First Solar, Inc. (FSLR) Upgraded at Deutsche Bank AG
Deutsche Bank AG upgraded shares of First Solar, Inc. (NASDAQ:FSLR) from a hold rating to a buy rating in a report released on Friday morning, Marketbeat.com reports. Deutsche Bank AG currently has $65.00 target price on the solar cell manufacturer’s stock, up from their prior target price of $50.00.
Several other analysts have also recently issued reports on FSLR. Robert W. Baird cut First Solar from an outperform rating to a neutral rating and increased their target price for the company from $35.00 to $38.00 in a research report on Thursday, May 18th. JMP Securities raised First Solar from a market perform rating to an outperform rating and set a $53.00 target price on the stock in a research report on Wednesday, May 24th. ValuEngine cut First Solar from a buy rating to a hold rating in a research report on Friday, June 2nd. BidaskClub raised First Solar from a hold rating to a buy rating in a research report on Wednesday, June 28th. Finally, Zacks Investment Research cut First Solar from a hold rating to a sell rating in a research report on Tuesday, July 4th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating and eleven have assigned a buy rating to the stock. The company has a consensus rating of Hold and an average price target of $45.56.
Shares of First Solar (NASDAQ FSLR) opened at 50.45 on Friday. The company’s market capitalization is $5.27 billion. First Solar has a 12 month low of $25.56 and a 12 month high of $51.84. The stock has a 50 day moving average price of $47.87 and a 200-day moving average price of $38.11.
First Solar (NASDAQ:FSLR) last announced its earnings results on Thursday, July 27th. The solar cell manufacturer reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.60. The business had revenue of $623.00 million for the quarter, compared to analysts’ expectations of $591.55 million. First Solar had a positive return on equity of 6.43% and a negative net margin of 18.80%. The business’s revenue for the quarter was down 38.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.87 EPS. Analysts expect that First Solar will post $2.11 earnings per share for the current fiscal year.
In related news, CFO Alexander R. Bradley sold 566 shares of the company’s stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $48.66, for a total value of $27,541.56. Following the transaction, the chief financial officer now directly owns 963 shares in the company, valued at $46,859.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Bryan Robert Schumaker sold 1,235 shares of the company’s stock in a transaction that occurred on 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 have sold 95,909 shares of company stock worth $4,705,246. Insiders own 0.58% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in FSLR. Profund Advisors LLC purchased a new stake in First Solar in the first quarter valued at approximately $432,000. ProShare Advisors LLC raised its position in First Solar by 4.9% in the first quarter. ProShare Advisors LLC now owns 13,504 shares of the solar cell manufacturer’s stock valued at $366,000 after purchasing an additional 633 shares during the period. Janney Montgomery Scott LLC raised its position in First Solar by 8.0% in the first quarter. Janney Montgomery Scott LLC now owns 9,800 shares of the solar cell manufacturer’s stock valued at $266,000 after purchasing an additional 730 shares during the period. Oregon Public Employees Retirement Fund raised its position in First Solar by 359.3% in the first quarter. Oregon Public Employees Retirement Fund now owns 35,976 shares of the solar cell manufacturer’s stock valued at $975,000 after purchasing an additional 28,143 shares during the period. Finally, Canada Pension Plan Investment Board raised its position in First Solar by 183.6% in the first quarter. Canada Pension Plan Investment Board now owns 48,500 shares of the solar cell manufacturer’s stock valued at $1,314,000 after purchasing an additional 31,400 shares during the period. Hedge funds and other institutional investors own 53.08% of the company’s stock.
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 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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