First Solar Inc. (FSLR) Upgraded to “Buy” at Vetr Inc.
First Solar Inc. (NASDAQ:FSLR) was upgraded by analysts at Vetr from a “hold” rating to a “buy” rating in a report released on Tuesday. The firm currently has a $50.01 target price on the solar cell manufacturer’s stock. Vetr‘s price objective suggests a potential upside of 26.70% from the company’s current price.
A number of other research firms have also commented on FSLR. Mizuho assumed coverage on shares of First Solar in a research note on Wednesday, March 30th. They set a “neutral” rating and a $71.00 price objective for the company. Deutsche Bank AG reissued a “buy” rating on shares of First Solar in a research report on Saturday, April 2nd. Goldman Sachs Group Inc. reduced their price target on shares of First Solar from $100.00 to $96.00 and set a “buy” rating for the company in a research report on Friday, April 1st. Zacks Investment Research raised shares of First Solar from a “hold” rating to a “buy” rating and set a $75.00 price target for the company in a research report on Tuesday, April 5th. Finally, Needham & Company LLC reissued a “hold” rating on shares of First Solar in a research report on Thursday, April 7th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and twelve have issued a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $56.28.
First Solar (NASDAQ:FSLR) traded up 2.04% during midday trading on Tuesday, reaching $39.47. 1,974,439 shares of the company’s stock traded hands. First Solar has a 52 week low of $33.74 and a 52 week high of $74.29. The stock has a market capitalization of $4.04 billion, a price-to-earnings ratio of 5.81 and a beta of 1.54. The company’s 50-day moving average price is $37.60 and its 200 day moving average price is $47.19.
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First Solar (NASDAQ:FSLR) last posted its quarterly earnings data on Wednesday, August 3rd. The solar cell manufacturer reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.55 by $0.32. First Solar had a net margin of 17.45% and a return on equity of 13.78%. The company earned $934.40 million during the quarter, compared to analyst estimates of $862.68 million. During the same period in the prior year, the firm earned $0.93 earnings per share. The business’s quarterly revenue was up 4.2% on a year-over-year basis. On average, equities research analysts expect that First Solar will post $4.25 earnings per share for the current year.
In related news, Director James Alton Hughes sold 180,448 shares of First Solar stock in a transaction dated Friday, August 5th. The stock was sold at an average price of $44.43, for a total value of $8,017,304.64. Following the completion of the transaction, the director now directly owns 201,577 shares of the company’s stock, valued at $8,956,066.11. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Philip Dejong sold 67,251 shares of First Solar stock in a transaction dated Friday, August 5th. The shares were sold at an average price of $44.28, for a total value of $2,977,874.28. Following the completion of the transaction, the chief operating officer now directly owns 45,499 shares of the company’s stock, valued at $2,014,695.72. The disclosure for this sale can be found here. Company insiders own 0.40% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Northwestern Mutual Investment Management Company LLC boosted its position in First Solar by 0.4% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 2,924 shares of the solar cell manufacturer’s stock worth $142,000 after buying an additional 11 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its position in First Solar by 0.5% in the third quarter. Oregon Public Employees Retirement Fund now owns 7,812 shares of the solar cell manufacturer’s stock worth $308,000 after buying an additional 41 shares in the last quarter. IBM Retirement Fund boosted its position in First Solar by 0.6% in the second quarter. IBM Retirement Fund now owns 7,643 shares of the solar cell manufacturer’s stock worth $371,000 after buying an additional 49 shares in the last quarter. Scotia Capital Inc. boosted its position in First Solar by 1.2% in the second quarter. Scotia Capital Inc. now owns 4,459 shares of the solar cell manufacturer’s stock worth $216,000 after buying an additional 55 shares in the last quarter. Finally, World Asset Management Inc boosted its position in First Solar by 1.0% in the second quarter. World Asset Management Inc now owns 7,180 shares of the solar cell manufacturer’s stock worth $348,000 after buying an additional 71 shares in the last quarter. 57.51% of the stock is owned by institutional investors and hedge funds.
About First Solar
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.
To view Vetr’s full report, visit Vetr’s official website.
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