KeyCorp Begins Coverage on First Solar (NASDAQ:FSLR)

KeyCorp began coverage on shares of First Solar (NASDAQ:FSLR) in a report published on Monday morning, PriceTargets.com reports. The firm issued a sector weight rating on the solar cell manufacturer’s stock. KeyCorp also issued estimates for First Solar’s Q3 2021 earnings at $0.77 EPS, Q4 2021 earnings at $0.70 EPS, FY2021 earnings at $4.21 EPS, FY2022 earnings at $2.72 EPS, FY2023 earnings at $3.86 EPS, FY2024 earnings at $4.44 EPS and FY2025 earnings at $5.03 EPS.

Several other analysts also recently commented on the company. Citigroup downgraded First Solar from a buy rating to a neutral rating and set a $100.00 target price for the company. in a research note on Monday, July 12th. TheStreet upgraded First Solar from a c rating to a b- rating in a research note on Friday, June 25th. Susquehanna upgraded First Solar from a neutral rating to a positive rating and raised their target price for the company from $89.00 to $120.00 in a research note on Monday, August 2nd. Piper Sandler raised their target price on First Solar from $80.00 to $89.00 and gave the company a neutral rating in a research note on Monday, August 2nd. Finally, Susquehanna Bancshares raised shares of First Solar to a positive rating and raised their price target for the company from $89.00 to $120.00 in a research report on Monday, August 2nd. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, First Solar presently has a consensus rating of Hold and a consensus target price of $102.76.

Shares of First Solar stock opened at $93.45 on Monday. The company has a current ratio of 4.77, a quick ratio of 3.86 and a debt-to-equity ratio of 0.05. The business has a 50-day moving average price of $93.13 and a two-hundred day moving average price of $85.12. First Solar has a 1-year low of $59.52 and a 1-year high of $112.50. The company has a market cap of $9.94 billion, a P/E ratio of 17.77, a PEG ratio of 2.13 and a beta of 1.30.

First Solar (NASDAQ:FSLR) last issued its quarterly earnings results on Thursday, July 29th. The solar cell manufacturer reported $0.77 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.17. First Solar had a return on equity of 10.05% and a net margin of 18.96%. The firm had revenue of $629.18 million during the quarter, compared to the consensus estimate of $632.03 million. During the same period last year, the business posted $0.35 EPS. Equities research analysts forecast that First Solar will post 4.32 EPS for the current fiscal year.

In other news, Director R Craig Kennedy sold 550 shares of the business’s stock in a transaction on Thursday, July 15th. The shares were sold at an average price of $89.03, for a total transaction of $48,966.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Georges Antoun sold 24,052 shares of the business’s stock in a transaction on Monday, July 12th. The shares were sold at an average price of $95.20, for a total transaction of $2,289,750.40. The disclosure for this sale can be found here. Insiders sold a total of 39,827 shares of company stock valued at $3,694,772 over the last quarter. 0.55% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. grew its position in First Solar by 17.6% in the first quarter. BlackRock Inc. now owns 14,907,811 shares of the solar cell manufacturer’s stock worth $1,301,454,000 after acquiring an additional 2,234,904 shares in the last quarter. Vanguard Group Inc. grew its position in First Solar by 2.2% in the second quarter. Vanguard Group Inc. now owns 8,955,905 shares of the solar cell manufacturer’s stock worth $810,599,000 after acquiring an additional 188,539 shares in the last quarter. State Street Corp grew its position in First Solar by 10.4% in the second quarter. State Street Corp now owns 2,771,099 shares of the solar cell manufacturer’s stock worth $250,812,000 after acquiring an additional 260,905 shares in the last quarter. Schroder Investment Management Group grew its position in First Solar by 38.9% in the first quarter. Schroder Investment Management Group now owns 2,645,448 shares of the solar cell manufacturer’s stock worth $230,948,000 after acquiring an additional 741,076 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in First Solar by 8.2% in the second quarter. Geode Capital Management LLC now owns 1,232,643 shares of the solar cell manufacturer’s stock worth $111,566,000 after acquiring an additional 93,169 shares in the last quarter. Hedge funds and other institutional investors own 73.18% of the company’s stock.

About First Solar

First Solar, Inc engages in designing, manufacturing, marketing, and distribution of photovoltaic solar power systems and solar modules. It operates through the Modules and Systems segments. The Modules segment involves in the design, manufacture, and sale of cadmium telluride solar modules, which convert sunlight into electricity.

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