Oversold shares of First Solar (FSLR) look interesting again.
After pulling back from about $300 to $216, the solar stock appears to have caught strong support at its 100-day moving average. Plus, it’s starting to slowly pivot higher from over-extensions on RSI, MACD and Williams’ %R.
Helping, the company just beat second quarter earnings, and more than doubled its bottom line year over year. Q2 net income jumped to $349 million, or $3.25 a share from $171 million, or $1.59 a share year over year. Revenue jumped 25% to $.01 billion.
Also, as noted by Seeking Alpha:
Strong results were supported by a pull forward of 45X tax credits, Morgan Stanley analyst Andrew Percoco wrote; he expects “pricing upside to materialize in 2H24/early 2025 and see a strong buying opportunity following the recent selloff.”