First Solar (NASDAQ:FSLR) Stock Rating Upgraded by TD Cowen

Key Points

• TD Cowen upgraded First Solar to “strong buy,” while the broader analyst consensus remains “Moderate Buy” with a $266.23 price target.
• First Solar reported quarterly EPS of $3.92, beating the $2.90 consensus estimate, on revenue of $1.06 billion; year-over-year revenue declined 3.4%.
• Shares opened at $176.16, near the company’s $168.60 one-year low, while institutional investors own a significant 92.08% of outstanding shares.

First Solar (NASDAQ:FSLR - Get Free Report) was upgraded by equities research analysts at TD Cowen to a "strong-buy" rating in a report issued on Monday, Zacks reports.

Several other brokerages also recently weighed in on FSLR. Wells Fargo & Company increased their target price on shares of First Solar from $300.00 to $313.00 and gave the stock an "overweight" rating in a research note on Friday, August 7th. Argus reaffirmed a "buy" rating and set a $275.00 price target on shares of First Solar in a research note on Wednesday, August 26th. HSBC upgraded First Solar from a "hold" rating to a "buy" rating in a report on Friday, August 7th. Roth Capital restated a "buy" rating and set a $300.00 target price on shares of First Solar in a report on Friday, July 24th. Finally, Deutsche Bank Aktiengesellschaft cut First Solar from a "buy" rating to a "hold" rating in a report on Thursday, August 27th. Two analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $266.23.

First Solar Stock Performance

Shares of FSLR stock opened at $176.16 on Monday. The firm's 50 day moving average price is $206.96 and its 200-day moving average price is $220.01. First Solar has a one year low of $168.60 and a one year high of $320.95. The firm has a market cap of $18.93 billion, a P/E ratio of 10.86, a P/E/G ratio of 0.47 and a beta of 1.80.

First Solar (NASDAQ:FSLR - Get Free Report) last released its earnings results on Thursday, July 30th. The solar cell manufacturer reported $3.92 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.90 by $1.02. The company had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.06 billion. First Solar had a net margin of 32.47% and a return on equity of 18.02%. The firm's quarterly revenue was down 3.4% on a year-over-year basis. During the same period in the prior year, the business earned $3.18 EPS. As a group, research analysts predict that First Solar will post 17.64 EPS for the current fiscal year.

Insider Buying and Selling at First Solar

In related news, General Counsel Jason E. Dymbort sold 3,700 shares of the firm's stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $249.38, for a total transaction of $922,706.00. Following the sale, the general counsel directly owned 5,624 shares in the company, valued at approximately $1,402,513.12. This trade represents a 39.68% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through 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 business's stock in a transaction 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 transaction, the executive vice president directly owned 2,018 shares in the company, valued at approximately $449,913.10. The trade was a 5.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 16,681 shares of company stock valued at $3,756,286. 0.39% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On First Solar

Institutional investors and hedge funds have recently made changes to their positions in the business. Reflection Asset Management acquired a new stake in First Solar during the fourth quarter worth about $26,000. Commonwealth Retirement Investments LLC bought a new position in shares of First Solar during the fourth quarter valued at approximately $26,000. MV Capital Management Inc. acquired a new stake in shares of First Solar during the 4th quarter worth approximately $30,000. Clearstead Trust LLC acquired a new stake in shares of First Solar during the 2nd quarter worth approximately $34,000. Finally, Vega Investment Solutions bought a new stake in shares of First Solar in the 2nd quarter worth approximately $40,000. 92.08% of the stock is currently owned by hedge funds and other institutional investors.

About First Solar

First Solar, Inc is a solar technology and manufacturing company that designs and produces photovoltaic (PV) solar modules for utility-scale power projects. Unlike conventional crystalline-silicon panels, its modules use thin-film semiconductor technology based on cadmium telluride (CdTe), which the company says can provide advantages in energy yield, temperature performance and lifecycle sustainability.

The company's product portfolio includes its Series 6 and Series 7 thin-film solar modules, along with related services such as technical support, module recycling and end-of-life collection.

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