First Solar’s (FSLR) “Buy” Rating Reaffirmed at Truist Financial

First Solar (NASDAQ:FSLR)‘s stock had its “buy” rating restated by investment analysts at Truist Financial in a research note issued on Wednesday,Benzinga reports. They presently have a $245.00 target price on the solar cell manufacturer’s stock, down from their prior target price of $285.00. Truist Financial’s price objective indicates a potential upside of 90.53% from the stock’s previous close.

Other research analysts have also issued reports about the company. Seaport Res Ptn raised First Solar from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, January 15th. Royal Bank of Canada decreased their target price on shares of First Solar from $280.00 to $251.00 and set an “outperform” rating for the company in a research report on Wednesday, February 26th. Wells Fargo & Company reduced their price objective on shares of First Solar from $240.00 to $209.00 and set an “overweight” rating for the company in a research note on Wednesday, January 8th. UBS Group lowered their target price on shares of First Solar from $360.00 to $285.00 and set a “buy” rating on the stock in a research report on Wednesday, February 26th. Finally, Barclays reduced their price target on First Solar from $273.00 to $236.00 and set an “overweight” rating for the company in a research report on Friday, February 28th. Four investment analysts have rated the stock with a hold rating, twenty-three have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $260.42.

First Solar Stock Up 0.8 %

NASDAQ:FSLR traded up $1.02 on Wednesday, hitting $128.59. 642,124 shares of the company’s stock traded hands, compared to its average volume of 2,642,177. The firm has a 50-day moving average price of $147.83 and a 200-day moving average price of $183.30. The company has a current ratio of 2.14, a quick ratio of 1.44 and a debt-to-equity ratio of 0.05. The company has a market cap of $13.77 billion, a PE ratio of 11.07, a price-to-earnings-growth ratio of 0.19 and a beta of 1.52. First Solar has a 1 year low of $120.60 and a 1 year high of $306.77.

First Solar (NASDAQ:FSLR) last released its quarterly earnings data on Tuesday, February 25th. The solar cell manufacturer reported $3.65 earnings per share for the quarter, missing the consensus estimate of $4.81 by ($1.16). First Solar had a net margin of 32.41% and a return on equity of 17.56%. The company had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.48 billion. Equities analysts anticipate that First Solar will post 13.05 EPS for the current fiscal year.

Insider Activity

In related news, CTO Markus Gloeckler sold 380 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $133.75, for a total transaction of $50,825.00. Following the completion of the transaction, the chief technology officer now owns 17,594 shares in the company, valued at $2,353,197.50. This trade represents a 2.11 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Mark R. Widmar sold 21,542 shares of the company’s stock in a transaction on Friday, February 28th. The shares were sold at an average price of $141.09, for a total value of $3,039,360.78. Following the completion of the sale, the chief executive officer now owns 103,403 shares in the company, valued at $14,589,129.27. This trade represents a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 34,311 shares of company stock worth $4,767,158. 0.58% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On First Solar

Several institutional investors and hedge funds have recently made changes to their positions in the company. Townsquare Capital LLC acquired a new position in First Solar in the third quarter valued at about $240,000. Glenmede Trust Co. NA boosted its holdings in shares of First Solar by 4.1% in the 3rd quarter. Glenmede Trust Co. NA now owns 2,328 shares of the solar cell manufacturer’s stock worth $581,000 after acquiring an additional 91 shares in the last quarter. Public Sector Pension Investment Board increased its holdings in First Solar by 12.6% during the 3rd quarter. Public Sector Pension Investment Board now owns 5,371 shares of the solar cell manufacturer’s stock valued at $1,340,000 after purchasing an additional 600 shares in the last quarter. Benjamin Edwards Inc. bought a new position in First Solar in the 3rd quarter valued at $229,000. Finally, Hilltop Holdings Inc. acquired a new position in First Solar in the third quarter worth $316,000. Institutional investors and hedge funds own 92.08% of the company’s stock.

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.