JPMorgan Chase & Co. Reiterates Hold Rating for First Solar Inc. (FSLR)
First Solar Inc. (NASDAQ:FSLR)‘s stock had its “hold” rating reissued by investment analysts at JPMorgan Chase & Co. in a research note issued on Wednesday. They currently have a $53.00 target price on the solar cell manufacturer’s stock, down from their prior target price of $65.00. JPMorgan Chase & Co.’s target price points to a potential upside of 35.62% from the stock’s previous close.
A number of other equities research analysts have also weighed in on the stock. JMP Securities set a $32.00 target price on shares of First Solar and gave the stock a “sell” rating in a report on Saturday, September 17th. Standpoint Research reissued a “buy” rating and set a $54.00 target price on shares of First Solar in a report on Tuesday, September 6th. Argus lowered shares of First Solar from a “buy” rating to a “hold” rating and boosted their target price for the stock from $36.75 to $38.25 in a report on Wednesday, August 31st. Barclays PLC lowered shares of First Solar from an “overweight” rating to a “neutral” rating in a report on Thursday, August 25th. Finally, Goldman Sachs Group Inc. reduced their target price on shares of First Solar from $67.00 to $58.00 and set a “buy” rating on the stock in a report on Tuesday, August 16th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and twelve have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $57.88.
Shares of First Solar (NASDAQ:FSLR) traded up 1.66% during midday trading on Wednesday, hitting $39.73. 1,617,004 shares of the stock traded hands. First Solar has a 52 week low of $33.74 and a 52 week high of $74.29. The stock has a market capitalization of $4.07 billion, a P/E ratio of 5.85 and a beta of 1.86. The firm has a 50-day moving average price of $37.28 and a 200-day moving average price of $49.53.
First Solar (NASDAQ:FSLR) last posted its earnings results on Wednesday, August 3rd. The solar cell manufacturer reported $0.87 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.55 by $0.32. First Solar had a net margin of 17.45% and a return on equity of 13.78%. The firm had revenue of $934.40 million for the quarter, compared to analyst estimates of $862.68 million. During the same period in the previous year, the firm posted $0.93 EPS. The company’s revenue for the quarter was up 4.2% compared to the same quarter last year. On average, equities analysts predict that First Solar will post $4.25 earnings per share for the current fiscal year.
In other news, EVP Christopher Bueter sold 29,384 shares of the stock in a transaction dated Friday, August 5th. The shares were sold at an average price of $44.23, for a total value of $1,299,654.32. Following the sale, the executive vice president now directly owns 17,718 shares of the company’s stock, valued at $783,667.14. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Philip Dejong sold 67,251 shares of the stock in a transaction dated Friday, August 5th. The stock was sold at an average price of $44.28, for a total transaction of $2,977,874.28. Following the completion of the sale, the chief operating officer now directly owns 45,499 shares in the company, valued at $2,014,695.72. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by insiders.
Large investors have recently made changes to their positions in the company. BOKF NA increased its stake in shares of First Solar by 3.8% in the second quarter. BOKF NA now owns 2,202 shares of the solar cell manufacturer’s stock worth $106,000 after buying an additional 81 shares during the last quarter. LS Investment Advisors LLC increased its stake in shares of First Solar by 27.2% in the second quarter. LS Investment Advisors LLC now owns 2,782 shares of the solar cell manufacturer’s stock worth $135,000 after buying an additional 595 shares during the last quarter. Signature Estate & Investment Advisors LLC purchased a new stake in shares of First Solar during the second quarter worth about $141,000. Pacad Investment Ltd. purchased a new stake in shares of First Solar during the second quarter worth about $141,000. Finally, Northwestern Mutual Investment Management Company LLC increased its stake in shares of First Solar by 0.4% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 2,924 shares of the solar cell manufacturer’s stock worth $142,000 after buying an additional 11 shares during the last quarter. 57.50% of the stock is currently owned by hedge funds and other institutional investors.
About First Solar
First Solar, Inc is a provider of photovoltaic (PV) solar energy solutions. The Company designs, manufactures and sells PV solar modules with thin-film semiconductor technology, and also develops, designs, constructs and sells PV solar power solutions. The Company operates through two segments: components and systems.
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