First Solar (NASDAQ:FSLR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The firm presently has a $70.00 price target on the solar cell manufacturer’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 7.30% from the stock’s current price.

According to Zacks, “First Solar continues to focus on retaining its competitive edge and aims to further consolidate its position in the solar market. In fact, First Solar’s constant product innovation efforts will continue to attract customers and expand its revenue stream. It is able to develop economically sustainable businesses as it has established its expertise in PV generation solutions as well as in other areas of the solar-value chain. The company also outperformed the broader industry in the last year. However, the company faces intense competition from manufacturers of crystalline-silicon solar modules, and other types of solar modules and PV systems.”

A number of other brokerages have also recently issued reports on FSLR. ValuEngine upgraded First Solar from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Vetr cut First Solar from a “strong-buy” rating to a “buy” rating and set a $51.52 price target on the stock. in a research note on Wednesday, October 18th. Guggenheim restated a “neutral” rating on shares of First Solar in a research note on Thursday, January 18th. They noted that the move was a valuation call. Bank of America assumed coverage on First Solar in a research note on Thursday, December 14th. They issued a “neutral” rating and a $70.00 price target on the stock. Finally, BidaskClub cut First Solar from a “buy” rating to a “hold” rating in a research note on Friday, February 2nd. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and eleven have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $66.60.

Shares of First Solar (NASDAQ FSLR) opened at $65.24 on Tuesday. First Solar has a 12 month low of $25.56 and a 12 month high of $76.61. The stock has a market capitalization of $6,706.69, a P/E ratio of 15.74 and a beta of 2.09. The company has a debt-to-equity ratio of 0.06, a quick ratio of 6.47 and a current ratio of 6.85.

In other First Solar news, CEO Mark R. Widmar sold 20,270 shares of the stock in a transaction on Thursday, December 7th. The stock was sold at an average price of $64.40, for a total transaction of $1,305,388.00. Following the transaction, the chief executive officer now owns 100,754 shares in the company, valued at approximately $6,488,557.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Raffi Garabedian sold 11,284 shares of the stock in a transaction on Monday, December 18th. The stock was sold at an average price of $70.06, for a total value of $790,557.04. Following the transaction, the insider now owns 9,227 shares in the company, valued at approximately $646,443.62. The disclosure for this sale can be found here. Insiders have sold a total of 46,858 shares of company stock worth $3,134,015 in the last quarter. Company insiders own 0.58% of the company’s stock.

Hedge funds have recently bought and sold shares of the business. Thompson Davis & CO. Inc. bought a new position in First Solar during the 4th quarter worth $101,000. NuWave Investment Management LLC bought a new position in First Solar during the 4th quarter worth $162,000. Cigna Investments Inc. New bought a new position in First Solar during the 4th quarter worth $201,000. WealthTrust Fairport LLC bought a new position in First Solar during the 4th quarter worth $203,000. Finally, Eagle Ridge Investment Management bought a new position in First Solar during the 4th quarter worth $204,000. Hedge funds and other institutional investors own 51.00% of the company’s stock.

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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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