Bank of America assumed coverage on shares of First Solar (NASDAQ:FSLR) in a research report sent to investors on Thursday morning. The firm issued a neutral rating and a $70.00 target price on the solar cell manufacturer’s stock.

A number of other brokerages have also recently commented on FSLR. Zacks Investment Research cut First Solar from a strong-buy rating to a hold rating in a report on Friday, October 13th. Deutsche Bank upgraded First Solar from a hold rating to a buy rating and lifted their target price for the stock from $50.00 to $65.00 in a report on Friday, September 15th. Robert W. Baird reiterated a hold rating and issued a $50.00 target price on shares of First Solar in a report on Friday, September 1st. Vetr cut First Solar from a strong-buy rating to a buy rating and set a $51.52 target price for the company. in a report on Wednesday, October 18th. Finally, JMP Securities set a $67.00 target price on First Solar and gave the stock a buy rating in a report on Wednesday, August 16th. Eleven equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the stock. The company currently has a consensus rating of Buy and a consensus target price of $61.47.

First Solar (FSLR) opened at $68.96 on Thursday. The company has a market capitalization of $7,201.70, a P/E ratio of 16.90 and a beta of 2.03. The company has a quick ratio of 6.47, a current ratio of 6.85 and a debt-to-equity ratio of 0.06. First Solar has a 1-year low of $25.56 and a 1-year high of $71.80.

First Solar (NASDAQ:FSLR) last announced its earnings results on Thursday, October 26th. The solar cell manufacturer reported $1.95 EPS for the quarter, topping the Zacks’ consensus estimate of $0.84 by $1.11. The firm had revenue of $1.09 billion during the quarter, compared to analysts’ expectations of $859.22 million. First Solar had a positive return on equity of 8.07% and a negative net margin of 14.70%. The company’s quarterly revenue was up 59.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.22 EPS. research analysts forecast that First Solar will post 2.52 earnings per share for the current year.

In related news, CEO Mark R. Widmar sold 20,270 shares of the firm’s stock in a transaction that occurred on Thursday, December 7th. The stock was sold at an average price of $64.40, for a total transaction of $1,305,388.00. Following the completion of the sale, the chief executive officer now directly owns 100,754 shares of the company’s stock, valued at approximately $6,488,557.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.58% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of FSLR. Fiduciary Trust Co. bought a new stake in First Solar during the 2nd quarter valued at $128,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in First Solar by 64.3% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,383 shares of the solar cell manufacturer’s stock valued at $201,000 after purchasing an additional 1,716 shares in the last quarter. Garner Asset Management Corp bought a new stake in First Solar during the 2nd quarter valued at $208,000. World Asset Management Inc bought a new stake in First Solar during the 2nd quarter valued at $221,000. Finally, Riverhead Capital Management LLC raised its position in First Solar by 82.6% during the 2nd quarter. Riverhead Capital Management LLC now owns 5,660 shares of the solar cell manufacturer’s stock valued at $226,000 after purchasing an additional 2,560 shares in the last quarter. 51.21% of the stock is owned by institutional investors and hedge funds.

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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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