First Solar (NASDAQ:FSLR) Given New $219.00 Price Target at Evercore

Key Points

• Evercore raised its price target on First Solar to $219 from $212, implying about a 3.7% upside, while the street average price target sits at $245.73 and the consensus rating is a "Moderate Buy" (18 Buys, 13 Holds, 1 Sell).
• EPS beat: First Solar reported $3.22 EPS vs. $2.87 expected and revenue of $1.04 billion (up 23.6% year‑over‑year), with a net margin of 30.73% and return on equity of 18.01% for the quarter.
• Insiders sold roughly 76,562 shares worth about $15.0 million over the last quarter, leaving insider ownership at 0.39% while institutional investors hold about 92.08% of the stock.

First Solar (NASDAQ:FSLR - Get Free Report) had its target price upped by equities research analysts at Evercore from $212.00 to $219.00 in a note issued to investors on Monday,MarketScreener reports. Evercore's price target would suggest a potential upside of 3.69% from the stock's previous close.

A number of other analysts also recently issued reports on FSLR. Glj Research downgraded shares of First Solar from a "buy" rating to a "hold" rating and lowered their price target for the stock from $314.43 to $207.82 in a report on Wednesday, March 4th. Freedom Capital lowered shares of First Solar from a "strong-buy" rating to a "hold" rating in a research note on Thursday, February 26th. Mizuho reduced their price target on First Solar from $271.00 to $243.00 and set an "outperform" rating for the company in a report on Monday, April 27th. Wells Fargo & Company reduced their price objective on First Solar from $285.00 to $255.00 and set an "overweight" rating for the company in a research note on Thursday, February 26th. Finally, BMO Capital Markets dropped their target price on shares of First Solar from $252.00 to $237.00 and set a "market perform" rating for the company in a report on Monday, April 20th. Eighteen equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $245.73.

First Solar Price Performance

Shares of First Solar stock opened at $211.21 on Monday. First Solar has a one year low of $122.47 and a one year high of $285.99. The stock has a 50 day moving average price of $198.46 and a 200-day moving average price of $231.85. The stock has a market cap of $22.69 billion, a price-to-earnings ratio of 13.65, a price-to-earnings-growth ratio of 0.48 and a beta of 1.57. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.15 and a current ratio of 2.56.

First Solar (NASDAQ:FSLR - Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The solar cell manufacturer reported $3.22 EPS for the quarter, topping the consensus estimate of $2.87 by $0.35. First Solar had a net margin of 30.73% and a return on equity of 18.01%. The business had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.03 billion. During the same period in the previous year, the firm posted $1.95 earnings per share. The business's revenue for the quarter was up 23.6% compared to the same quarter last year. Equities analysts expect that First Solar will post 17.33 EPS for the current year.

Insider Buying and Selling at First Solar

In related news, insider Kuntal Kumar Verma sold 573 shares of First Solar stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $210.00, for a total value of $120,330.00. Following the completion of the sale, the insider owned 8,863 shares in the company, valued at approximately $1,861,230. This trade represents a 6.07% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Caroline Stockdale sold 335 shares of the company's stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $200.80, for a total transaction of $67,268.00. Following the sale, the insider directly owned 34,060 shares in the company, valued at approximately $6,839,248. The trade was a 0.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 76,562 shares of company stock valued at $15,042,232. 0.39% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On First Solar

Hedge funds and other institutional investors have recently bought and sold shares of the company. Citizens Financial Group Inc. RI acquired a new position in shares of First Solar during the 1st quarter worth approximately $5,370,000. Fifth Third Bancorp raised its position in shares of First Solar by 219.3% in the first quarter. Fifth Third Bancorp now owns 16,422 shares of the solar cell manufacturer's stock valued at $3,239,000 after buying an additional 11,279 shares during the last quarter. Sequoia Financial Advisors LLC raised its position in shares of First Solar by 2.0% in the first quarter. Sequoia Financial Advisors LLC now owns 4,223 shares of the solar cell manufacturer's stock valued at $833,000 after buying an additional 82 shares during the last quarter. Kestra Advisory Services LLC lifted its stake in shares of First Solar by 15.1% during the first quarter. Kestra Advisory Services LLC now owns 16,253 shares of the solar cell manufacturer's stock valued at $3,206,000 after buying an additional 2,127 shares during the period. Finally, Resona Asset Management Co. Ltd. boosted its position in First Solar by 2.0% during the first quarter. Resona Asset Management Co. Ltd. now owns 38,318 shares of the solar cell manufacturer's stock worth $7,483,000 after acquiring an additional 763 shares during the last quarter. 92.08% of the stock is owned by institutional investors and hedge funds.

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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