First Solar (NASDAQ:FSLR) Price Target Raised to $343.00

First Solar (NASDAQ:FSLR) had its target price increased by analysts at Bank of America from $320.00 to $343.00 in a research report issued on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the solar cell manufacturer’s stock. Bank of America‘s target price points to a potential upside of 42.93% from the company’s previous close.

Other equities analysts have also recently issued reports about the company. Morgan Stanley lifted their price objective on First Solar from $248.00 to $331.00 and gave the company an “overweight” rating in a report on Tuesday, June 4th. Clarkson Capital assumed coverage on First Solar in a research report on Wednesday, August 14th. They set a “buy” rating and a $270.00 price objective for the company. DZ Bank upgraded shares of First Solar from a “hold” rating to a “buy” rating and set a $280.00 price objective on the stock in a report on Thursday, August 1st. Oppenheimer upped their target price on shares of First Solar from $325.00 to $326.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 31st. Finally, UBS Group increased their price target on shares of First Solar from $350.00 to $360.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Five research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $283.46.

First Solar Stock Up 2.9 %

Shares of First Solar stock opened at $239.98 on Monday. The company has a market capitalization of $25.69 billion, a P/E ratio of 25.00, a price-to-earnings-growth ratio of 0.40 and a beta of 1.44. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.23 and a quick ratio of 1.65. The business has a 50-day moving average of $221.19 and a two-hundred day moving average of $211.13. First Solar has a 1 year low of $129.21 and a 1 year high of $306.77.

First Solar (NASDAQ:FSLR) last posted its quarterly earnings data on Tuesday, July 30th. The solar cell manufacturer reported $3.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.69 by $0.56. The business had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $939.71 million. First Solar had a return on equity of 17.73% and a net margin of 31.98%. First Solar’s quarterly revenue was up 24.6% on a year-over-year basis. During the same period last year, the company earned $1.85 earnings per share. As a group, equities analysts predict that First Solar will post 13.6 EPS for the current year.

Insider Buying and Selling

In related news, CAO Byron Michael Jeffers sold 1,766 shares of the company’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $216.50, for a total transaction of $382,339.00. Following the sale, the chief accounting officer now owns 500 shares of the company’s stock, valued at $108,250. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other First Solar news, insider Patrick James Buehler sold 8,619 shares of the business’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $222.00, for a total value of $1,913,418.00. Following the completion of the sale, the insider now directly owns 3,468 shares of the company’s stock, valued at approximately $769,896. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CAO Byron Michael Jeffers sold 1,766 shares of First Solar stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $216.50, for a total value of $382,339.00. Following the sale, the chief accounting officer now directly owns 500 shares of the company’s stock, valued at $108,250. The disclosure for this sale can be found here. Over the last quarter, insiders sold 12,506 shares of company stock worth $2,827,217. 0.58% of the stock is owned by insiders.

Institutional Trading of First Solar

Several hedge funds have recently modified their holdings of FSLR. Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of First Solar by 6.3% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 259,177 shares of the solar cell manufacturer’s stock worth $43,749,000 after purchasing an additional 15,430 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in First Solar by 20.3% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 121,055 shares of the solar cell manufacturer’s stock worth $20,434,000 after purchasing an additional 20,465 shares during the period. Northern Trust Corp raised its stake in shares of First Solar by 1.7% during the 4th quarter. Northern Trust Corp now owns 1,020,527 shares of the solar cell manufacturer’s stock valued at $175,816,000 after buying an additional 16,756 shares during the last quarter. Legend Financial Advisors Inc. acquired a new stake in shares of First Solar during the 1st quarter worth approximately $759,000. Finally, Burford Brothers Inc. acquired a new position in shares of First Solar in the fourth quarter worth about $3,539,000. 92.08% of the stock is owned by hedge funds and other institutional investors.

First Solar Company Profile

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.