First Solar, Inc. (NASDAQ:FSLR) Rating Reiterated by Bank of America Corporation
First Solar, Inc. (NASDAQ:FSLR)‘s stock had its “buy” rating restated by equities research analysts at Bank of America Corporation in a research report issued on Wednesday. They currently have a $54.00 target price on the solar cell manufacturer’s stock. Bank of America Corporation’s price objective would indicate a potential upside of 18.79% from the stock’s current price.
FSLR has been the subject of several other research reports. TheStreet upgraded First Solar from a “d+” rating to a “c” rating in a research note on Wednesday, July 19th. Axiom Securities upgraded First Solar from a “sell” rating to a “hold” rating and decreased their target price for the company from $30.32 to $21.00 in a research note on Wednesday, May 3rd. Deutsche Bank AG set a $47.00 target price on First Solar and gave the company a “hold” rating in a research note on Wednesday, July 19th. UBS AG upgraded First Solar from a “sell” rating to a “hold” rating in a research note on Tuesday, May 2nd. Finally, Morgan Stanley restated an “equal weight” rating on shares of First Solar in a research note on Tuesday, July 11th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $43.86.
First Solar (NASDAQ:FSLR) opened at 45.46 on Wednesday. First Solar has a 52-week low of $25.56 and a 52-week high of $49.50. The firm’s market capitalization is $4.74 billion. The company’s 50-day moving average price is $39.62 and its 200 day moving average price is $34.34.
First Solar (NASDAQ:FSLR) last released its quarterly earnings results on Tuesday, May 2nd. The solar cell manufacturer reported $0.25 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.38. The company had revenue of $891.79 million during the quarter, compared to the consensus estimate of $699.15 million. First Solar had a positive return on equity of 6.71% and a negative net margin of 18.14%. Equities research analysts predict that First Solar will post $0.59 earnings per share for the current year.
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In related news, insider Bryan Robert Schumaker sold 1,235 shares of the firm’s stock in a transaction on Friday, June 23rd. The stock was sold at an average price of $40.00, for a total transaction of $49,400.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director J Thomas Presby purchased 4,000 shares of the company’s stock in a transaction that occurred on Thursday, May 11th. The shares were acquired at an average cost of $36.89 per share, with a total value of $147,560.00. Following the completion of the acquisition, the director now directly owns 17,958 shares in the company, valued at $662,470.62. The disclosure for this purchase can be found here. Company insiders own 0.40% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. Meag Munich Ergo Kapitalanlagegesellschaft acquired a new stake in First Solar during the third quarter worth $6,565,000. Baker Avenue Asset Management boosted its stake in First Solar by 5.8% in the third quarter. Baker Avenue Asset Management now owns 8,960 shares of the solar cell manufacturer’s stock worth $383,000 after buying an additional 490 shares in the last quarter. CIBC World Markets acquired a new stake in First Solar during the fourth quarter worth $1,251,000. CIBC Asset Management Inc boosted its stake in First Solar by 15.5% in the fourth quarter. CIBC Asset Management Inc now owns 9,549 shares of the solar cell manufacturer’s stock worth $630,000 after buying an additional 1,278 shares in the last quarter. Finally, Commonwealth Equity Services boosted its stake in First Solar by 3.8% in the fourth quarter. Commonwealth Equity Services now owns 19,007 shares of the solar cell manufacturer’s stock worth $1,254,000 after buying an additional 701 shares in the last quarter. 60.35% of the stock is owned by hedge funds and other institutional investors.
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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