First Solar (FSLR) Upgraded at Zacks Investment Research

First Solar (NASDAQ:FSLR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The firm currently has a $70.00 price target on the solar cell manufacturer’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 11.96% from the stock’s current price.

According to Zacks, “First Solar continues to focus on retaining its competitive edge and aims to further consolidate its position in the solar market. In fact, First Solar’s constant product innovation efforts will continue to attract customers and expand its revenue stream. It is able to develop economically sustainable businesses as it has established its expertise in PV generation solutions as well as in other areas of the solar-value chain. The company also outperformed the broader industry in the last year. However, the company faces intense competition from manufacturers of crystalline-silicon solar modules, and other types of solar modules and PV systems.”

FSLR has been the subject of several other reports. Vetr lowered First Solar from a “sell” rating to a “strong sell” rating and set a $65.52 price target for the company. in a report on Thursday, January 11th. BidaskClub downgraded First Solar from a “strong-buy” rating to a “buy” rating in a research note on Saturday, January 6th. Robert W. Baird reissued a “hold” rating and issued a $53.00 price objective on shares of First Solar in a research note on Friday, October 27th. Needham & Company LLC reissued a “buy” rating and issued a $65.00 price objective on shares of First Solar in a research note on Friday, December 1st. Finally, 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. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and eleven have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $66.60.

Shares of First Solar (NASDAQ FSLR) traded up $1.30 during midday trading on Tuesday, reaching $62.52. The company’s stock had a trading volume of 2,904,600 shares, compared to its average volume of 2,192,153. First Solar has a 12-month low of $25.56 and a 12-month high of $76.61. The firm has a market cap of $6,640.00, a price-to-earnings ratio of -15.29 and a beta of 2.08. The company has a debt-to-equity ratio of 0.06, a current ratio of 6.85 and a quick ratio of 6.47.

In related news, insider Raffi Garabedian sold 11,284 shares of the business’s stock in a transaction on Monday, December 18th. The stock was sold at an average price of $70.06, for a total value of $790,557.04. Following the sale, the insider now owns 9,227 shares of the company’s stock, valued at approximately $646,443.62. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Mark R. Widmar sold 20,270 shares of the business’s stock in a transaction on Thursday, December 7th. The shares were sold at an average price of $64.40, for a total value of $1,305,388.00. Following the completion of the sale, the chief executive officer now directly owns 100,754 shares in the company, valued at approximately $6,488,557.60. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 46,858 shares of company stock worth $3,134,015. 0.58% of the stock is currently owned by company insiders.

A number of hedge funds have recently made changes to their positions in FSLR. Thompson Davis & CO. Inc. acquired a new stake in First Solar in the 4th quarter valued at $101,000. NuWave Investment Management LLC acquired a new stake in First Solar in the 4th quarter valued at $162,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in First Solar by 64.3% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,383 shares of the solar cell manufacturer’s stock valued at $201,000 after buying an additional 1,716 shares in the last quarter. Cigna Investments Inc. New acquired a new stake in First Solar in the 4th quarter valued at $201,000. Finally, WealthTrust Fairport LLC acquired a new stake in First Solar in the 4th quarter valued at $203,000. 51.00% of the stock is currently owned by institutional investors and hedge funds.

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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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