First Solar (NASDAQ:FSLR) Hits New 1-Year High on Analyst Upgrade

First Solar, Inc. (NASDAQ:FSLR) shares reached a new 52-week high on Wednesday after Bank of America raised their price target on the stock from $209.00 to $254.00. Bank of America currently has a buy rating on the stock. First Solar traded as high as $237.30 and last traded at $233.35, with a volume of 624985 shares traded. The stock had previously closed at $224.43.

A number of other equities research analysts have also weighed in on FSLR. Citigroup upped their target price on shares of First Solar from $198.00 to $300.00 and gave the stock a “buy” rating in a report on Tuesday. JPMorgan Chase & Co. upped their target price on shares of First Solar from $241.00 to $262.00 and gave the stock an “overweight” rating in a report on Friday, September 19th. Jefferies Financial Group upped their target price on shares of First Solar from $212.00 to $260.00 and gave the stock a “buy” rating in a report on Thursday, October 2nd. Evercore ISI started coverage on shares of First Solar in a report on Monday, October 6th. They issued an “in-line” rating and a $240.00 target price on the stock. Finally, Wall Street Zen upgraded shares of First Solar from a “sell” rating to a “hold” rating in a report on Saturday, August 2nd. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $238.72.

Insider Transactions at First Solar

In other First Solar news, CEO Mark R. Widmar sold 2,321 shares of the company’s stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $199.44, for a total value of $462,900.24. Following the completion of the sale, the chief executive officer directly owned 81,861 shares of the company’s stock, valued at approximately $16,326,357.84. This represents a 2.76% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Nathan B. Theurer sold 686 shares of the company’s stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $182.03, for a total transaction of $124,872.58. The disclosure for this sale can be found here. Insiders sold a total of 30,715 shares of company stock valued at $5,733,305 over the last ninety days. 0.48% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Garde Capital Inc. bought a new position in shares of First Solar during the 1st quarter valued at approximately $25,000. Wealth Preservation Advisors LLC bought a new position in shares of First Solar during the 1st quarter valued at approximately $25,000. TD Private Client Wealth LLC grew its position in shares of First Solar by 126.9% during the 2nd quarter. TD Private Client Wealth LLC now owns 152 shares of the solar cell manufacturer’s stock valued at $25,000 after acquiring an additional 85 shares during the period. Strategic Wealth Investment Group LLC bought a new position in shares of First Solar during the 2nd quarter valued at approximately $26,000. Finally, Harbor Investment Advisory LLC grew its position in shares of First Solar by 138.9% during the 2nd quarter. Harbor Investment Advisory LLC now owns 172 shares of the solar cell manufacturer’s stock valued at $28,000 after acquiring an additional 100 shares during the period. 92.08% of the stock is owned by institutional investors.

First Solar Stock Up 8.9%

The stock’s 50-day moving average price is $208.89 and its two-hundred day moving average price is $173.50. The stock has a market capitalization of $26.21 billion, a P/E ratio of 20.91, a P/E/G ratio of 0.45 and a beta of 1.38. The company has a current ratio of 1.90, a quick ratio of 1.41 and a debt-to-equity ratio of 0.04.

First Solar (NASDAQ:FSLR) last released its earnings results on Thursday, July 31st. The solar cell manufacturer reported $3.18 earnings per share for the quarter, beating analysts’ consensus estimates of $2.68 by $0.50. First Solar had a net margin of 28.95% and a return on equity of 15.57%. The firm had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.03 billion. During the same period in the prior year, the firm earned $3.25 EPS. The company’s revenue was up 8.6% compared to the same quarter last year. First Solar has set its FY 2025 guidance at 13.500-16.500 EPS. As a group, research analysts expect that First Solar, Inc. will post 13.05 earnings per share for the current fiscal year.

About First Solar

First Solar, Inc, a solar technology company, provides photovoltaic (PV) solar energy solutions in the United States, France, Japan, Chile, and internationally. The company manufactures and sells PV solar modules with a thin film semiconductor technology that provides a lower-carbon alternative to conventional crystalline silicon PV solar modules.