First Solar (NASDAQ:FSLR) Coverage Initiated at Needham & Company LLC

Key Points

• Needham & Company LLC has initiated coverage on First Solar (NASDAQ:FSLR) with a "buy" rating and a price target of $286.00, indicating a potential upside of 26.07% from its previous close.
• Other analysts have also issued positive ratings, with Guggenheim raising its target to $287.00 and UBS increasing their target to $275.00, reflecting strong confidence in the company.
• In its latest quarterly earnings report, First Solar surpassed analysts' expectations with an EPS of $3.18, up from a previous year, showcasing robust growth in revenue.

Equities researchers at Needham & Company LLC began coverage on shares of First Solar (NASDAQ:FSLR - Get Free Report) in a report released on Wednesday,Benzinga reports. The brokerage set a "buy" rating and a $286.00 price target on the solar cell manufacturer's stock. Needham & Company LLC's target price points to a potential upside of 26.07% from the company's previous close.

A number of other equities analysts also recently issued reports on the company. Guggenheim upped their price target on First Solar from $202.00 to $287.00 and gave the stock a "buy" rating in a research report on Friday, August 22nd. UBS Group reaffirmed a "buy" rating and set a $275.00 price target (up from $255.00) on shares of First Solar in a research report on Tuesday, August 5th. Wall Street Zen raised First Solar from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Evercore ISI assumed coverage on First Solar in a research report on Monday, October 6th. They set an "in-line" rating and a $240.00 price target on the stock. Finally, Jefferies Financial Group upped their price target on First Solar from $212.00 to $260.00 and gave the stock a "buy" rating in a research report on Thursday, October 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $244.00.

First Solar Stock Performance

Shares of NASDAQ:FSLR opened at $226.85 on Wednesday. The company has a market capitalization of $24.33 billion, a price-to-earnings ratio of 19.41, a price-to-earnings-growth ratio of 0.44 and a beta of 1.38. First Solar has a 52 week low of $116.56 and a 52 week high of $248.04. The company has a quick ratio of 1.41, a current ratio of 1.90 and a debt-to-equity ratio of 0.04. The firm has a 50 day moving average of $212.66 and a 200 day moving average of $176.63.

First Solar (NASDAQ:FSLR - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The solar cell manufacturer reported $3.18 EPS for the quarter, topping analysts' consensus estimates of $2.68 by $0.50. The company had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.03 billion. First Solar had a net margin of 28.95% and a return on equity of 15.57%. First Solar's revenue for the quarter was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.25 earnings per share. First Solar has set its FY 2025 guidance at 13.500-16.500 EPS. On average, sell-side analysts predict that First Solar will post 13.05 earnings per share for the current fiscal year.

Insider Buying and Selling at First Solar

In other First Solar news, CEO Mark R. Widmar sold 23,912 shares of the stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $185.47, for a total transaction of $4,434,958.64. Following the sale, the chief executive officer directly owned 87,978 shares of the company's stock, valued at approximately $16,317,279.66. This trade represents a 21.37% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Nathan B. Theurer sold 686 shares of the stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $182.03, for a total value of $124,872.58. The disclosure for this sale can be found here. Over the last three months, insiders sold 30,715 shares of company stock worth $5,733,305. 0.48% 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. Wealth Preservation Advisors LLC purchased a new stake in shares of First Solar during the 1st quarter worth about $25,000. TD Private Client Wealth LLC boosted its stake in shares of First Solar by 126.9% during the 2nd quarter. TD Private Client Wealth LLC now owns 152 shares of the solar cell manufacturer's stock worth $25,000 after acquiring an additional 85 shares in the last quarter. Strategic Wealth Investment Group LLC purchased a new stake in shares of First Solar during the 2nd quarter worth about $26,000. Harbor Investment Advisory LLC boosted its stake in shares of First Solar by 138.9% during the 2nd quarter. Harbor Investment Advisory LLC now owns 172 shares of the solar cell manufacturer's stock worth $28,000 after acquiring an additional 100 shares in the last quarter. Finally, Hantz Financial Services Inc. lifted its stake in First Solar by 69.4% in the 2nd quarter. Hantz Financial Services Inc. now owns 183 shares of the solar cell manufacturer's stock valued at $30,000 after buying an additional 75 shares in the last quarter. 92.08% of the stock is owned by institutional investors and hedge funds.

About First Solar

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.

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