First Solar (NASDAQ:FSLR) has been given a $90.00 target price by analysts at Roth Capital in a research report issued to clients and investors on Friday, July 27th. The brokerage currently has a “buy” rating on the solar cell manufacturer’s stock. Roth Capital’s target price points to a potential upside of 70.49% from the company’s previous close.
A number of other research analysts also recently weighed in on FSLR. Bank of America raised First Solar from a “neutral” rating to a “buy” rating in a research note on Wednesday, April 18th. UBS Group raised their price objective on First Solar from $81.00 to $94.00 and gave the stock a “positive” rating in a research note on Monday, April 30th. ValuEngine raised First Solar from a “buy” rating to a “strong-buy” rating in a research note on Monday, April 2nd. Morgan Stanley dropped their price objective on First Solar from $64.00 to $61.00 and set an “equal weight” rating on the stock in a research note on Monday, July 16th. Finally, JMP Securities downgraded First Solar from an “outperform” rating to an “underperform” rating and dropped their price target for the company from $87.00 to $46.00 in a research note on Wednesday, June 6th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and ten have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $70.85.
Shares of FSLR stock traded down $1.66 during trading hours on Friday, hitting $52.79. The company had a trading volume of 1,230,757 shares, compared to its average volume of 1,730,766. First Solar has a 12 month low of $45.26 and a 12 month high of $81.72. The firm has a market cap of $5.71 billion, a P/E ratio of 20.38, a P/E/G ratio of 2.03 and a beta of 1.68. The company has a current ratio of 4.89, a quick ratio of 4.60 and a debt-to-equity ratio of 0.09.
First Solar (NASDAQ:FSLR) last released its quarterly earnings data on Thursday, July 26th. The solar cell manufacturer reported ($0.46) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.43). The company had revenue of $309.00 million during the quarter, compared to the consensus estimate of $509.19 million. First Solar had a negative net margin of 8.35% and a positive return on equity of 4.12%. The company’s revenue for the quarter was down 50.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.64 earnings per share. sell-side analysts forecast that First Solar will post 1.68 EPS for the current year.
In other news, insider Georges Antoun sold 3,142 shares of the stock in a transaction that occurred on Friday, June 22nd. The shares were sold at an average price of $52.69, for a total transaction of $165,551.98. Following the completion of the transaction, the insider now directly owns 74,533 shares of the company’s stock, valued at approximately $3,927,143.77. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Raffi Garabedian sold 4,159 shares of the stock in a transaction that occurred on Wednesday, August 1st. The shares were sold at an average price of $52.91, for a total transaction of $220,052.69. Following the transaction, the chief technology officer now directly owns 5,520 shares of the company’s stock, valued at $292,063.20. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 14,035 shares of company stock valued at $797,353. Company insiders own 0.54% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the company. Municipal Employees Retirement System of Michigan boosted its stake in shares of First Solar by 2.8% during the 1st quarter. Municipal Employees Retirement System of Michigan now owns 25,320 shares of the solar cell manufacturer’s stock valued at $1,797,000 after purchasing an additional 690 shares in the last quarter. Mason Street Advisors LLC boosted its stake in shares of First Solar by 2.0% during the 1st quarter. Mason Street Advisors LLC now owns 40,930 shares of the solar cell manufacturer’s stock valued at $2,905,000 after purchasing an additional 798 shares in the last quarter. Thrivent Financial for Lutherans boosted its stake in shares of First Solar by 4.6% during the 1st quarter. Thrivent Financial for Lutherans now owns 18,529 shares of the solar cell manufacturer’s stock valued at $1,315,000 after purchasing an additional 809 shares in the last quarter. Clean Yield Group boosted its stake in shares of First Solar by 4.7% during the 2nd quarter. Clean Yield Group now owns 22,155 shares of the solar cell manufacturer’s stock valued at $1,167,000 after purchasing an additional 993 shares in the last quarter. Finally, We Are One Seven LLC boosted its stake in shares of First Solar by 34.8% during the 1st quarter. We Are One Seven LLC now owns 3,949 shares of the solar cell manufacturer’s stock valued at $280,000 after purchasing an additional 1,020 shares in the last quarter. 51.62% of the stock is owned by hedge funds and other institutional investors.
About First Solar
First Solar, Inc provides photovoltaic solar energy solutions in the United States and internationally. It operates through two segments, Components and Systems. The Components segment designs, manufactures, and sells cadmium telluride solar modules that convert sunlight into electricity. This segment offers its products to integrators and operators.
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