First Solar, Inc. (FSLR) Upgraded to Buy by Deutsche Bank AG
First Solar, Inc. (NASDAQ:FSLR) was upgraded by analysts at Deutsche Bank AG from a “hold” rating to a “buy” rating in a research note issued on Friday, Marketbeat Ratings reports. The brokerage currently has a $65.00 price objective on the solar cell manufacturer’s stock, up from their previous price objective of $50.00. Deutsche Bank AG’s price target would indicate a potential upside of 28.84% from the company’s previous close.
FSLR has been the subject of several other reports. TheStreet raised 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. Cowen and Company reaffirmed a “buy” rating and issued a $57.00 price objective on shares of First Solar in a research note on Sunday, September 3rd. Morgan Stanley reaffirmed an “equal weight” rating on shares of First Solar in a research note on Tuesday, July 11th. Finally, Zacks Investment Research downgraded First Solar from a “hold” rating to a “sell” rating in a research note on Tuesday, July 4th. One analyst has rated the stock with a sell rating, fifteen have given a hold rating and twelve have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $45.56.
Shares of First Solar (FSLR) traded up 4.17% during mid-day trading on Friday, hitting $50.45. The stock had a trading volume of 5,396,210 shares. First Solar has a 52-week low of $25.56 and a 52-week high of $51.84. The company’s market cap is $5.27 billion. The stock has a 50 day moving average price of $47.87 and a 200-day moving average price of $38.11.
First Solar (NASDAQ:FSLR) last issued its earnings results on Thursday, July 27th. The solar cell manufacturer reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.60. First Solar had a positive return on equity of 6.43% and a negative net margin of 18.80%. The business had revenue of $623.00 million during the quarter, compared to the consensus estimate of $591.55 million. During the same period in the prior year, the business posted $0.87 EPS. The company’s revenue for the quarter was down 38.7% on a year-over-year basis. On average, equities analysts expect that First Solar will post $2.11 earnings per share for the current fiscal year.
In other First Solar news, insider Bryan Robert Schumaker sold 1,235 shares of the firm’s stock in a transaction dated Friday, June 23rd. The stock was sold at an average price of $40.00, for a total value of $49,400.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Raffi Garabedian sold 5,800 shares of the firm’s stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $49.83, for a total value of $289,014.00. Following the completion of the transaction, the insider now directly owns 11,474 shares in the company, valued at $571,749.42. The disclosure for this sale can be found here. Insiders sold 95,909 shares of company stock worth $4,705,246 in the last quarter. 0.58% of the stock is owned by insiders.
Large investors have recently added to or reduced their stakes in the business. Benjamin F. Edwards & Company Inc. raised its position in First Solar by 57.6% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 2,600 shares of the solar cell manufacturer’s stock valued at $104,000 after purchasing an additional 950 shares during the period. Fiduciary Trust Co. purchased a new position in First Solar in the second quarter valued at about $128,000. LS Investment Advisors LLC raised its position in First Solar by 36.7% in the first quarter. LS Investment Advisors LLC now owns 5,275 shares of the solar cell manufacturer’s stock valued at $143,000 after purchasing an additional 1,417 shares during the period. NEXT Financial Group Inc raised its position in First Solar by 23.9% in the second quarter. NEXT Financial Group Inc now owns 5,050 shares of the solar cell manufacturer’s stock valued at $201,000 after purchasing an additional 975 shares during the period. Finally, Parsec Financial Management Inc. purchased a new position in First Solar in the second quarter valued at about $204,000. 53.61% of the stock is currently owned by institutional investors.
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 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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