Dallas, Texas 10/24/2013 (Financialstrend) – First Solar, Inc. (NASDAQ:FSLR) is a S&P 500 index tracked $4.73 billion market capitalized solar panel and specialized semi conductor producer. First Solar has seen its stock sore 16% in the last week of trading. Last week was not a aberration in terms of stock price appreciation. FSLR has seen the stock gain by 35% in the last month and by 125% in the last one year.
The latest rally was triggered by J.P. Morgan analyst comment that the solar panel manufacturer figures in the top 3 line up the rating agency has put together to stack rank strong players in the clean energy sector. J.P Morgan report goes on to add that it is pretty bullish about the company overhauling its own FY14 goals which were publicly announced last week. The other two solar companies which find a honorary mention in J.P. Morgan’s report are EnerNoc and SolarCity. The ragtag agency is kicked about the new project wins that First Solar has executed recently and also their success in managing to extend the service contract with existing clients, thus managing to post strong results.
FirstSolar was also a beneficiary of persistent speculation in the trade journals which talked about Carl Icahn upping his stake in the company and declaring his stake holding extent publically. The solar panel manufacturer had managed to post annual sales of $3.19 billion and a net income of $334 million. These impressive numbers were in spite of close to 45% dip in sales on a quarter on quarter compare during its 2Q operations. This resulted in weak profit margins and operating margins being reported in the same quarter. Share holders of the stock would be hoping to see the sales for 3Q go up dramatically since the company has announced winning few new projects with quick ramp up time frames.