First Solar (NASDAQ:FSLR) Stock Rating Upgraded by BMO Capital Markets

Key Points

• BMO Capital Markets upgraded First Solar from “market perform” to “outperform” and set a $263 price target, implying 27.71% upside from the cited $205.93 share price.
• Analyst sentiment is broadly positive: First Solar has a consensus “Moderate Buy” rating and an average price target of $266.27, supported by multiple recent target increases and buy ratings.
• First Solar exceeded quarterly earnings expectations, reporting $3.92 in EPS versus the $2.90 consensus estimate, while revenue reached $1.06 billion. However, revenue declined 3.4% year over year, and insiders sold 15,081 shares worth about $3.46 million during the quarter.

First Solar (NASDAQ:FSLR - Get Free Report) was upgraded by equities researchers at BMO Capital Markets from a "market perform" rating to an "outperform" rating in a research report issued to clients and investors on Thursday, Marketbeat.com reports. The brokerage currently has a $263.00 price objective on the solar cell manufacturer's stock. BMO Capital Markets' price objective suggests a potential upside of 27.71% from the stock's current price.

A number of other equities research analysts have also issued reports on the company. UBS Group boosted their target price on First Solar from $290.00 to $330.00 and gave the stock a "buy" rating in a research report on Thursday, June 11th. TD Cowen reiterated a "buy" rating on shares of First Solar in a report on Monday, July 20th. Weiss Ratings upgraded shares of First Solar from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, June 25th. Citigroup lifted their target price on shares of First Solar from $294.00 to $297.00 and gave the stock a "buy" rating in a research report on Monday, August 3rd. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on shares of First Solar from $272.00 to $299.00 and gave the company a "buy" rating in a report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $266.27.

First Solar Stock Performance

FSLR opened at $205.93 on Thursday. The stock's fifty day moving average is $225.43 and its 200-day moving average is $223.58. The company has a market capitalization of $22.13 billion, a PE ratio of 12.70, a P/E/G ratio of 0.45 and a beta of 1.75. First Solar has a one year low of $182.99 and a one year high of $320.95.

First Solar (NASDAQ:FSLR - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The solar cell manufacturer reported $3.92 earnings per share for the quarter, beating the consensus estimate of $2.90 by $1.02. First Solar had a net margin of 32.47% and a return on equity of 18.02%. The company had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.06 billion. During the same quarter last year, the firm posted $3.18 EPS. The business's revenue for the quarter was down 3.4% on a year-over-year basis. On average, equities research analysts forecast that First Solar will post 17.77 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Michael Koralewski sold 7,000 shares of the company's stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $221.51, for a total value of $1,550,570.00. Following the transaction, the insider owned 7,642 shares in the company, valued at $1,692,779.42. This represents a 47.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Samantha L. Sloan sold 127 shares of the stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $222.95, for a total transaction of $28,314.65. Following the completion of the sale, the executive vice president directly owned 2,018 shares of the company's stock, valued at $449,913.10. This trade represents a 5.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 15,081 shares of company stock valued at $3,457,086. 0.39% of the stock is owned by insiders.

Institutional Investors Weigh In On First Solar

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Root Financial Partners LLC grew its holdings in shares of First Solar by 18.2% during the 4th quarter. Root Financial Partners LLC now owns 292 shares of the solar cell manufacturer's stock worth $76,000 after acquiring an additional 45 shares during the period. Fiduciary Financial Group LLC boosted its position in shares of First Solar by 2.3% during the second quarter. Fiduciary Financial Group LLC now owns 2,026 shares of the solar cell manufacturer's stock valued at $478,000 after purchasing an additional 45 shares in the last quarter. FIL Ltd boosted its position in shares of First Solar by 6.9% during the fourth quarter. FIL Ltd now owns 708 shares of the solar cell manufacturer's stock valued at $185,000 after purchasing an additional 46 shares in the last quarter. Fielder Capital Group LLC grew its stake in First Solar by 4.1% in the fourth quarter. Fielder Capital Group LLC now owns 1,196 shares of the solar cell manufacturer's stock worth $312,000 after purchasing an additional 47 shares during the period. Finally, Burford Brothers Inc. grew its stake in First Solar by 0.3% in the fourth quarter. Burford Brothers Inc. now owns 19,080 shares of the solar cell manufacturer's stock worth $4,984,000 after purchasing an additional 48 shares during the period. Hedge funds and other institutional investors own 92.08% of the company's stock.

First Solar Company Profile

First Solar, Inc NASDAQ: FSLR is a United States–based solar technology company best known for designing and manufacturing thin‑film photovoltaic (PV) modules that use cadmium telluride (CdTe) semiconductor technology. The company supplies PV modules and delivers integrated solar power solutions for utility‑scale projects, positioning itself as a provider of both components and complete solar energy systems rather than solely a parts supplier. First Solar was founded in 1999 and is headquartered in Tempe, Arizona.

Beyond module manufacturing, First Solar offers a range of project services including development support, engineering, procurement and construction (EPC) services, and operations and maintenance (O&M) for large-scale solar installations.

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