First Solar, Inc. (NASDAQ:FSLR) Receives $275.36 Average Target Price from Analysts

First Solar, Inc. (NASDAQ:FSLR) has been assigned an average recommendation of “Moderate Buy” from the twenty-five brokerages that are currently covering the stock, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $275.36.

A number of research firms have recently issued reports on FSLR. Clarkson Capital started coverage on First Solar in a report on Wednesday, August 14th. They issued a “buy” rating and a $270.00 target price for the company. Oppenheimer raised their price objective on First Solar from $325.00 to $326.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 31st. Evercore ISI upgraded First Solar from an “in-line” rating to an “outperform” rating and set a $227.00 target price on the stock in a report on Tuesday, April 23rd. Susquehanna raised their price target on shares of First Solar from $258.00 to $285.00 and gave the stock a “positive” rating in a report on Wednesday, July 3rd. Finally, JPMorgan Chase & Co. upped their price objective on shares of First Solar from $262.00 to $282.00 and gave the company an “overweight” rating in a research note on Tuesday, July 16th.

First Solar Trading Down 3.6 %

Shares of FSLR opened at $220.20 on Friday. The business’s 50-day moving average price is $231.45 and its 200 day moving average price is $201.24. The company has a current ratio of 2.23, a quick ratio of 1.86 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $23.57 billion, a P/E ratio of 23.08, a P/E/G ratio of 0.37 and a beta of 1.44. First Solar has a 1-year low of $129.21 and a 1-year high of $306.77.

First Solar (NASDAQ:FSLR) last released its earnings results on Tuesday, July 30th. The solar cell manufacturer reported $3.25 earnings per share for the quarter, topping the consensus estimate of $2.69 by $0.56. The business had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $939.71 million. First Solar had a net margin of 31.98% and a return on equity of 17.73%. The firm’s quarterly revenue was up 24.6% compared to the same quarter last year. During the same period last year, the firm posted $1.85 earnings per share. Analysts expect that First Solar will post 13.53 earnings per share for the current year.

Insider Activity

In related news, CFO Alexander R. Bradley sold 16,051 shares of the business’s stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $274.69, for a total transaction of $4,409,049.19. Following the completion of the transaction, the chief financial officer now owns 30,652 shares of the company’s stock, valued at approximately $8,419,797.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO Alexander R. Bradley sold 16,051 shares of the business’s stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $274.69, for a total transaction of $4,409,049.19. Following the transaction, the chief financial officer now owns 30,652 shares of the company’s stock, valued at $8,419,797.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Byron Michael Jeffers sold 1,766 shares of the company’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $216.50, for a total transaction of $382,339.00. Following the transaction, the chief accounting officer now owns 500 shares of the company’s stock, valued at $108,250. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 37,203 shares of company stock valued at $9,598,253. 0.58% of the stock is owned by insiders.

Hedge Funds Weigh In On First Solar

Several institutional investors and hedge funds have recently added to or reduced their stakes in FSLR. Senator Investment Group LP grew its holdings in shares of First Solar by 18.7% during the 2nd quarter. Senator Investment Group LP now owns 126,963 shares of the solar cell manufacturer’s stock worth $28,625,000 after purchasing an additional 20,000 shares in the last quarter. EP Wealth Advisors LLC acquired a new stake in First Solar during the second quarter worth $261,000. CMG Global Holdings LLC acquired a new stake in First Solar during the second quarter worth $225,000. Ecofi Investissements SA bought a new stake in First Solar in the 2nd quarter valued at $6,532,000. Finally, Quarry LP raised its stake in shares of First Solar by 117.1% in the 2nd quarter. Quarry LP now owns 9,447 shares of the solar cell manufacturer’s stock valued at $2,130,000 after buying an additional 5,095 shares in the last quarter. 92.08% of the stock is currently owned by institutional investors.

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.