First Solar's (FSLR) "Buy" Rating Reaffirmed at Argus

Key Points

• Argus reaffirmed its “Buy” rating on First Solar and set a $275 price target, implying approximately 32.3% upside from the reported share price.
• Analyst sentiment remains positive overall, with a consensus “Moderate Buy” rating and an average price target of $265.37. First Solar recently beat quarterly earnings expectations, reporting $3.92 in EPS versus the $2.90 consensus estimate.
• First Solar shares opened at $207.85, while institutional investors own 92.08% of the stock. Insiders sold 25,709 shares worth about $6.39 million over the last quarter, with the transactions conducted under pre-arranged trading plans.

First Solar (NASDAQ:FSLR - Get Free Report)'s stock had its "buy" rating reiterated by stock analysts at Argus in a report released on Wednesday,Benzinga reports. They presently have a $275.00 target price on the solar cell manufacturer's stock. Argus' target price would indicate a potential upside of 32.31% from the stock's current price.

FSLR has been the topic of several other research reports. Morgan Stanley boosted their target price on First Solar from $245.00 to $323.00 and gave the company an "overweight" rating in a research report on Tuesday, August 18th. TD Cowen restated a "buy" rating on shares of First Solar in a report on Monday, July 20th. Oppenheimer reiterated a "market perform" rating on shares of First Solar in a report on Friday, July 31st. Robert W. Baird set a $318.00 price objective on shares of First Solar and gave the stock an "outperform" rating in a research note on Tuesday, August 11th. Finally, Weiss Ratings raised shares of First Solar from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, June 25th. One analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, First Solar has a consensus rating of "Moderate Buy" and a consensus price target of $265.37.

First Solar Stock Up 0.5%

FSLR stock opened at $207.85 on Wednesday. The business's 50-day moving average price is $226.41 and its 200-day moving average price is $223.78. The stock has a market cap of $22.33 billion, a P/E ratio of 12.83, a PEG ratio of 0.45 and a beta of 1.75. First Solar has a twelve month low of $182.99 and a twelve month high of $320.95.

First Solar (NASDAQ:FSLR - Get Free Report) last released its earnings results on Thursday, July 30th. The solar cell manufacturer reported $3.92 EPS for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $1.06 billion. During the same quarter last year, the business earned $3.18 EPS. The firm's revenue was down 3.4% compared to the same quarter last year. On average, equities research analysts expect that First Solar will post 17.77 earnings per share for the current fiscal year.

Insider Activity

In other First Solar news, insider Michael Koralewski sold 7,000 shares of the business's stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $221.51, for a total transaction of $1,550,570.00. Following the sale, the insider owned 7,642 shares of the company's stock, valued at approximately $1,692,779.42. The trade was a 47.81% decrease in their position. The transaction 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, insider Caroline Stockdale sold 10,628 shares of the business's stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $275.60, for a total transaction of $2,929,076.80. Following the sale, the insider directly owned 23,792 shares in the company, valued at approximately $6,557,075.20. This represents a 30.88% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 25,709 shares of company stock valued at $6,386,163. 0.39% of the stock is owned by company insiders.

Institutional Investors Weigh In On First Solar

Institutional investors and hedge funds have recently made changes to their positions in the stock. Commonwealth Retirement Investments LLC purchased a new position in First Solar in the 4th quarter worth $26,000. Reflection Asset Management acquired a new stake in First Solar during the 4th quarter worth about $26,000. Strategic Wealth Investment Group LLC purchased a new stake in First Solar during the 2nd quarter valued at about $26,000. Larson Financial Group LLC grew its stake in First Solar by 117.0% during the 4th quarter. Larson Financial Group LLC now owns 102 shares of the solar cell manufacturer's stock valued at $27,000 after purchasing an additional 55 shares during the last quarter. Finally, Elyxium Wealth LLC acquired a new position in shares of First Solar in the fourth quarter valued at about $30,000. 92.08% of the stock is currently owned by institutional investors and hedge funds.

About First Solar

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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