First Solar, Inc. (NASDAQ:FSLR) shares are trending on Friday.
Shares of the Phoenix-based solar technology company jumped 7.73% to $263 in after-hours trading on Thursday after the Trump administration unveiled Section 232 trade measures targeting Chinese polysilicon imports, a move strongly backed by First Solar.
Trump Administration Targets China’s Polysilicon Grip
First Solar announced on Thursday that it strongly supports the Trump Administration’s Section 232 action under the Trade Expansion Act, aimed at curbing imports of polysilicon and its derivatives. China currently controls more than 90% of global polysilicon supply, the company said, a concentration it called a security risk tied to forced labor exposure and anti-competitive pricing.
CEO Mark Widmar called the measure “one of the most strategically significant trade measures in decades.” He said the action includes a minimum import price and an ad valorem tariff, with enforcement mechanisms designed to close loopholes exploited by China-linked supply chains.
Domestic Manufacturing Push Continues
First Solar operates five US manufacturing plants in Alabama, Louisiana and Ohio, with a sixth under construction in South Carolina.
The company expects to invest over $5 billion in domestic manufacturing and R&D by year-end, targeting approximately 17 GW of US module capacity by 2027, none dependent on Chinese crystalline silicon supply chains.
What You Should Know
On Monday, Citigroup‘s (NYSE:C) Vikram Bagri maintained a Buy rating, raising his price target to $297 from $294. Guggenheim‘s (NYSE: GOF) Joseph Osha also kept a Buy rating, lifting his target to $282 from $279.
In late July, First Solar posted mixed second-quarter results. Earnings of $3.92 per share topped estimates by 37.06%, while revenue of $1.056 billion narrowly missed the $1.062 billion estimate.
Trading Metrics, Technical Analysis
First Solar has a market capitalization of about $26.24 billion. Over the past 52 weeks, its stock has traded as high as $320.95 and as low as $176.47. The company has 107.47 million shares outstanding.
FSLR has a Relative Strength Index (RSI) of 61.48.
Over the past 12 months, the stock has gained 31.96%.
The stock is trading at about 46% of its 52-week range, placing it around the middle of its 52-week high-to-low range.
Price Action: FSLR closed the regular session on Thursday at $244.14, up 3.10%, according to Benzinga Pro data.
Benzinga’s Edge Stock Rankings indicate that FSLR is experiencing short-term consolidation along with medium and long-term upward movement.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo Courtesy: Gorodenkoff on Shutterstock.com
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