Bank of America Reaffirms Neutral Rating for First Solar (FSLR)
First Solar (NASDAQ:FSLR)‘s stock had its “neutral” rating reissued by equities researchers at Bank of America in a research report issued to clients and investors on Thursday, MarketBeat.com reports. They presently have a $70.00 target price on the solar cell manufacturer’s stock. Bank of America’s price objective suggests a potential upside of 2.22% from the company’s previous close.
FSLR has been the topic of a number of other research reports. Goldman Sachs Group restated a “neutral” rating and set a $65.00 price target (up previously from $50.00) on shares of First Solar in a report on Thursday, November 30th. Vetr upgraded shares of First Solar from a “buy” rating to a “strong-buy” rating and set a $53.04 target price on the stock in a research note on Wednesday, October 11th. Deutsche Bank upgraded shares of First Solar from a “hold” rating to a “buy” rating and raised their target price for the company from $50.00 to $65.00 in a research note on Friday, September 15th. Axiom Securities reiterated a “buy” rating on shares of First Solar in a research note on Thursday, August 24th. Finally, Needham & Company LLC upgraded shares of First Solar from a “hold” rating to a “buy” rating and set a $60.00 target price on the stock in a research note on Friday, October 27th. Eleven research analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company. First Solar presently has an average rating of “Buy” and an average price target of $61.47.
First Solar (NASDAQ:FSLR) traded down $0.43 during trading on Thursday, hitting $68.48. 1,848,500 shares of the stock were exchanged, compared to its average volume of 2,791,866. The company has a market cap of $7,196.48, a P/E ratio of 16.89 and a beta of 2.03. The company has a quick ratio of 6.47, a current ratio of 6.85 and a debt-to-equity ratio of 0.06. First Solar has a fifty-two week low of $25.56 and a fifty-two week high of $71.80.
In related news, CEO Mark R. Widmar sold 20,270 shares of First Solar stock in a transaction dated Thursday, December 7th. The shares were sold at an average price of $64.40, for a total transaction of $1,305,388.00. Following the completion of the transaction, the chief executive officer now directly owns 100,754 shares of the company’s stock, valued at approximately $6,488,557.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.58% of the company’s stock.
A number of hedge funds have recently made changes to their positions in FSLR. Schroder Investment Management Group raised its stake in shares of First Solar by 12,600.7% in the second quarter. Schroder Investment Management Group now owns 1,679,286 shares of the solar cell manufacturer’s stock worth $67,306,000 after acquiring an additional 1,666,064 shares during the last quarter. Key Square Capital Management LLC bought a new position in shares of First Solar in the third quarter worth about $23,621,000. Ecofin Ltd. bought a new position in shares of First Solar in the second quarter worth about $19,485,000. Lord Abbett & CO. LLC bought a new position in shares of First Solar in the second quarter worth about $15,099,000. Finally, Gotham Asset Management LLC bought a new position in shares of First Solar in the second quarter worth about $14,135,000. 51.21% of the stock is owned by hedge funds and other institutional investors.
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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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