First Solar, Inc. (FSLR) Upgraded to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of First Solar, Inc. (NASDAQ:FSLR) from a hold rating to a buy rating in a research note published on Monday. The brokerage currently has $51.00 target price on the solar cell manufacturer’s stock.
According to Zacks, “First Solar continues to focus on retaining its competitive edge and aims to further consolidate its position in the market. Its constant product innovation efforts will continue to attract customers and expand its revenue stream. Moreover, the company outperformed the broader industry in the last year. However, President Trump’s recent walk out from the landmark Paris deal, apart from initiatives to repeal the Clean Power Plan and boosting coal production has kept the entire solar industry under immense pressure.”
Several other research firms have also commented on FSLR. JMP Securities reaffirmed an outperform rating and set a $50.00 target price (down from $67.00) on shares of First Solar in a report on Tuesday, September 26th. Roth Capital reissued a buy rating and issued a $60.00 price target on shares of First Solar in a report on Tuesday, September 26th. Vetr downgraded First Solar from a hold rating to a sell rating and set a $49.20 price target on the stock. in a report on Monday, September 25th. Deutsche Bank AG upgraded First Solar from a hold rating to a buy rating and boosted their price objective for the company from $50.00 to $65.00 in a research report on Friday, September 15th. Finally, Cowen and Company restated a buy rating and set a $57.00 price objective on shares of First Solar in a research report on Sunday, September 3rd. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and eleven have assigned a buy rating to the company. The company currently has an average rating of Hold and a consensus price target of $44.89.
Shares of First Solar (NASDAQ FSLR) opened at 47.18 on Monday. First Solar has a 52-week low of $25.56 and a 52-week high of $53.00. The firm’s 50-day moving average price is $47.76 and its 200-day moving average price is $39.32. The firm’s market capitalization is $4.93 billion.
First Solar (NASDAQ:FSLR) last released its quarterly earnings data on Thursday, July 27th. The solar cell manufacturer reported $0.64 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $623.00 million for the quarter, compared to analyst estimates of $591.55 million. During the same quarter in the prior year, the business earned $0.87 earnings per share. First Solar’s quarterly revenue was down 38.7% on a year-over-year basis. On average, equities analysts predict that First Solar will post $2.11 earnings per share for the current fiscal year.
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In related news, COO Philip Dejong sold 21,091 shares of First Solar stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $49.73, for a total value of $1,048,855.43. Following the transaction, the chief operating officer now owns 23,646 shares of the company’s stock, valued at approximately $1,175,915.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Paul J. Kaleta sold 23,696 shares of First Solar stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $49.69, for a total value of $1,177,454.24. Following the completion of the transaction, the executive vice president now directly owns 14,510 shares in the company, valued at approximately $721,001.90. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 94,674 shares of company stock valued at $4,655,846. 0.58% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Benjamin F. Edwards & Company Inc. lifted its stake in First Solar by 57.6% during 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 in the last quarter. Fiduciary Trust Co. acquired a new position in shares of First Solar in the second quarter worth about $128,000. NEXT Financial Group Inc boosted its holdings in shares of First Solar by 23.9% in the second quarter. NEXT Financial Group Inc now owns 5,050 shares of the solar cell manufacturer’s stock worth $201,000 after buying an additional 975 shares during the period. Parsec Financial Management Inc. acquired a new position in shares of First Solar in the second quarter worth about $204,000. Finally, Garner Asset Management Corp acquired a new position in shares of First Solar in the second quarter worth about $208,000. 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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