Guggenheim Increases First Solar (NASDAQ:FSLR) Price Target to $282.00

First Solar (NASDAQ:FSLR) had its target price increased by analysts at Guggenheim from $279.00 to $282.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the solar cell manufacturer’s stock. Guggenheim’s price objective indicates a potential upside of 17.48% from the company’s current price.

A number of other equities research analysts have also weighed in on FSLR. The Goldman Sachs Group raised their price objective on shares of First Solar from $300.00 to $310.00 in a report on Friday, May 1st. TD Cowen reaffirmed a “buy” rating on shares of First Solar in a report on Monday, July 20th. Sanford C. Bernstein decreased their target price on First Solar from $217.00 to $197.00 and set an “underperform” rating for the company in a research note on Friday. Argus raised their price objective on shares of First Solar from $250.00 to $275.00 and gave the stock a “buy” rating in a report on Wednesday, May 13th. Finally, HSBC boosted their price objective on shares of First Solar from $211.00 to $231.00 and gave the stock a “hold” rating in a research report on Tuesday, May 5th. One research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, thirteen have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, First Solar currently has an average rating of “Moderate Buy” and a consensus price target of $252.96.

First Solar Trading Up 13.7%

FSLR traded up $29.01 on Monday, hitting $240.04. 1,337,558 shares of the company were exchanged, compared to its average volume of 2,354,107. The firm has a 50-day moving average price of $245.08 and a two-hundred day moving average price of $225.14. First Solar has a twelve month low of $176.47 and a twelve month high of $320.95. The company has a market cap of $25.79 billion, a price-to-earnings ratio of 14.87, a price-to-earnings-growth ratio of 0.47 and a beta of 1.76.

First Solar (NASDAQ:FSLR) last announced its quarterly earnings data on Thursday, July 30th. The solar cell manufacturer reported $3.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.90 by $1.02. First Solar had a return on equity of 18.02% and a net margin of 32.47%.The business had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.06 billion. During the same quarter last year, the business posted $3.18 EPS. The business’s quarterly revenue was down 3.4% compared to the same quarter last year. Equities analysts expect that First Solar will post 17.53 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Alexander R. Bradley sold 498 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $215.63, for a total value of $107,383.74. Following the sale, the chief financial officer owned 30,712 shares in the company, valued at $6,622,428.56. This represents a 1.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Georges Antoun sold 566 shares of the firm’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $215.63, for a total transaction of $122,046.58. Following the transaction, the insider directly owned 19,918 shares of the company’s stock, valued at $4,294,918.34. This represents a 2.76% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 31,893 shares of company stock valued at $7,893,775. Insiders own 0.39% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Tema ETFs LLC grew its position in First Solar by 9.5% during the 2nd quarter. Tema ETFs LLC now owns 1,677 shares of the solar cell manufacturer’s stock worth $396,000 after purchasing an additional 145 shares during the period. Fiduciary Financial Group LLC boosted its stake in shares of First Solar by 2.3% in the second quarter. Fiduciary Financial Group LLC now owns 2,026 shares of the solar cell manufacturer’s stock worth $478,000 after buying an additional 45 shares during the last quarter. E. Ohman J or Asset Management AB grew its holdings in First Solar by 10.8% during the second quarter. E. Ohman J or Asset Management AB now owns 151,973 shares of the solar cell manufacturer’s stock worth $35,860,000 after acquiring an additional 14,797 shares during the period. Handelsbanken Fonder AB raised its position in First Solar by 15.0% during the second quarter. Handelsbanken Fonder AB now owns 683,112 shares of the solar cell manufacturer’s stock valued at $161,187,000 after acquiring an additional 89,214 shares in the last quarter. Finally, City Holding Co. lifted its holdings in First Solar by 35.4% in the second quarter. City Holding Co. now owns 1,462 shares of the solar cell manufacturer’s stock valued at $345,000 after acquiring an additional 382 shares during the period. 92.08% of the stock is currently owned by institutional investors and hedge funds.

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.