First Solar’s (FSLR) Outperform Rating Reaffirmed at Cowen
First Solar (NASDAQ:FSLR)‘s stock had its “outperform” rating restated by stock analysts at Cowen in a research note issued on Wednesday, The Fly reports. They presently have a $77.00 price target on the solar cell manufacturer’s stock, up from their previous price target of $60.00. Cowen’s target price would indicate a potential upside of 25.80% from the stock’s previous close.
A number of other research firms have also recently commented on FSLR. Zacks Investment Research cut shares of First Solar from a “strong-buy” rating to a “hold” rating in a report on Friday, October 13th. Axiom Securities reissued a “buy” rating on shares of First Solar in a report on Thursday, August 10th. Deutsche Bank raised shares of First Solar from a “hold” rating to a “buy” rating and increased their target price for the stock from $50.00 to $65.00 in a report on Friday, September 15th. Robert W. Baird reaffirmed a “hold” rating and issued a $50.00 price objective on shares of First Solar in a research note on Friday, September 1st. Finally, Vetr downgraded First Solar from a “strong-buy” rating to a “buy” rating and set a $51.52 price objective for the company. in a research note on Wednesday, October 18th. Twelve equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $55.79.
First Solar (FSLR) traded up $3.94 during mid-day trading on Wednesday, hitting $61.21. 5,429,100 shares of the stock were exchanged, compared to its average volume of 2,772,069. The company has a market capitalization of $5,980.88, a PE ratio of 14.04 and a beta of 2.03. The company has a debt-to-equity ratio of 0.06, a current ratio of 6.85 and a quick ratio of 6.47. First Solar has a 52-week low of $25.56 and a 52-week high of $63.10.
A number of large investors have recently added to or reduced their stakes in FSLR. Schroder Investment Management Group increased its position in First Solar by 12,600.7% during the 2nd quarter. Schroder Investment Management Group now owns 1,679,286 shares of the solar cell manufacturer’s stock valued at $67,306,000 after purchasing an additional 1,666,064 shares during the period. Key Square Capital Management LLC acquired a new stake in First Solar during the 3rd quarter valued at approximately $23,621,000. Ecofin Ltd. acquired a new stake in First Solar during the 2nd quarter valued at approximately $19,485,000. Lord Abbett & CO. LLC acquired a new stake in First Solar during the 2nd quarter valued at approximately $15,099,000. Finally, Gotham Asset Management LLC acquired a new stake in First Solar during the 2nd quarter valued at approximately $14,135,000. 51.21% 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 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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