Brean Capital Reiterates Buy Rating for First Solar (FSLR)
First Solar (NASDAQ:FSLR)‘s stock had its “buy” rating restated by stock analysts at Brean Capital in a report issued on Wednesday, Analyst Ratings.Net reports. They currently have a $83.00 price objective on the stock. Brean Capital’s target price suggests a potential upside of 31.31% from the stock’s previous close.
In other First Solar news, CEO James Alton Hughes sold 16,000 shares of First Solar stock in a transaction dated Thursday, May 8th. The stock was sold at an average price of $64.12, for a total value of $1,025,920.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
First Solar (NASDAQ:FSLR) opened at 63.21 on Wednesday. First Solar has a 52-week low of $35.59 and a 52-week high of $74.84. The stock’s 50-day moving average is $68.81 and its 200-day moving average is $59.01. The company has a market cap of $6.329 billion and a P/E ratio of 15.39. First Solar also was the recipient of a significant drop in short interest in April. As of April 30th, there was short interest totalling 8,748,498 shares, a drop of 14.4% from the April 15th total of 10,214,700 shares. Based on an average daily volume of 2,793,987 shares, the days-to-cover ratio is currently 3.1 days. Approximately 12.1% of the shares of the stock are sold short.
First Solar (NASDAQ:FSLR) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $1.10 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.56 by $0.54. The company had revenue of $950.00 million for the quarter, compared to the consensus estimate of $837.90 million. During the same quarter in the prior year, the company posted $0.69 earnings per share. The company’s quarterly revenue was up 25.8% on a year-over-year basis. Analysts expect that First Solar will post $2.62 EPS for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at Argus raised their price target on shares of First Solar from $70.00 to $81.00 in a research note on Thursday, April 17th. They now have a “buy” rating on the stock. Separately, analysts at Citigroup Inc. raised their price target on shares of First Solar from $63.00 to $87.00 in a research note on Friday, April 4th. They now have a “buy” rating on the stock. Finally, analysts at Bank of America reiterated an “underperform” rating on shares of First Solar in a research note on Thursday, March 20th. They now have a $48.00 price target on the stock, up previously from $40.00. Four investment analysts have rated the stock with a sell rating, eleven have given a hold rating and six have assigned a buy rating to the company. First Solar currently has an average rating of “Hold” and a consensus target price of $59.50.
First Solar, Inc manufactures and sells photovoltaic (NASDAQ:FSLR) solar modules with an advanced thin-film semiconductor technology, and it designs, constructs, and sells PV solar power systems.
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