Bank of America Corporation reiterated their buy rating on shares of First Solar, Inc. (NASDAQ:FSLR) in a report published on Wednesday. The brokerage currently has a $54.00 target price on the solar cell manufacturer’s stock, up from their prior target price of $38.00.

Several other equities research analysts also recently issued reports on the stock. Credit Suisse Group lowered their price objective on shares of First Solar from $29.00 to $25.00 and set an underperform rating on the stock in a research note on Friday, April 7th. Roth Capital set a $29.00 price objective on shares of First Solar and gave the stock a hold rating in a research note on Tuesday, March 28th. JMP Securities upgraded shares of First Solar from a market perform rating to an outperform rating and set a $53.00 price objective on the stock in a research note on Wednesday, May 24th. Needham & Company LLC restated a hold rating on shares of First Solar in a research note on Friday, April 7th. Finally, Zacks Investment Research downgraded shares of First Solar from a hold rating to a sell rating in a research note on Tuesday, July 4th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, eight have given a buy rating and two have given a strong buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average target price of $44.42.

Shares of First Solar (NASDAQ:FSLR) opened at 48.87 on Wednesday. The firm’s market capitalization is $5.10 billion. First Solar has a 12-month low of $25.56 and a 12-month high of $49.75. The company has a 50-day moving average of $40.61 and a 200 day moving average of $34.69.

First Solar (NASDAQ:FSLR) last announced its quarterly earnings data on Thursday, July 27th. The solar cell manufacturer reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.60. The business had revenue of $623 million for the quarter, compared to the consensus estimate of $591.55 million. First Solar had a negative net margin of 18.80% and a positive return on equity of 6.38%. First Solar’s quarterly revenue was down 38.7% on a year-over-year basis. During the same quarter last year, the company posted $0.87 earnings per share. On average, analysts predict that First Solar will post $0.61 EPS for the current year.

COPYRIGHT VIOLATION WARNING: “First Solar, Inc. (NASDAQ:FSLR) Receives “Buy” Rating from Bank of America Corporation” was first posted by Watch List News and is the property of of Watch List News. If you are accessing this news story on another website, it was copied illegally and republished in violation of U.S. & international copyright and trademark laws. The legal version of this news story can be read at https://www.watchlistnews.com/first-solar-inc-nasdaqfslr-receives-buy-rating-from-bank-of-america-corporation/1462722.html.

In other news, Director J Thomas Presby acquired 4,000 shares of the stock in a transaction that occurred on Thursday, May 11th. The stock was purchased at an average cost of $36.89 per share, for a total transaction of $147,560.00. Following the completion of the transaction, the director now directly owns 17,958 shares in the company, valued at $662,470.62. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Bryan Robert Schumaker sold 1,235 shares of First Solar stock in a transaction dated Friday, June 23rd. The stock was sold at an average price of $40.00, for a total value of $49,400.00. The disclosure for this sale can be found here. 0.40% of the stock is owned by company insiders.

Hedge funds have recently made changes to their positions in the company. Comerica Bank raised its stake in shares of First Solar by 0.3% in the fourth quarter. Comerica Bank now owns 17,850 shares of the solar cell manufacturer’s stock worth $638,000 after buying an additional 61 shares during the last quarter. Clear Harbor Asset Management LLC raised its stake in shares of First Solar by 0.5% in the second quarter. Clear Harbor Asset Management LLC now owns 17,145 shares of the solar cell manufacturer’s stock worth $716,000 after buying an additional 80 shares during the last quarter. Daiwa Securities Group Inc. raised its stake in shares of First Solar by 0.5% in the second quarter. Daiwa Securities Group Inc. now owns 24,125 shares of the solar cell manufacturer’s stock worth $962,000 after buying an additional 125 shares during the last quarter. Public Employees Retirement Association of Colorado raised its stake in shares of First Solar by 1.1% in the second quarter. Public Employees Retirement Association of Colorado now owns 15,100 shares of the solar cell manufacturer’s stock worth $602,000 after buying an additional 165 shares during the last quarter. Finally, Gargoyle Investment Advisor L.L.C. raised its stake in shares of First Solar by 1.2% in the first quarter. Gargoyle Investment Advisor L.L.C. now owns 14,591 shares of the solar cell manufacturer’s stock worth $396,000 after buying an additional 180 shares during the last quarter. Hedge funds and other institutional investors own 60.35% of the company’s stock.

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.

Analyst Recommendations for First Solar (NASDAQ:FSLR)

Receive News & Ratings for First Solar Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Solar Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.