First Solar (FSLR) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of First Solar (NASDAQ:FSLR) from a hold rating to a strong-buy rating in a research note released on Tuesday. The firm currently has $81.00 price target on the solar cell manufacturer’s stock.
According to Zacks, “First Solar continues to focus on retaining its competitive edge and aims to further consolidate its position in the solar market. In fact, First Solar’s constant product innovation efforts will continue to attract customers and expand its revenue stream. The company also outperformed the broader industry in the last year. However, President Trump’s recent walk out from the landmark Paris deal, apart from initiatives to repeal the Clean Power Plan and boost coal production has kept the entire solar industry under immense pressure.”
A number of other analysts have also weighed in on FSLR. Vetr lowered First Solar from a hold rating to a sell rating and set a $45.99 target price on the stock. in a research note on Monday, August 14th. JMP Securities set a $67.00 target price on First Solar and gave the stock a buy rating in a research note on Wednesday, August 16th. Axiom Securities reiterated a buy rating on shares of First Solar in a research note on Thursday, August 24th. Bank of America restated a buy rating and set a $64.00 price target on shares of First Solar in a research note on Tuesday, August 29th. Finally, Robert W. Baird restated a hold rating and set a $50.00 price target on shares of First Solar in a research note on Friday, September 1st. Eleven analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company. The company presently has an average rating of Buy and an average target price of $61.47.
First Solar (NASDAQ:FSLR) last released its earnings results on Thursday, October 26th. The solar cell manufacturer reported $1.95 earnings per share for the quarter, topping analysts’ consensus estimates of $0.84 by $1.11. First Solar had a positive return on equity of 8.07% and a negative net margin of 14.70%. The business had revenue of $1.09 billion for the quarter, compared to analyst estimates of $859.22 million. During the same quarter last year, the firm posted $1.22 earnings per share. The business’s revenue was up 59.5% compared to the same quarter last year. analysts anticipate that First Solar will post 2.52 earnings per share for the current fiscal year.
In other First Solar news, CEO Mark R. Widmar sold 20,270 shares of the firm’s stock in a transaction dated Thursday, December 7th. The stock was sold at an average price of $64.40, for a total value of $1,305,388.00. Following the completion of the sale, the chief executive officer now owns 100,754 shares of the company’s stock, valued at $6,488,557.60. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 0.58% of the stock is currently owned by company insiders.
Large investors have recently made changes to their positions in the company. Suffolk Capital Management LLC purchased a new position in shares of First Solar in the third quarter worth about $1,576,000. Scott & Selber Inc. purchased a new position in shares of First Solar in the third quarter worth about $1,472,000. Commerzbank Aktiengesellschaft FI raised its stake in shares of First Solar by 72.5% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 190,386 shares of the solar cell manufacturer’s stock worth $7,593,000 after purchasing an additional 79,987 shares during the last quarter. American International Group Inc. raised its stake in shares of First Solar by 4.1% in the third quarter. American International Group Inc. now owns 166,620 shares of the solar cell manufacturer’s stock worth $7,645,000 after purchasing an additional 6,610 shares during the last quarter. Finally, Gotham Asset Management LLC purchased a new position in shares of First Solar in the second quarter worth about $14,135,000. Hedge funds and other institutional investors own 51.21% of the company’s stock.
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First Solar Company Profile
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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