNEDY R CRAIG now holds 18,888 shares, worth roughly $4.01 million.

UBS upgraded its First Solar Inc. [FSLR] rating to a Buy from a a Neutral in a research note published on Monday, March 03, 2023; the price target was increased to $250 from $140. PT values the company’s stock at a premium of 15.08 to its Monday closing price. A number of analysts have revised their coverage, including Evercore ISI’s analysts, who decreased its forecast for the stock in mid February from “an Outperform” to “an In-line”. BofA Securities also remained covering FSLR and has decreased its forecast on February 02, 2023 with a “Neutral” recommendation from previously “Buy” rating. Wells Fargo revised its rating on January 06, 2023. It rated FSLR as “an Overweight” which previously was an “an Equal weight”.

Price Performance Review of FSLR

On Monday, First Solar Inc. [NASDAQ:FSLR] saw its stock jump 1.04% to $212.30. On the same session, the stock had its day’s lowest price of $208.21, but rose to a high of $216.19. Over the last five days, the stock has gained 27.81%. First Solar Inc. shares have risen nearly 41.73% since the year began. Nevertheless, the stocks have risen 215.13% over the past one year. While a 52-week high of $211.47 was reached on 03/06/23, a 52-week low of $59.60 was recorded on 01/05/23. SMA at 50 days reached $168.31, while 200 days put it at $127.92. A total of 4.55 million shares were traded, compared to the trading of 6.61 million shares in the previous session.

Levels Of Support And Resistance For FSLR Stock

The 24-hour chart illustrates a support level at 208.28, which if violated will result in even more drops to 204.25. On the upside, there is a resistance level at 216.26. A further resistance level may holdings at 220.21. The Relative Strength Index (RSI) on the 14-day chart is 76.35, which indicates overbought technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 30.41, which suggests price will go up in the next trading period. Percent R suggests that price movement has been bullish at 6.57%. Stochastics %K at 96.09% indicates the stock is a selling.

How much short interest is there in First Solar Inc.?

A steep rise in short interest was recorded in First Solar Inc. stocks on Jan 12, 2023, dropping by -0.39 million shares to a total of 4.19 million shares. Yahoo Finance data shows the prior-month short interest on Dec 14, 2022 was 4.58 million shares. There was a decline of -9.31%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 4.53% of the overall stock float, the days-to-cover ratio (short ratio) fell to 1.26.

First Solar Inc. [FSLR] – Who Are The Largest Shareholders?

In filings from The Vanguard Group, Inc., it is revealed that the company now owns 11,242,306 shares, or roughly 10.55% of the outstanding FSLR shares. In other words, the investor’s shares have risen by 1,913,000 from its previous 13-F filing of 9329306.0. Additionally, BlackRock Fund Advisors decreased -29.09% of its stake after which the total value it holdings stand at $1,324,193,414, while SSgA Funds Management, Inc. added 31.66% of its stake to hold $725.94 million in the firm. Over the last quarter, Wellington Management Co. LLP sold -316,327 shares of First Solar Inc., while Invesco Capital Management LLC sold 543,701 shares. At present, BlackRock Advisors is holding 2,693,755 shares valued at $478.41 million. Fidelity Management & Research Co owned 2,683,310 shares of the company at the time of its most recent 13F filing, worth $476.56 million.

According to FactSet, First Solar Inc.’s share price will average $199.56 in the next year, based on opinions of analysts polled by the firm. This is down nearly -4.81 percent from its previous closing price of $210.11. Analysts expect First Solar Inc. stock to reach the higher price of $260.00, while the lowest price estimate is $46.80. However, 26 analysts have rated FSLR stock as an Overweight in their predictions for 2023. The most recent change occurred on December 23, 2022 when Daiwa Securities began covering the stock and recommended ‘”an Outperform”‘ rating along with a $175 price target.


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