First Solar (NASDAQ:FSLR) Raised to “Overweight” at Piper Sandler

Piper Sandler upgraded shares of First Solar (NASDAQ:FSLRGet Rating) from a neutral rating to an overweight rating in a research report sent to investors on Thursday morning, MarketBeat reports. The firm currently has $90.00 target price on the solar cell manufacturer’s stock, up from their prior target price of $80.00.

Other equities analysts have also issued reports about the stock. The Goldman Sachs Group dropped their price target on shares of First Solar from $67.00 to $57.00 and set a sell rating on the stock in a research note on Thursday, March 3rd. Citigroup dropped their price target on shares of First Solar from $80.00 to $70.00 and set a neutral rating on the stock in a research note on Thursday, March 3rd. StockNews.com initiated coverage on First Solar in a report on Thursday, March 31st. They issued a sell rating for the company. Credit Suisse Group decreased their price objective on First Solar from $88.00 to $82.00 and set a neutral rating for the company in a report on Tuesday, March 8th. Finally, TheStreet downgraded First Solar from a b- rating to a c+ rating in a report on Wednesday, February 16th. Five equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of Hold and an average target price of $87.83.

Shares of FSLR stock traded up $4.28 during trading hours on Thursday, reaching $65.68. 20,206 shares of the stock were exchanged, compared to its average volume of 1,255,114. The firm has a market capitalization of $7.00 billion, a P/E ratio of 30.55, a P/E/G ratio of 14.78 and a beta of 1.38. First Solar has a 12-month low of $59.60 and a 12-month high of $123.13. The company has a debt-to-equity ratio of 0.04, a current ratio of 4.07 and a quick ratio of 2.93. The business’s fifty day moving average is $76.71 and its two-hundred day moving average is $85.51.

First Solar (NASDAQ:FSLRGet Rating) last announced its quarterly earnings results on Thursday, April 28th. The solar cell manufacturer reported ($0.41) EPS for the quarter, meeting the consensus estimate of ($0.41). The company had revenue of $367.00 million for the quarter, compared to analyst estimates of $588.73 million. First Solar had a net margin of 8.68% and a return on equity of 3.68%. The firm’s revenue was down 54.3% on a year-over-year basis. During the same period in the prior year, the firm posted $1.96 earnings per share. As a group, equities research analysts predict that First Solar will post 0.35 earnings per share for the current fiscal year.

In related news, insider Kuntal Kumar Verma sold 2,219 shares of the business’s stock in a transaction that occurred on Thursday, March 31st. The stock was sold at an average price of $82.59, for a total transaction of $183,267.21. Following the transaction, the insider now directly owns 2,490 shares of the company’s stock, valued at approximately $205,649.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director R Craig Kennedy sold 600 shares of the company’s stock in a transaction that occurred on Tuesday, March 15th. The shares were sold at an average price of $71.46, for a total value of $42,876.00. The disclosure for this sale can be found here. Insiders sold a total of 26,849 shares of company stock worth $2,051,947 over the last ninety days. Corporate insiders own 0.55% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. MML Investors Services LLC increased its holdings in shares of First Solar by 1.3% in the 3rd quarter. MML Investors Services LLC now owns 6,954 shares of the solar cell manufacturer’s stock valued at $664,000 after acquiring an additional 89 shares during the last quarter. Greenleaf Trust increased its holdings in shares of First Solar by 2.2% in the 3rd quarter. Greenleaf Trust now owns 5,422 shares of the solar cell manufacturer’s stock valued at $518,000 after acquiring an additional 118 shares during the last quarter. World Asset Management Inc increased its holdings in shares of First Solar by 3.8% in the 3rd quarter. World Asset Management Inc now owns 3,441 shares of the solar cell manufacturer’s stock valued at $328,000 after acquiring an additional 126 shares during the last quarter. Impax Asset Management Group plc increased its holdings in shares of First Solar by 1.5% in the 3rd quarter. Impax Asset Management Group plc now owns 8,559 shares of the solar cell manufacturer’s stock valued at $817,000 after acquiring an additional 130 shares during the last quarter. Finally, Ellevest Inc. increased its holdings in shares of First Solar by 53.3% in the 1st quarter. Ellevest Inc. now owns 374 shares of the solar cell manufacturer’s stock valued at $31,000 after acquiring an additional 130 shares during the last quarter. Institutional investors and hedge funds own 75.42% of the company’s stock.

About First Solar (Get Rating)

First Solar, Inc provides photovoltaic (PV) solar energy solutions in the United State, Japan, France, Canada, India, Australia, and internationally. The company designs, manufactures, and sells cadmium telluride solar modules that converts sunlight into electricity. It serves developers and operators of systems, utilities, independent power producers, commercial and industrial companies, and other system owners.

Read More

Analyst Recommendations for First Solar (NASDAQ:FSLR)

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