Cowen and Company Reiterates “$57.00” Price Target for First Solar, Inc. (FSLR)
First Solar, Inc. (NASDAQ:FSLR) has been given a $57.00 price objective by Cowen and Company in a research note issued on Saturday, July 29th. The firm presently has a “buy” rating on the solar cell manufacturer’s stock. Cowen and Company’s price objective would suggest a potential upside of 20.18% from the stock’s previous close.
A number of other research firms have also commented on FSLR. Bank of America Corporation reaffirmed a “buy” rating and set a $54.00 price objective (up from $38.00) on shares of First Solar in a research note on Wednesday, July 26th. Vetr lowered shares of First Solar from a “strong-buy” rating to a “buy” rating and set a $47.53 price objective for the company. in a research note on Monday, July 17th. Roth Capital set a $40.00 price objective on shares of First Solar and gave the company a “buy” rating in a research note on Wednesday, May 3rd. Robert W. Baird lowered shares of First Solar from an “outperform” rating to a “neutral” rating and upped their price objective for the company from $35.00 to $38.00 in a research note on Thursday, May 18th. Finally, Axiom Securities raised shares of First Solar from a “hold” rating to a “buy” rating and upped their price objective for the company from $45.40 to $51.00 in a research note on Wednesday, July 19th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating and nine have given a buy rating to the company. First Solar presently has an average rating of “Hold” and a consensus target price of $43.35.
First Solar (NASDAQ:FSLR) opened at 47.43 on Friday. The firm’s market cap is $4.95 billion. First Solar has a 12 month low of $25.56 and a 12 month high of $50.21. The firm’s 50-day moving average is $43.40 and its 200-day moving average is $35.47.
First Solar (NASDAQ:FSLR) last posted its quarterly earnings data on Thursday, July 27th. The solar cell manufacturer reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.60. First Solar had a negative net margin of 18.80% and a positive return on equity of 6.43%. The company had revenue of $623 million during the quarter, compared to analyst estimates of $591.55 million. During the same period in the prior year, the firm earned $0.87 earnings per share. The business’s quarterly revenue was down 38.7% on a year-over-year basis. Equities analysts expect that First Solar will post $2.11 earnings per share for the current year.
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In other news, CEO Mark R. Widmar sold 43,189 shares of the business’s stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $48.55, for a total transaction of $2,096,825.95. Following the completion of the transaction, the chief executive officer now directly owns 107,454 shares in the company, valued at approximately $5,216,891.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Bryan Robert Schumaker sold 1,235 shares of First Solar stock in a transaction dated Friday, June 23rd. The shares were sold at an average price of $40.00, for a total value of $49,400.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 95,909 shares of company stock valued at $4,705,246. 0.40% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of FSLR. Benjamin F. Edwards & Company Inc. raised its position in First Solar by 57.6% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 2,600 shares of the solar cell manufacturer’s stock valued at $104,000 after buying an additional 950 shares during the period. Amica Retiree Medical Trust raised its position in First Solar by 814.5% in the first quarter. Amica Retiree Medical Trust now owns 4,097 shares of the solar cell manufacturer’s stock valued at $111,000 after buying an additional 3,649 shares during the period. Fiduciary Trust Co. acquired a new position in First Solar during the second quarter worth $128,000. LS Investment Advisors LLC raised its position in First Solar by 36.7% in the first quarter. LS Investment Advisors LLC now owns 5,275 shares of the solar cell manufacturer’s stock worth $143,000 after buying an additional 1,417 shares during the last quarter. Finally, Trust Co. of Vermont raised its position in First Solar by 27.8% in the first quarter. Trust Co. of Vermont now owns 5,477 shares of the solar cell manufacturer’s stock worth $149,000 after buying an additional 1,190 shares during the last quarter. 60.75% of the stock is currently owned by hedge funds and other institutional investors.
First Solar Company Profile
First Solar, Inc is a provider of photovoltaic (PV) solar energy solutions. The Company designs, manufactures and sells PV solar modules with a thin-film semiconductor technology. The Company also develops, designs, constructs and sells PV solar power systems that primarily use the modules it manufactures.
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