Bank of America Corporation Reaffirms “Buy” Rating for First Solar, Inc. (NASDAQ:FSLR)

Bank of America Corporation reiterated their buy rating on shares of First Solar, Inc. (NASDAQ:FSLR) in a research note released on Wednesday, July 26th. Bank of America Corporation currently has a $54.00 price objective on the solar cell manufacturer’s stock, up from their prior price objective of $38.00.

A number of other equities analysts have also commented on FSLR. UBS AG raised First Solar from a sell rating to a hold rating in a research note on Tuesday, May 2nd. BidaskClub raised First Solar from a buy rating to a strong-buy rating in a research note on Monday, July 24th. Axiom Securities raised First Solar from a hold rating to a buy rating and lifted their price objective for the stock from $45.40 to $51.00 in a research note on Wednesday, July 19th. TheStreet upgraded First Solar from a d+ rating to a c rating in a report on Wednesday, July 19th. Finally, Deutsche Bank AG reiterated a hold rating and issued a $38.00 target price (up from $36.00) on shares of First Solar in a report on Sunday, May 28th. Two investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and ten have assigned a buy rating to the stock. The company presently has a consensus rating of Hold and an average price target of $43.82.

First Solar (FSLR) traded up 0.84% on Wednesday, reaching $49.50. 239,548 shares of the company’s stock were exchanged. The stock’s market capitalization is $5.17 billion. First Solar has a 12 month low of $25.56 and a 12 month high of $50.21. The firm has a 50 day moving average of $44.45 and a 200 day moving average of $35.94.

First Solar (NASDAQ:FSLR) last announced its quarterly earnings results on Thursday, July 27th. The solar cell manufacturer reported $0.64 EPS for the quarter, beating the Zacks’ consensus estimate of $0.04 by $0.60. First Solar had a positive return on equity of 6.43% and a negative net margin of 18.80%. The firm had revenue of $623 million for the quarter, compared to analyst estimates of $591.55 million. During the same period last year, the firm posted $0.87 earnings per share. The business’s revenue for the quarter was down 38.7% on a year-over-year basis. Equities analysts predict that First Solar will post $2.11 earnings per share for the current fiscal year.

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In other First Solar news, CEO Mark R. Widmar sold 43,189 shares of the stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $48.55, for a total value of $2,096,825.95. Following the completion of the sale, the chief executive officer now owns 107,454 shares in the company, valued at approximately $5,216,891.70. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Alexander R. Bradley sold 566 shares of the stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $48.66, for a total value of $27,541.56. Following the completion of the sale, the chief financial officer now owns 963 shares of the company’s stock, valued at approximately $46,859.58. The disclosure for this sale can be found here. In the last quarter, insiders sold 95,909 shares of company stock valued at $4,705,246. Company insiders own 0.40% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FSLR. BlackRock Inc. boosted its position in First Solar by 7,977.6% in the first quarter. BlackRock Inc. now owns 6,922,544 shares of the solar cell manufacturer’s stock worth $187,601,000 after buying an additional 6,836,843 shares during the last quarter. Vanguard Group Inc. raised its position in First Solar by 3.9% in the second quarter. Vanguard Group Inc. now owns 6,545,727 shares of the solar cell manufacturer’s stock worth $261,043,000 after buying an additional 243,787 shares during the period. Wellington Management Group LLP raised its position in First Solar by 28.8% in the first quarter. Wellington Management Group LLP now owns 3,038,924 shares of the solar cell manufacturer’s stock worth $82,356,000 after buying an additional 679,898 shares during the period. Dimensional Fund Advisors LP raised its position in First Solar by 6.1% in the first quarter. Dimensional Fund Advisors LP now owns 2,756,980 shares of the solar cell manufacturer’s stock worth $74,715,000 after buying an additional 158,896 shares during the period. Finally, Schroder Investment Management Group raised its position in First Solar by 12,600.7% in the second quarter. Schroder Investment Management Group now owns 1,679,286 shares of the solar cell manufacturer’s stock worth $67,306,000 after buying an additional 1,666,064 shares during the period. Institutional investors own 60.25% of the company’s stock.

About First Solar

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.

Analyst Recommendations for First Solar (NASDAQ:FSLR)

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