Long Position on FSLR @ $127.00 on 9/2/2022 (Momentum)

First Solar (FSLR) is a leading global provider of comprehensive photovoltaic solar energy solutions which use its advanced module and system technology. 

The Company’s integrated power plant solutions deliver an economically attractive alternative to fossil-fuel electricity generation today.

From raw material sourcing through end-of-life module recycling, First Solar’s renewable energy solutions protect and enhance the environment.

Shares have formed a bullish "cup and handle" following the company's latest quartery report. 

On July 28th, First Solar reported 2nd Quarter June 2022 earnings of $0.52 per share on revenue of $621.0 million. The consensus earnings estimate was $0.30 per share on revenue of $596.8 million.

The company said it expects 2022 results to range from a loss of $0.25 per share to earnings of $0.25 per share on revenue of $2.55 billion to $2.80 billion. The company's previous guidance was for results to range from breakeven to earnings of $0.60 per share on revenue of $2.40 billion to $2.60 billion and the current consensus earnings estimate is $0.34 per share on revenue of $2.47 billion for the year ending December 31, 2022.

Higher share prices are expected.

Entry Point: $127.00

Stop Loss: $115.00

Trading Range: $59.60 to $130.25

Target Price: $139.00

Position closed on 9/21/2022 at price of $140.00 with a 10.24% gain in 19 days.

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