First Solar, Inc. (NASDAQ:FSLR) has been given a $57.00 price objective by research analysts at Cowen and Company in a report issued on Saturday, July 29th. The brokerage presently has a “buy” rating on the solar cell manufacturer’s stock. Cowen and Company’s target price suggests a potential upside of 18.60% from the stock’s current price.
A number of other brokerages have also recently commented on FSLR. Deutsche Bank AG set a $47.00 target price on shares of First Solar and gave the company a “hold” rating in a report on Wednesday, July 19th. Roth Capital boosted their price objective on shares of First Solar from $40.00 to $55.00 and gave the company a “buy” rating in a research note on Wednesday, July 26th. Bank of America Corporation reissued a “buy” rating and issued a $54.00 price objective (up from $38.00) on shares of First Solar in a research note on Wednesday, July 26th. TheStreet raised shares of First Solar from a “d+” rating to a “c” rating in a research note on Wednesday, July 19th. Finally, BidaskClub raised shares of First Solar from a “buy” rating to a “strong-buy” rating in a research note on Monday, July 24th. One equities research analyst has rated the stock with a sell rating, eighteen have issued a hold rating and ten have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $43.89.
Shares of First Solar (NASDAQ:FSLR) opened at 48.06 on Friday. The company’s 50-day moving average is $45.14 and its 200-day moving average is $36.24. The stock’s market capitalization is $5.02 billion. First Solar has a one year low of $25.56 and a one year high of $50.21.
First Solar (NASDAQ:FSLR) last announced its earnings results on Thursday, July 27th. The solar cell manufacturer reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.60. The business had revenue of $623 million for the quarter, compared to analysts’ expectations of $591.55 million. First Solar had a negative net margin of 18.80% and a positive return on equity of 6.43%. The company’s quarterly revenue was down 38.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.87 EPS. On average, equities research analysts anticipate that First Solar will post $2.11 earnings per share for the current year.
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In other First Solar news, CFO Alexander R. Bradley sold 566 shares of the company’s stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $48.66, for a total value of $27,541.56. Following the transaction, the chief financial officer now directly owns 963 shares in the company, valued at approximately $46,859.58. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Raffi Garabedian sold 5,800 shares of the company’s stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $49.83, for a total transaction of $289,014.00. Following the completion of the transaction, the insider now owns 11,474 shares in the company, valued at $571,749.42. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 95,909 shares of company stock worth $4,705,246. 0.40% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of Nova Scotia purchased a new position in First Solar during the first quarter worth about $212,000. Benjamin F. Edwards & Company Inc. raised its position in First Solar by 57.6% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 2,600 shares of the solar cell manufacturer’s stock worth $104,000 after buying an additional 950 shares during the period. Fiduciary Trust Co. purchased a new position in First Solar during the second quarter worth about $128,000. Amica Retiree Medical Trust raised its position in First Solar by 814.5% in the first quarter. Amica Retiree Medical Trust now owns 4,097 shares of the solar cell manufacturer’s stock worth $111,000 after buying an additional 3,649 shares during the period. Finally, NEXT Financial Group Inc increased its position in First Solar by 23.9% in the second quarter. NEXT Financial Group Inc now owns 5,050 shares of the solar cell manufacturer’s stock worth $201,000 after buying an additional 975 shares in the last quarter. Institutional investors own 60.25% of the company’s stock.
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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