Seaport Res Ptn Upgrades First Solar (NASDAQ:FSLR) to Strong-Buy

First Solar (NASDAQ:FSLR) was upgraded by research analysts at Seaport Res Ptn from a “hold” rating to a “strong-buy” rating in a research report issued on Wednesday,Zacks.com reports. Seaport Res Ptn also issued estimates for First Solar’s Q4 2024 earnings at $4.87 EPS and FY2024 earnings at $13.23 EPS.

Other analysts have also issued research reports about the company. BMO Capital Markets reissued an “outperform” rating and set a $260.00 price target (down previously from $286.00) on shares of First Solar in a report on Wednesday, October 30th. Roth Mkm lowered their price objective on First Solar from $320.00 to $280.00 and set a “buy” rating on the stock in a research report on Tuesday, October 15th. Hsbc Global Res raised First Solar to a “strong-buy” rating in a research note on Wednesday, October 9th. Morgan Stanley lowered their price target on First Solar from $329.00 to $297.00 and set an “overweight” rating on the stock in a report on Wednesday, October 30th. Finally, Royal Bank of Canada reduced their price objective on shares of First Solar from $315.00 to $280.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 30th. Three research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $277.75.

First Solar Trading Up 2.2 %

Shares of NASDAQ:FSLR opened at $190.89 on Wednesday. The stock’s 50-day simple moving average is $190.20 and its two-hundred day simple moving average is $210.03. First Solar has a 52-week low of $135.88 and a 52-week high of $306.77. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.44 and a current ratio of 2.14. The stock has a market capitalization of $20.44 billion, a price-to-earnings ratio of 16.44, a PEG ratio of 0.21 and a beta of 1.49.

First Solar (NASDAQ:FSLR) last announced its earnings results on Tuesday, October 29th. The solar cell manufacturer reported $2.91 EPS for the quarter, missing analysts’ consensus estimates of $3.10 by ($0.19). The business had revenue of $887.70 million for the quarter, compared to analysts’ expectations of $1.07 billion. First Solar had a net margin of 32.41% and a return on equity of 17.56%. The firm’s quarterly revenue was up 10.7% on a year-over-year basis. During the same period in the prior year, the company posted $2.50 earnings per share. Analysts expect that First Solar will post 13.09 EPS for the current year.

Institutional Investors Weigh In On First Solar

A number of institutional investors and hedge funds have recently modified their holdings of the business. AlphaMark Advisors LLC purchased a new stake in shares of First Solar during the third quarter valued at $25,000. Strengthening Families & Communities LLC purchased a new stake in First Solar during the third quarter worth $25,000. Kennebec Savings Bank bought a new stake in First Solar during the 3rd quarter valued at $29,000. Itau Unibanco Holding S.A. purchased a new position in shares of First Solar in the 2nd quarter valued at $38,000. Finally, Larson Financial Group LLC raised its position in shares of First Solar by 214.0% in the 3rd quarter. Larson Financial Group LLC now owns 157 shares of the solar cell manufacturer’s stock worth $39,000 after acquiring an additional 107 shares in the last quarter. 92.08% of the stock is 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.