First Solar (NASDAQ:FSLR – Get Rating) had its price target upped by stock analysts at Piper Sandler from $90.00 to $120.00 in a report released on Wednesday, The Fly reports. Piper Sandler’s price target suggests a potential upside of 20.34% from the company’s previous close.
Several other research analysts have also recently issued reports on FSLR. Roth Capital upped their price target on First Solar from $85.00 to $135.00 in a report on Friday, July 29th. Bank of America raised First Solar from an “underperform” rating to a “neutral” rating and upped their price target for the company from $63.00 to $104.50 in a report on Monday. Credit Suisse Group lowered their price objective on shares of First Solar to $77.00 in a research report on Monday, July 25th. Morgan Stanley lowered their price objective on shares of First Solar from $62.00 to $54.00 and set an “underweight” rating on the stock in a research report on Monday, June 13th. Finally, Robert W. Baird lifted their price objective on shares of First Solar from $98.00 to $119.00 in a research report on Friday, July 29th. Three analysts have rated the stock with a sell rating, twelve have given a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $96.45.
First Solar Price Performance
Shares of NASDAQ:FSLR opened at $99.72 on Wednesday. First Solar has a 12 month low of $59.60 and a 12 month high of $123.13. The stock has a market cap of $10.63 billion, a price-to-earnings ratio of 56.66, a PEG ratio of 4,715.17 and a beta of 1.49. The stock’s 50 day moving average price is $71.57 and its 200 day moving average price is $73.31. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.21 and a quick ratio of 3.20.
First Solar (NASDAQ:FSLR – Get Rating) last posted its quarterly earnings results on Thursday, July 28th. The solar cell manufacturer reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.61 by ($0.09). The company had revenue of $621.00 million during the quarter, compared to the consensus estimate of $606.45 million. First Solar had a net margin of 7.63% and a return on equity of 3.21%. First Solar’s quarterly revenue was down 1.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.77 EPS.
Insiders Place Their Bets
In other news, CFO Alexander R. Bradley bought 1,990 shares of the business’s stock in a transaction on Monday, August 1st. The stock was purchased at an average price of $100.56 per share, with a total value of $200,114.40. Following the transaction, the chief financial officer now directly owns 27,320 shares in the company, valued at $2,747,299.20. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, insider Michael Koralewski sold 1,822 shares of First Solar stock in a transaction dated Friday, July 1st. The stock was sold at an average price of $67.58, for a total transaction of $123,130.76. Following the sale, the insider now directly owns 1,007 shares of the company’s stock, valued at $68,053.06. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Alexander R. Bradley acquired 1,990 shares of First Solar stock in a transaction on Monday, August 1st. The stock was purchased at an average price of $100.56 per share, with a total value of $200,114.40. Following the transaction, the chief financial officer now directly owns 27,320 shares in the company, valued at approximately $2,747,299.20. The disclosure for this purchase can be found here. Insiders sold a total of 61,890 shares of company stock valued at $5,282,524 in the last quarter. Insiders own 0.54% of the company’s stock.
Institutional Trading of First Solar
A number of hedge funds have recently modified their holdings of FSLR. Allspring Global Investments Holdings LLC bought a new stake in shares of First Solar in the 4th quarter worth approximately $870,000. Commonwealth Equity Services LLC raised its holdings in shares of First Solar by 5.3% in the 4th quarter. Commonwealth Equity Services LLC now owns 40,137 shares of the solar cell manufacturer’s stock worth $3,498,000 after buying an additional 2,023 shares in the last quarter. Yousif Capital Management LLC acquired a new position in shares of First Solar in the 4th quarter worth approximately $4,513,000. Qube Research & Technologies Ltd acquired a new position in shares of First Solar in the 4th quarter worth approximately $6,349,000. Finally, Centaurus Financial Inc. acquired a new position in shares of First Solar in the 4th quarter worth approximately $324,000. Institutional investors own 75.42% of the company’s stock.
First Solar Company Profile
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First Solar, Inc provides photovoltaic (PV) solar energy solutions in the United State, Japan, France, Canada, India, Australia, and internationally. The company designs, manufactures, and sells cadmium telluride solar modules that converts sunlight into electricity. It serves developers and operators of systems, utilities, independent power producers, commercial and industrial companies, and other system owners.
Further Reading
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