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A Bullish 2022 Outlook For First Solar Inc. (NASDAQ: FSLR) Shares

First Solar Inc. (NASDAQ:FSLR) shares, rose in value on Friday, August 05, with the stock price up by 2.59% to the previous day’s close as strong demand from buyers drove the stock to $101.74.

Actively observing the price movement in the recent trading, the stock is buoying the session at $99.17, falling within a range of $96.00 and $99.87. The value of beta (5-year monthly) is 1.33 whereas the PE ratio is 49.22 over 12-month period. Referring to stock’s 52-week performance, its high was $123.12, and the low was $59.60. On the whole, FSLR has fluctuated by 49.89% over the past month.

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With the market capitalization of First Solar Inc. currently standing at about $8.18 billion, investors are eagerly awaiting this quarter’s results, scheduled for Apr 27, 2022 – May 02, 2022. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be $0.54, which is expected to increase to -$0.05 for fiscal year -$0.09 and then to about $2.09 by fiscal year 2023. Data indicates that the EPS growth is expected to be -102.10% in 2023, while the next year’s EPS growth is forecast to be 2,422.20%.

Analysts have estimated the company’s revenue for the quarter at $692.09 million, with a low estimate of $640.66 million and a high estimate of $746 million. Wall Street analysts also predicted that in 2023, the company’s y-o-y revenues would reach $2.48 billion, representing a decrease of -15.30% from the revenues reported in the last year’s results.

Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were 3 upward and no downward review(s) in last seven days. We see that FSLR’s technical picture suggests that short-term indicators denote the stock is a 50% Buy on average. However, medium term indicators have put the stock in the category of 50% Sell while long term indicators on average have been pointing out that it is a 50% Buy.

25 analyst(s) have assigned their ratings of the stock’s forecast evaluation on a scale of 1.00-5.00 to indicate a strong buy to a strong sell recommendation. The stock is rated as a Hold by 15 analyst(s), 6 recommend it as a Buy and 1 called the FSLR stock Overweight. In the meantime, 0 analyst(s) believe the stock as Underweight and 3 think it is a Sell. Thus, investors eager to increase their holdings of the company’s stock will have an opportunity to do so as the average rating for the stock is Hold.

The stock’s technical analysis shows that the PEG ratio is about 0, with the price of FSLR currently trading nearly 28.74% and 40.01% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 79.63, while the 7-day volatility ratio is showing 6.67% which for the 30-day chart, stands at 5.49%. Furthermore, First Solar Inc. (FSLR)’s beta value is 1.40, and its average true range (ATR) is 4.93. The company’s stock has been forecasted to trade at an average price of $95.64 over the course of the next 52 weeks, with a low of $54.00 and a high of $135.00. Based on these price targets, the low is 46.92% off current price, whereas the price has to move -32.69% to reach the yearly target high. Additionally, analysts’ median price of $88.50 is likely to be welcomed by investors because it represents an increase of 13.01% from the current levels.

A comparison of First Solar Inc. (FSLR) with its peers suggests the former has fared considerably weaker in the market. FSLR showed an intraday change of 2.59% in today’s session so far, and over the past year, it grew by 7.55%%. Additionally, there is a gain of 4.56% for SolarEdge Technologies Inc. (SEDG) in recent trading while the stock has seen an overall depriciation of 5.63%% over the past year. The PE ratio stands at 49.22 for First Solar Inc. Other than that, the overall performance of the S&P 500 during the today’s session so far shows that it lost -0.23%. Meanwhile, the Dow Jones Industrial Slipped by -0.07%.

Data on historical trading for First Solar Inc. (NASDAQ:FSLR) indicates that the trading volumes over the past 10 days have averaged 3.31 million and over the past 3 months, they’ve averaged 1.80 million. According to company’s latest data on outstanding shares, there are 106.59 million shares outstanding.

Nearly 0.30% of First Solar Inc.’s shares belong to company insiders and institutional investors own 79.50% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 3.71 million shares as on Jul 14, 2022, resulting in a short ratio of 2.16. According to the data, the short interest in First Solar Inc. (FSLR) stood at 3.48% of shares outstanding as of Jul 14, 2022; the number of short shares registered in Jun 14, 2022 reached 4.17 million. The stock has risen by 13.78% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the FSLR stock heading into the next quarter.

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