Wells Fargo & Company Upgrades First Solar (NASDAQ:FSLR) to Overweight

Wells Fargo & Company upgraded shares of First Solar (NASDAQ:FSLR) from an equal weight rating to an overweight rating in a research note released on Friday, Marketbeat.com reports. They currently have $250.00 price objective on the solar cell manufacturer’s stock, up from their previous price objective of $187.00.

Several other analysts also recently commented on the stock. Janney Montgomery Scott started coverage on shares of First Solar in a research report on Friday, April 12th. They issued a buy rating and a $236.00 target price for the company. DZ Bank began coverage on shares of First Solar in a research note on Wednesday, April 17th. They issued a buy rating and a $205.00 price objective for the company. Royal Bank of Canada restated an outperform rating and set a $195.00 target price on shares of First Solar in a report on Wednesday, February 28th. Bank of America upped their price target on First Solar from $187.00 to $194.00 and gave the stock a buy rating in a research note on Wednesday, April 10th. Finally, Mizuho raised their price objective on First Solar from $188.00 to $196.00 and gave the company a buy rating in a research note on Wednesday, January 3rd. Three analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average target price of $229.68.

First Solar Trading Up 0.7 %

NASDAQ:FSLR opened at $176.28 on Friday. The stock’s 50-day moving average is $161.72 and its two-hundred day moving average is $156.46. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.55 and a quick ratio of 2.92. The stock has a market cap of $18.87 billion, a PE ratio of 22.78, a price-to-earnings-growth ratio of 0.30 and a beta of 1.41. First Solar has a fifty-two week low of $129.21 and a fifty-two week high of $232.00.

First Solar (NASDAQ:FSLR) last released its earnings results on Tuesday, February 27th. The solar cell manufacturer reported $3.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.19 by $0.06. The company had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.31 billion. First Solar had a net margin of 25.03% and a return on equity of 13.80%. The company’s revenue was up 15.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.07) EPS. As a group, equities research analysts forecast that First Solar will post 13.55 earnings per share for the current fiscal year.

Insider Activity at First Solar

In other First Solar news, insider Georges Antoun sold 2,400 shares of the firm’s stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of $176.00, for a total value of $422,400.00. Following the completion of the sale, the insider now owns 37,412 shares in the company, valued at approximately $6,584,512. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director R Craig Kennedy sold 1,500 shares of the stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $157.76, for a total value of $236,640.00. Following the transaction, the director now directly owns 15,641 shares in the company, valued at $2,467,524.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Georges Antoun sold 2,400 shares of the stock in a transaction on Thursday, April 4th. The shares were sold at an average price of $176.00, for a total value of $422,400.00. Following the completion of the transaction, the insider now directly owns 37,412 shares in the company, valued at approximately $6,584,512. The disclosure for this sale can be found here. Insiders sold 26,620 shares of company stock valued at $4,269,540 over the last ninety days. 0.58% of the stock is owned by insiders.

Hedge Funds Weigh In On First Solar

Several institutional investors have recently modified their holdings of FSLR. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of First Solar by 4.0% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 548,058 shares of the solar cell manufacturer’s stock worth $94,419,000 after acquiring an additional 20,946 shares in the last quarter. Assenagon Asset Management S.A. raised its holdings in shares of First Solar by 504.1% during the fourth quarter. Assenagon Asset Management S.A. now owns 399,650 shares of the solar cell manufacturer’s stock worth $68,852,000 after acquiring an additional 333,496 shares during the period. Sora Investors LLC boosted its stake in First Solar by 63.6% in the 3rd quarter. Sora Investors LLC now owns 90,000 shares of the solar cell manufacturer’s stock worth $14,543,000 after purchasing an additional 35,000 shares during the period. Vanguard Group Inc. increased its holdings in First Solar by 2.4% during the 3rd quarter. Vanguard Group Inc. now owns 12,040,031 shares of the solar cell manufacturer’s stock worth $1,945,549,000 after purchasing an additional 279,424 shares in the last quarter. Finally, Bull Oak Capital LLC lifted its holdings in shares of First Solar by 304,592.2% in the fourth quarter. Bull Oak Capital LLC now owns 155,393 shares of the solar cell manufacturer’s stock valued at $26,771,000 after purchasing an additional 155,342 shares in the last quarter. 92.08% of the stock is currently owned by institutional investors and hedge funds.

First Solar Company Profile

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.