First Solar (NASDAQ:FSLR) Stock Rating Upgraded by Citigroup

Key Points

• Citigroup upgraded First Solar from “hold” to “strong buy,” while the broader analyst consensus remains “moderate buy” with an average price target of $258.38.
• First Solar’s latest quarter beat EPS estimates, reporting $5.30 versus $4.67 expected, but revenue fell 22.8% year over year to $1.23 billion and missed forecasts.
• The stock traded at $182.79, well below its 12-month high of $320.95; several analysts recently cut price targets, while insiders sold roughly $1.46 million of shares over the past 90 days.

First Solar (NASDAQ:FSLR - Get Free Report) was upgraded by research analysts at Citigroup from a "hold" rating to a "strong-buy" rating in a report released on Friday, Zacks reports.

Several other equities analysts have also recently commented on FSLR. Glj Research cut shares of First Solar from a "buy" rating to a "hold" rating and set a $161.00 target price for the company. in a research report on Friday. Weiss Ratings lowered shares of First Solar from a "hold (c+)" rating to a "hold (c)" rating in a research report on Friday, October 23rd. The Goldman Sachs Group reissued a "buy" rating on shares of First Solar in a research note on Friday. Wells Fargo & Company decreased their price objective on shares of First Solar from $313.00 to $260.00 and set an "overweight" rating on the stock in a research note on Friday. Finally, Morgan Stanley lowered their price objective on shares of First Solar from $326.00 to $307.00 and set an "overweight" rating for the company in a research report on Friday. Four investment analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, First Solar presently has an average rating of "Moderate Buy" and an average target price of $258.38.

First Solar Price Performance

First Solar stock traded up $8.39 during mid-day trading on Friday, reaching $182.79. 2,040,361 shares of the company were exchanged, compared to its average volume of 2,351,796. The firm has a market cap of $19.65 billion, a PE ratio of 10.54, a PEG ratio of 0.47 and a beta of 1.73. The company has a fifty day simple moving average of $188.72 and a 200-day simple moving average of $216.19. First Solar has a 12 month low of $165.86 and a 12 month high of $320.95.

First Solar (NASDAQ:FSLR - Get Free Report) last released its earnings results on Thursday, October 29th. The solar cell manufacturer reported $5.30 earnings per share for the quarter, beating analysts' consensus estimates of $4.67 by $0.63. The firm had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.29 billion. First Solar had a return on equity of 18.33% and a net margin of 37.12%. The company's revenue was down 22.8% compared to the same quarter last year. During the same period in the prior year, the company posted $4.24 EPS. Sell-side analysts anticipate that First Solar will post 17.64 earnings per share for the current year.

Insider Transactions at First Solar

In other news, CTO Markus Gloeckler sold 829 shares of the stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $248.00, for a total value of $205,592.00. Following the completion of the transaction, the chief technology officer owned 6,642 shares of the company's stock, valued at approximately $1,647,216. This represents a 11.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Jason Dymbort sold 3,700 shares of the firm's stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $249.38, for a total transaction of $922,706.00. Following the completion of the sale, the general counsel owned 5,624 shares in the company, valued at approximately $1,402,513.12. The trade was a 39.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 6,256 shares of company stock valued at $1,455,813. 0.39% of the stock is currently owned by insiders.

Institutional Trading of First Solar

A number of hedge funds have recently added to or reduced their stakes in the stock. Toth Financial Advisory Corp acquired a new position in shares of First Solar during the third quarter worth $32,000. Clearstead Trust LLC acquired a new stake in shares of First Solar during the 2nd quarter valued at $34,000. Vega Investment Solutions acquired a new stake in shares of First Solar during the 2nd quarter valued at $40,000. Rakuten Securities Inc. bought a new stake in First Solar during the 2nd quarter worth $44,000. Finally, Allied Private Wealth LLC bought a new stake in First Solar during the 2nd quarter worth $45,000. Institutional investors and hedge funds own 92.08% of the company's stock.

First Solar News Roundup

Here are the key news stories impacting First Solar this week:

• Positive Sentiment: First Solar authorized a share-repurchase program of up to $500 million, which could support earnings per share and signal management’s confidence in the company’s long-term value. The company also added 1.4 gigawatts of U.S. gross bookings at $0.36 per watt. First Solar: 3 Key Takeaways for Long-Term Investors
• Positive Sentiment: FSLR participated in a broader solar-sector recovery after steep earnings-driven declines among residential solar companies. The rebound improved sentiment toward solar stocks and helped lift First Solar alongside Enphase Energy and Sunrun. Solar Stocks Rebound; First Solar Climbs
• Neutral Sentiment: BNP Paribas Exane began research coverage on First Solar, potentially increasing institutional attention, although the initial rating and target were not provided. First Solar Research Coverage Started at BNP Paribas Exane
• Negative Sentiment: Multiple firms reduced their FSLR price targets. Barclays cut its target to $230 from $259, while Robert W. Baird lowered its target to $266 from $290 and Guggenheim reduced its target to $297 from $299. Despite the cuts, Baird maintained an “outperform” rating and Guggenheim retained a “buy” rating. Barclays Adjusts Price Target on First Solar
• Negative Sentiment: Third-quarter revenue fell 22.8% year over year to $1.23 billion and missed estimates, while full-year revenue guidance was below Wall Street expectations. Stronger-than-expected adjusted EPS and pricing strength provided some offset, but bookings growth and policy uncertainty remain concerns. FSLR Q3 Deep Dive

About First Solar

First Solar, Inc is a vertically integrated solar technology and manufacturing company that designs, manufactures and sells photovoltaic (PV) solar modules. Its modules use advanced thin-film semiconductor technology based on cadmium telluride (CdTe), rather than the crystalline-silicon technology used by most solar manufacturers. The company serves utility-scale solar developers, commercial and industrial customers, and other large-scale energy users.

Founded in 1999 and headquartered in Tempe, Arizona, First Solar operates research and development, manufacturing and recycling facilities in the United States and internationally.

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