First Solar (NASDAQ:FSLR – Get Free Report) was upgraded by investment analysts at Barclays from an “equal weight” rating to an “overweight” rating in a report issued on Thursday, MarketBeat Ratings reports. The brokerage presently has a $224.00 price objective on the solar cell manufacturer’s stock, down from their previous price objective of $230.00. Barclays‘s price objective suggests a potential upside of 51.43% from the company’s current price.
Several other brokerages have also recently issued reports on FSLR. UBS Group reduced their target price on First Solar from $280.00 to $270.00 and set a “buy” rating on the stock in a report on Friday, September 8th. Bank of America raised First Solar from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $202.00 to $283.00 in a report on Friday, July 28th. Susquehanna lifted their target price on First Solar from $225.00 to $261.00 and gave the stock a “positive” rating in a report on Friday, July 28th. Evercore ISI reduced their target price on First Solar from $189.00 to $185.00 in a report on Thursday, June 29th. Finally, Oppenheimer boosted their price objective on First Solar from $262.00 to $268.00 and gave the stock an “outperform” rating in a research note on Friday, September 8th. Seven research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to MarketBeat.com, First Solar currently has an average rating of “Moderate Buy” and an average price target of $233.19.
Read Our Latest Analysis on FSLR
First Solar Price Performance
First Solar (NASDAQ:FSLR – Get Free Report) last posted its quarterly earnings results on Thursday, July 27th. The solar cell manufacturer reported $1.85 EPS for the quarter, beating analysts’ consensus estimates of $0.95 by $0.90. The business had revenue of $810.67 million for the quarter, compared to analysts’ expectations of $720.43 million. First Solar had a return on equity of 3.13% and a net margin of 5.23%. As a group, analysts forecast that First Solar will post 7.9 EPS for the current fiscal year.
Insider Activity at First Solar
In related news, CFO Alexander R. Bradley sold 5,500 shares of the business’s stock in a transaction that occurred on Wednesday, August 2nd. The stock was sold at an average price of $194.36, for a total value of $1,068,980.00. Following the completion of the sale, the chief financial officer now owns 40,919 shares in the company, valued at $7,953,016.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Alexander R. Bradley sold 5,500 shares of the business’s stock in a transaction that occurred on Wednesday, August 2nd. The stock was sold at an average price of $194.36, for a total value of $1,068,980.00. Following the completion of the sale, the chief financial officer now owns 40,919 shares in the company, valued at $7,953,016.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director R Craig Kennedy sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $192.92, for a total value of $289,380.00. Following the completion of the sale, the director now owns 16,600 shares of the company’s stock, valued at approximately $3,202,472. The disclosure for this sale can be found here. Over the last quarter, insiders sold 36,452 shares of company stock worth $7,061,924. Company insiders own 0.58% of the company’s stock.
Hedge Funds Weigh In On First Solar
A number of large investors have recently bought and sold shares of the business. Advisory Services Network LLC raised its stake in First Solar by 5.2% in the first quarter. Advisory Services Network LLC now owns 996 shares of the solar cell manufacturer’s stock worth $217,000 after buying an additional 49 shares in the last quarter. Shay Capital LLC increased its position in shares of First Solar by 1.5% during the second quarter. Shay Capital LLC now owns 3,551 shares of the solar cell manufacturer’s stock worth $675,000 after purchasing an additional 51 shares in the last quarter. Balentine LLC increased its position in shares of First Solar by 2.7% during the second quarter. Balentine LLC now owns 1,970 shares of the solar cell manufacturer’s stock worth $374,000 after purchasing an additional 51 shares in the last quarter. Keybank National Association OH increased its position in shares of First Solar by 1.2% during the second quarter. Keybank National Association OH now owns 4,989 shares of the solar cell manufacturer’s stock worth $948,000 after purchasing an additional 60 shares in the last quarter. Finally, Apollon Wealth Management LLC increased its position in shares of First Solar by 2.0% during the first quarter. Apollon Wealth Management LLC now owns 3,104 shares of the solar cell manufacturer’s stock worth $675,000 after purchasing an additional 60 shares in the last quarter. Institutional investors own 82.08% of the company’s stock.
About First Solar
First Solar, Inc provides photovoltaic (PV) solar energy solutions in the United State, Japan, France, Canada, India, Australia, and internationally. The company designs, manufactures, and sells cadmium telluride solar modules that converts sunlight into electricity. It serves developers and operators of systems, utilities, independent power producers, commercial and industrial companies, and other system owners.
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