First Solar (FSLR) Coverage Initiated by Analysts at Bank of America

Bank of America started coverage on shares of First Solar (NASDAQ:FSLR) in a research report issued on Thursday. The firm set a “neutral” rating and a $70.00 price target on the solar cell manufacturer’s stock. Bank of America’s price objective points to a potential upside of 2.22% from the company’s previous close.

FSLR has been the subject of a number of other reports. Cowen reiterated a “buy” rating and issued a $57.00 price target on shares of First Solar in a research report on Sunday, September 3rd. Roth Capital reiterated a “buy” rating and issued a $60.00 price target on shares of First Solar in a research report on Tuesday, September 26th. Robert W. Baird reiterated a “hold” rating and issued a $53.00 price target on shares of First Solar in a research report on Friday, October 27th. Needham & Company LLC reiterated a “buy” rating and issued a $65.00 price target on shares of First Solar in a research report on Friday, December 1st. Finally, JMP Securities reiterated an “outperform” rating and issued a $50.00 price target (down from $67.00) on shares of First Solar in a research report on Tuesday, September 26th. Eleven investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $61.47.

Shares of First Solar (NASDAQ:FSLR) traded down $0.43 during mid-day trading on Thursday, reaching $68.48. 1,848,500 shares of the company’s stock traded hands, compared to its average volume of 2,791,866. 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 1 year low of $25.56 and a 1 year high of $71.80. The firm has a market capitalization of $7,196.48, a P/E ratio of 16.89 and a beta of 2.03.

First Solar (NASDAQ:FSLR) last released its quarterly earnings results on Thursday, October 26th. The solar cell manufacturer reported $1.95 earnings per share for the quarter, beating analysts’ consensus estimates of $0.84 by $1.11. First Solar had a negative net margin of 14.70% and a positive return on equity of 8.07%. The company had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $859.22 million. During the same period in the previous year, the business earned $1.22 earnings per share. The firm’s quarterly revenue was up 59.5% on a year-over-year basis. research analysts forecast that First Solar will post 2.46 earnings per share for the current fiscal year.

In related news, CEO Mark R. Widmar sold 20,270 shares of First Solar stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 100,754 shares of the company’s stock, valued at $6,488,557.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.58% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of FSLR. Fiduciary Trust Co. bought a new stake in shares of First Solar during the second quarter worth $128,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of First Solar by 64.3% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,383 shares of the solar cell manufacturer’s stock worth $201,000 after buying an additional 1,716 shares during the last quarter. Garner Asset Management Corp bought a new stake in shares of First Solar during the second quarter worth $208,000. World Asset Management Inc bought a new stake in shares of First Solar during the second quarter worth $221,000. Finally, Riverhead Capital Management LLC grew its stake in shares of First Solar by 82.6% during the second quarter. Riverhead Capital Management LLC now owns 5,660 shares of the solar cell manufacturer’s stock worth $226,000 after buying an additional 2,560 shares during the last quarter. 51.21% of the stock is currently owned by hedge funds and other institutional investors.

COPYRIGHT VIOLATION WARNING: “First Solar (FSLR) Coverage Initiated by Analysts at Bank of America” was published by American Banking and Market News and is the property of of American Banking and Market News. If you are reading this piece on another site, it was illegally stolen and republished in violation of U.S. and international trademark & copyright laws. The legal version of this piece can be viewed at https://www.americanbankingnews.com/2017/12/14/first-solar-fslr-coverage-initiated-by-analysts-at-bank-of-america.html.

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.