First Solar, Inc. (FSLR) Earns “Buy” Rating from Bank of America Corporation
First Solar, Inc. (NASDAQ:FSLR)‘s stock had its “buy” rating reiterated by Bank of America Corporation in a research report issued on Tuesday. They presently have a $64.00 price target on the solar cell manufacturer’s stock. Bank of America Corporation’s price target indicates a potential upside of 33.28% from the company’s current price.
FSLR has been the topic 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. BidaskClub downgraded First Solar from a “strong-buy” rating to a “buy” rating in a research note on Thursday, August 3rd. Axiom Securities upgraded First Solar from a “sell” rating to a “hold” rating and dropped their price target for the company from $30.32 to $21.00 in a research note on Wednesday, May 3rd. Deutsche Bank AG set a $47.00 price target on First Solar and gave the company a “hold” rating in a research note on Wednesday, July 19th. Finally, UBS AG upgraded First Solar from a “sell” rating to a “hold” rating in a research note on Tuesday, May 2nd. One research analyst has rated the stock with a sell rating, eighteen have given a hold rating and ten have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $44.31.
Shares of First Solar (NASDAQ FSLR) traded up 0.42% during midday trading on Tuesday, reaching $48.22. The company had a trading volume of 647,450 shares. First Solar has a 12-month low of $25.56 and a 12-month high of $50.21. The firm’s market capitalization is $5.03 billion. The company has a 50 day moving average of $46.00 and a 200 day moving average of $36.78.
First Solar (NASDAQ:FSLR) last posted its quarterly earnings results on Thursday, July 27th. The solar cell manufacturer reported $0.64 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.04 by $0.60. The business had revenue of $623 million for the quarter, compared to the consensus estimate of $591.55 million. First Solar had a positive return on equity of 6.43% and a negative net margin of 18.80%. The company’s quarterly revenue was down 38.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.87 EPS. Analysts anticipate that First Solar will post $2.11 EPS for the current year.
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In other First Solar news, CFO Alexander R. Bradley sold 566 shares of the stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $48.66, for a total transaction of $27,541.56. Following the completion of the transaction, the chief financial officer now owns 963 shares of the company’s stock, valued at $46,859.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Bryan Robert Schumaker sold 1,235 shares of the stock in a transaction that occurred on Friday, June 23rd. The shares were sold at an average price of $40.00, for a total value of $49,400.00. The disclosure for this sale can be found here. Insiders have sold 95,909 shares of company stock worth $4,705,246 in the last quarter. 0.58% of the stock is currently owned by company insiders.
Several institutional investors have recently made changes to their positions in FSLR. Lord Abbett & CO. LLC purchased a new position in shares of First Solar during the second quarter worth approximately $15,099,000. Ecofin Ltd. bought a new stake in First Solar during the second quarter valued at approximately $19,485,000. Cetera Investment Advisers bought a new stake in First Solar during the second quarter valued at approximately $274,000. Dynamic Technology Lab Private Ltd boosted its stake in First Solar by 13.0% in the second quarter. Dynamic Technology Lab Private Ltd now owns 14,634 shares of the solar cell manufacturer’s stock valued at $583,000 after buying an additional 1,681 shares in the last quarter. Finally, Sterling Capital Management LLC bought a new stake in First Solar during the second quarter valued at approximately $819,000. 53.61% of the stock is owned by institutional investors and hedge funds.
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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