First Solar, Inc. (FSLR) Given a $60.00 Price Target at Roth Capital
First Solar, Inc. (NASDAQ:FSLR) has been assigned a $60.00 target price by Roth Capital in a research note issued on Monday. The brokerage currently has a “buy” rating on the solar cell manufacturer’s stock. Roth Capital’s price objective indicates a potential upside of 4.04% from the stock’s current price.
A number of other brokerages have also commented on FSLR. Axiom Securities restated a “buy” rating on shares of First Solar in a research note on Wednesday, August 30th. Bank of America Corporation restated a “buy” rating and set a $64.00 price target on shares of First Solar in a research note on Tuesday, August 29th. Zacks Investment Research lowered shares of First Solar from a “hold” rating to a “sell” rating in a research note on Tuesday, July 4th. Deutsche Bank AG upgraded shares of First Solar from a “hold” rating to a “buy” rating and boosted their price target for the company from $50.00 to $65.00 in a research note on Friday, September 15th. Finally, Cowen and Company restated a “buy” rating and set a $57.00 price target on shares of First Solar in a research note on Sunday, September 3rd. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $46.29.
First Solar (NASDAQ FSLR) traded up 5.31% on Monday, hitting $60.73. 6,130,812 shares of the stock traded hands. First Solar has a 1-year low of $25.56 and a 1-year high of $61.47. The stock has a 50-day moving average price of $48.00 and a 200 day moving average price of $41.88. The company’s market cap is $6.34 billion.
First Solar (NASDAQ:FSLR) last released its quarterly earnings data on Thursday, October 26th. The solar cell manufacturer reported $1.95 earnings per share for the quarter, beating the consensus estimate of $0.84 by $1.11. The company had revenue of $1.09 billion during the quarter, compared to analyst estimates of $859.22 million. First Solar had a negative net margin of 14.70% and a positive return on equity of 8.07%. First Solar’s revenue for the quarter was up 59.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.22 EPS. On average, analysts anticipate that First Solar will post $2.44 EPS for the current fiscal year.
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In related news, insider Raffi Garabedian sold 5,800 shares of the company’s stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $49.83, for a total value of $289,014.00. Following the transaction, the insider now directly owns 11,474 shares in the company, valued at $571,749.42. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Alexander R. Bradley sold 566 shares of the company’s 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 in the company, valued at $46,859.58. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 51,485 shares of company stock worth $2,559,020. 0.58% of the stock is owned by company insiders.
Several hedge funds have recently bought and sold shares of the stock. BlackRock Inc. increased its position in shares of First Solar by 7,977.6% in the first quarter. BlackRock Inc. now owns 6,922,544 shares of the solar cell manufacturer’s stock worth $187,601,000 after purchasing an additional 6,836,843 shares during the last quarter. Vanguard Group Inc. boosted its stake in First Solar by 3.9% in the second quarter. Vanguard Group Inc. now owns 6,545,727 shares of the solar cell manufacturer’s stock worth $261,043,000 after buying an additional 243,787 shares in the last quarter. Schroder Investment Management Group boosted its stake in First Solar by 12,600.7% in the second quarter. Schroder Investment Management Group now owns 1,679,286 shares of the solar cell manufacturer’s stock worth $67,306,000 after buying an additional 1,666,064 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in First Solar by 17.3% in the second quarter. Bank of New York Mellon Corp now owns 1,373,912 shares of the solar cell manufacturer’s stock worth $54,791,000 after buying an additional 202,579 shares in the last quarter. Finally, State Treasurer State of Michigan boosted its stake in First Solar by 99.1% in the second quarter. State Treasurer State of Michigan now owns 754,373 shares of the solar cell manufacturer’s stock worth $30,084,000 after buying an additional 375,500 shares in the last quarter. Institutional investors own 53.10% 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 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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