First Solar (NASDAQ:FSLR) Trading 4.7% Higher Following Analyst Upgrade

Shares of First Solar, Inc. (NASDAQ:FSLR) rose 4.7% during trading on Wednesday after Susquehanna raised their price target on the stock from $258.00 to $285.00. Susquehanna currently has a positive rating on the stock. First Solar traded as high as $230.99 and last traded at $226.92. Approximately 1,677,258 shares changed hands during trading, a decline of 33% from the average daily volume of 2,495,901 shares. The stock had previously closed at $216.73.

A number of other research analysts also recently commented on the company. DZ Bank downgraded First Solar from a “buy” rating to a “hold” rating and set a $270.00 price objective on the stock. in a report on Wednesday, May 29th. Oppenheimer raised their price objective on shares of First Solar from $271.00 to $325.00 and gave the stock an “outperform” rating in a report on Wednesday, June 12th. Morgan Stanley upped their target price on shares of First Solar from $248.00 to $331.00 and gave the company an “overweight” rating in a report on Tuesday, June 4th. Robert W. Baird cut their price target on shares of First Solar from $344.00 to $307.00 and set an “outperform” rating on the stock in a research note on Tuesday. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on First Solar from $215.00 to $280.00 and gave the stock a “buy” rating in a report on Friday, June 28th. Five research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company’s stock. According to MarketBeat, First Solar presently has an average rating of “Moderate Buy” and an average price target of $267.12.

Insider Buying and Selling

In other First Solar news, CFO Alexander R. Bradley sold 16,051 shares of the business’s stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $274.69, for a total transaction of $4,409,049.19. Following the sale, the chief financial officer now directly owns 30,652 shares in the company, valued at approximately $8,419,797.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Georges Antoun sold 2,400 shares of the business’s stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of $176.00, for a total value of $422,400.00. Following the sale, the insider now directly owns 37,412 shares in the company, valued at approximately $6,584,512. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Alexander R. Bradley sold 16,051 shares of the firm’s stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $274.69, for a total transaction of $4,409,049.19. Following the transaction, the chief financial officer now owns 30,652 shares of the company’s stock, valued at $8,419,797.88. The disclosure for this sale can be found here. Insiders have sold 55,490 shares of company stock valued at $13,301,803 over the last quarter. Company insiders own 0.58% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Cambridge Trust Co. raised its position in shares of First Solar by 1.6% in the first quarter. Cambridge Trust Co. now owns 3,232 shares of the solar cell manufacturer’s stock valued at $546,000 after buying an additional 50 shares during the last quarter. Great Diamond Partners LLC boosted its holdings in shares of First Solar by 3.8% during the first quarter. Great Diamond Partners LLC now owns 1,463 shares of the solar cell manufacturer’s stock worth $247,000 after purchasing an additional 53 shares during the last quarter. Massmutual Trust Co. FSB ADV increased its stake in First Solar by 24.9% in the second quarter. Massmutual Trust Co. FSB ADV now owns 311 shares of the solar cell manufacturer’s stock valued at $70,000 after purchasing an additional 62 shares during the last quarter. Family Legacy Inc. grew its holdings in First Solar by 1.4% in the 1st quarter. Family Legacy Inc. now owns 4,950 shares of the solar cell manufacturer’s stock valued at $836,000 after buying an additional 69 shares during the period. Finally, Harbor Investment Advisory LLC lifted its holdings in shares of First Solar by 36.0% during the 1st quarter. Harbor Investment Advisory LLC now owns 272 shares of the solar cell manufacturer’s stock worth $46,000 after acquiring an additional 72 shares during the period. 92.08% of the stock is owned by hedge funds and other institutional investors.

First Solar Stock Up 2.9 %

The company has a debt-to-equity ratio of 0.06, a current ratio of 2.41 and a quick ratio of 1.86. The stock has a market cap of $23.87 billion, a price-to-earnings ratio of 24.09, a price-to-earnings-growth ratio of 0.30 and a beta of 1.44. The firm’s 50-day moving average is $234.23 and its 200 day moving average is $186.29.

First Solar (NASDAQ:FSLR) last released its quarterly earnings data on Wednesday, May 1st. The solar cell manufacturer reported $2.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.90 by $0.30. First Solar had a net margin of 28.75% and a return on equity of 16.24%. The company had revenue of $794.10 million during the quarter, compared to analyst estimates of $718.19 million. During the same quarter in the prior year, the business earned $0.40 earnings per share. The business’s quarterly revenue was up 44.8% compared to the same quarter last year. Sell-side analysts anticipate that First Solar, Inc. will post 13.58 earnings per share for the current fiscal year.

About First Solar

First Solar, Inc, a solar technology company, provides photovoltaic (PV) solar energy solutions in the United States, France, Japan, Chile, and internationally. The company manufactures and sells PV solar modules with a thin film semiconductor technology that provides a lower-carbon alternative to conventional crystalline silicon PV solar modules.