First Solar, Inc. (NASDAQ:FSLR) Receives $249.78 Average Target Price from Brokerages

First Solar, Inc. (NASDAQ:FSLR) has received an average recommendation of “Moderate Buy” from the thirty-three analysts that are currently covering the firm, Marketbeat.com reports. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, eighteen have given a buy rating and one has issued a strong buy rating on the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $249.7793.

A number of analysts recently weighed in on the stock. Sanford C. Bernstein assumed coverage on shares of First Solar in a research note on Tuesday, June 16th. They issued an “underperform” rating and a $217.00 target price on the stock. JPMorgan Chase & Co. lowered their target price on shares of First Solar from $303.00 to $256.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 25th. Robert W. Baird reissued a “neutral” rating and issued a $205.00 target price (down from $264.00) on shares of First Solar in a research note on Wednesday, February 25th. Deutsche Bank Aktiengesellschaft cut shares of First Solar from a “buy” rating to a “hold” rating and lowered their target price for the company from $300.00 to $245.00 in a research note on Wednesday, February 25th. Finally, Mizuho upped their target price on shares of First Solar from $243.00 to $300.00 and gave the company an “outperform” rating in a research note on Friday, June 12th.

First Solar Stock Down 0.3%

FSLR stock opened at $248.42 on Monday. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.56 and a quick ratio of 2.15. First Solar has a 52-week low of $147.30 and a 52-week high of $320.95. The company has a 50-day moving average of $241.72 and a two-hundred day moving average of $233.13. The stock has a market capitalization of $26.69 billion, a price-to-earnings ratio of 16.05, a price-to-earnings-growth ratio of 0.55 and a beta of 1.71.

First Solar (NASDAQ:FSLR) last posted its quarterly earnings data on Thursday, April 30th. The solar cell manufacturer reported $3.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.87 by $0.35. First Solar had a net margin of 30.73% and a return on equity of 18.01%. The company had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the previous year, the firm posted $1.95 EPS. The business’s revenue was up 23.6% compared to the same quarter last year. As a group, equities research analysts anticipate that First Solar will post 17.61 EPS for the current year.

Insider Activity

In other First Solar news, General Counsel Jason E. Dymbort sold 409 shares of the company’s stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $215.63, for a total transaction of $88,192.67. Following the sale, the general counsel directly owned 10,409 shares of the company’s stock, valued at approximately $2,244,492.67. This represents a 3.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Kuntal Kumar Verma sold 582 shares of the company’s stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $250.00, for a total transaction of $145,500.00. Following the sale, the insider directly owned 4,967 shares in the company, valued at $1,241,750. This represents a 10.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 32,466 shares of company stock valued at $8,014,105. Corporate insiders own 0.39% of the company’s stock.

Institutional Trading of First Solar

Several hedge funds have recently modified their holdings of FSLR. Geode Capital Management LLC raised its holdings in First Solar by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 2,919,991 shares of the solar cell manufacturer’s stock worth $761,396,000 after purchasing an additional 24,206 shares during the period. Viking Global Investors LP raised its holdings in First Solar by 60.6% in the second quarter. Viking Global Investors LP now owns 2,266,050 shares of the solar cell manufacturer’s stock worth $375,122,000 after purchasing an additional 854,919 shares during the period. Amundi raised its holdings in First Solar by 9.4% in the fourth quarter. Amundi now owns 2,215,461 shares of the solar cell manufacturer’s stock worth $578,791,000 after purchasing an additional 189,626 shares during the period. Norges Bank acquired a new stake in First Solar in the fourth quarter worth $392,040,000. Finally, Schroder Investment Management Group raised its holdings in First Solar by 7.6% in the fourth quarter. Schroder Investment Management Group now owns 1,427,105 shares of the solar cell manufacturer’s stock worth $372,803,000 after purchasing an additional 100,908 shares during the period. 92.08% of the stock is owned by institutional investors.

About First Solar

First Solar, Inc (NASDAQ: FSLR) is a United States–based solar technology company best known for designing and manufacturing thin‑film photovoltaic (PV) modules that use cadmium telluride (CdTe) semiconductor technology. The company supplies PV modules and delivers integrated solar power solutions for utility‑scale projects, positioning itself as a provider of both components and complete solar energy systems rather than solely a parts supplier. First Solar was founded in 1999 and is headquartered in Tempe, Arizona.

Beyond module manufacturing, First Solar offers a range of project services including development support, engineering, procurement and construction (EPC) services, and operations and maintenance (O&M) for large-scale solar installations.