First Solar (FSLR) Receives New Coverage from Analysts at Bank of America
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.
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.
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.
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