First Solar Sitting at Session Highs; Stock Up 24%

First Solar FSLR is sitting at new session highs heading into the final hour of trade on Tuesday. The stock was last trading up over 24% to $15.30. The catalyst for the move in the stock was the announcement that AGL Energy Limited, as part of Australia's Solar Flagships Program, has chosen the company to design, construct and maintain two utility-scale solar photovoltaic (PV) power projects totaling 159 megawatts AC (MW). First Solar shares have been crushed over the last year as a result of company-specific issues in combination with a devastating atmosphere within the solar industry. The stock has lost 87% over the last 52-weeks and is down more than 54% in 2012 alone. What is interesting about FSLR at current levels, and in light of today's bullish announcement, is its massive short interest which stands at over 40% of the stock's float. Short covering is likely adding to the momentum in the name on Tuesday and this phenomenon could result in more sharp gains for the stock this week.