Credit Suisse Group Initiates Coverage on First Solar (FSLR)

Investment analysts at Credit Suisse Group initiated coverage on shares of First Solar (NASDAQ:FSLR) in a report issued on Monday, MarketBeat.com reports. The brokerage set an “underperform” rating and a $55.00 price target on the solar cell manufacturer’s stock. Credit Suisse Group’s price objective points to a potential downside of 12.03% from the company’s previous close.

FSLR has been the subject of a number of other reports. Goldman Sachs Group reissued a “neutral” rating and issued a $65.00 price objective (up from $50.00) on shares of First Solar in a research note on Thursday, November 30th. BidaskClub cut shares of First Solar from a “strong-buy” rating to a “buy” rating in a research note on Saturday, January 6th. Vetr raised shares of First Solar from a “buy” rating to a “strong-buy” rating and set a $54.35 price objective for the company in a research note on Wednesday, October 25th. Needham & Company LLC raised shares of First Solar from a “hold” rating to a “buy” rating and set a $60.00 price objective for the company in a research note on Friday, October 27th. Finally, JMP Securities increased their price objective on shares of First Solar to $84.00 and gave the stock an “outperform” rating in a research note on Thursday, February 1st. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. First Solar has a consensus rating of “Hold” and a consensus price target of $66.80.

Shares of First Solar (NASDAQ:FSLR) traded up $1.30 during midday trading on Monday, hitting $62.52. 2,910,000 shares of the stock were exchanged, compared to its average volume of 2,160,000. The company has a current ratio of 6.85, a quick ratio of 6.47 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $6,530.00, a PE ratio of -15.03 and a beta of 2.08. First Solar has a 1 year low of $25.56 and a 1 year high of $76.61.

In other First Solar news, insider Raffi Garabedian sold 11,284 shares of the stock in a transaction on Monday, December 18th. The shares were sold at an average price of $70.06, for a total transaction of $790,557.04. Following the completion of the transaction, the insider now owns 9,227 shares in the company, valued at $646,443.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Mark R. Widmar sold 20,270 shares of the stock in a transaction on Thursday, December 7th. The shares were sold at an average price of $64.40, for a total transaction of $1,305,388.00. Following the transaction, the chief executive officer now owns 100,754 shares of the company’s stock, valued at approximately $6,488,557.60. The disclosure for this sale can be found here. Insiders have sold 46,858 shares of company stock valued at $3,134,015 in the last quarter. 0.58% of the stock is owned by company insiders.

A number of hedge funds have recently added to or reduced their stakes in the business. Alliancebernstein L.P. lifted its holdings in shares of First Solar by 0.8% in the 2nd quarter. Alliancebernstein L.P. now owns 47,767 shares of the solar cell manufacturer’s stock worth $1,905,000 after acquiring an additional 360 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of First Solar by 19.1% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,220 shares of the solar cell manufacturer’s stock worth $352,000 after acquiring an additional 837 shares during the last quarter. Dubuque Bank & Trust Co. lifted its holdings in shares of First Solar by 10.6% in the 4th quarter. Dubuque Bank & Trust Co. now owns 9,175 shares of the solar cell manufacturer’s stock worth $619,000 after acquiring an additional 882 shares during the last quarter. Allianz Asset Management GmbH lifted its holdings in shares of First Solar by 1.5% in the 3rd quarter. Allianz Asset Management GmbH now owns 70,126 shares of the solar cell manufacturer’s stock worth $3,218,000 after acquiring an additional 1,018 shares during the last quarter. Finally, Cetera Advisors LLC lifted its holdings in shares of First Solar by 16.0% in the 3rd quarter. Cetera Advisors LLC now owns 7,963 shares of the solar cell manufacturer’s stock worth $365,000 after acquiring an additional 1,100 shares during the last quarter. Institutional investors and hedge funds own 51.00% of the company’s stock.

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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.

Analyst Recommendations for First Solar (NASDAQ:FSLR)

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