First Solar Inc. (FSLR) Receives New Coverage from Analysts at Piper Jaffray Cos.
Stock analysts at Piper Jaffray Cos. began coverage on shares of First Solar Inc. (NASDAQ:FSLR) in a report issued on Monday. The firm set a “neutral” rating and a $43.00 price target on the solar cell manufacturer’s stock. Piper Jaffray Cos.’s price objective points to a potential upside of 11.80% from the company’s previous close.
A number of other research analysts also recently commented on FSLR. Goldman Sachs Group Inc. reaffirmed a “buy” rating on shares of First Solar in a research report on Friday. Vetr downgraded shares of First Solar from a “strong-buy” rating to a “buy” rating and set a $43.85 price objective on the stock. in a research report on Thursday. Williams Capital started coverage on shares of First Solar in a research report on Friday, September 30th. They set a “buy” rating and a $50.00 price objective on the stock. JPMorgan Chase & Co. reaffirmed a “hold” rating and set a $53.00 price objective (down from $65.00) on shares of First Solar in a research report on Wednesday, September 28th. Finally, JMP Securities set a $32.00 target price on shares of First Solar and gave the stock a “sell” rating in a research report on Saturday, September 17th. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $56.32.
First Solar (NASDAQ:FSLR) traded up 2.66% during midday trading on Monday, reaching $38.58. 1,998,044 shares of the company traded hands. The stock has a market capitalization of $3.95 billion, a price-to-earnings ratio of 5.68 and a beta of 1.54. The firm has a 50 day moving average of $37.43 and a 200-day moving average of $48.12. First Solar has a 12 month low of $33.74 and a 12 month high of $74.29.
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First Solar (NASDAQ:FSLR) last released its earnings results on Wednesday, August 3rd. The solar cell manufacturer reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.32. The business had revenue of $934.40 million for the quarter, compared to the consensus estimate of $862.68 million. First Solar had a net margin of 17.45% and a return on equity of 13.78%. The firm’s quarterly revenue was up 4.2% compared to the same quarter last year. During the same period last year, the firm posted $0.93 earnings per share. Analysts forecast that First Solar will post $4.25 EPS for the current fiscal year.
In related news, EVP Christopher Bueter sold 29,384 shares of the stock in a transaction that occurred on Friday, August 5th. The shares were sold at an average price of $44.23, for a total value of $1,299,654.32. Following the sale, the executive vice president now directly owns 17,718 shares in the company, valued at approximately $783,667.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director James Alton Hughes sold 180,448 shares of the stock in a transaction that occurred on Friday, August 5th. The shares were sold at an average price of $44.43, for a total transaction of $8,017,304.64. Following the completion of the sale, the director now owns 201,577 shares in the company, valued at $8,956,066.11. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by corporate insiders.
Several hedge funds have recently made changes to their positions in FSLR. Bank of Montreal Can bought a new stake in shares of First Solar during the second quarter valued at approximately $13,025,000. Renaissance Technologies LLC bought a new stake in shares of First Solar during the first quarter valued at approximately $32,345,000. Hancock Holding Co. bought a new stake in shares of First Solar during the second quarter valued at approximately $2,093,000. BlackRock Fund Advisors increased its stake in shares of First Solar by 1.0% in the first quarter. BlackRock Fund Advisors now owns 1,318,391 shares of the solar cell manufacturer’s stock valued at $90,270,000 after buying an additional 13,144 shares during the period. Finally, Geode Capital Management LLC increased its stake in shares of First Solar by 1.0% in the first quarter. Geode Capital Management LLC now owns 677,141 shares of the solar cell manufacturer’s stock valued at $46,295,000 after buying an additional 6,795 shares during the period. Institutional investors and hedge funds own 57.51% of the company’s stock.
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 thin-film semiconductor technology, and also develops, designs, constructs and sells PV solar power solutions. The Company operates through two segments: components and systems.
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