First Solar (NASDAQ:FSLR) Given New $220.00 Price Target at TD Cowen

Key Points

• TD Cowen has raised First Solar's price target from $200 to $220, maintaining a "buy" rating, indicating a potential upside of 25.91% from its previous close.
• Analysts have varied perspectives on First Solar, with a consensus rating of "Moderate Buy" and an average price target of $222.75, while Morgan Stanley set a higher target of $223.
• Insider selling has been noted, with significant sales by executives, indicating potential concerns or strategic adjustments, as corporate insiders own only 0.48% of the company's stock.

First Solar (NASDAQ:FSLR - Get Free Report) had its price objective hoisted by analysts at TD Cowen from $200.00 to $220.00 in a research report issued to clients and investors on Friday. The brokerage presently has a "buy" rating on the solar cell manufacturer's stock. TD Cowen's target price would suggest a potential upside of 25.91% from the stock's previous close.

A number of other analysts have also recently weighed in on the company. Morgan Stanley set a $223.00 price objective on First Solar and gave the stock an "overweight" rating in a research report on Wednesday, April 23rd. Piper Sandler lowered their price target on First Solar from $230.00 to $205.00 and set an "overweight" rating for the company in a research report on Monday, April 21st. The Goldman Sachs Group lifted their price target on First Solar from $204.00 to $255.00 and gave the stock a "buy" rating in a research report on Monday, May 19th. Wells Fargo & Company lowered their price target on First Solar from $191.00 to $177.00 and set an "overweight" rating for the company in a research report on Wednesday, April 30th. Finally, Truist Financial reaffirmed a "buy" rating and set a $200.00 price target (down previously from $245.00) on shares of First Solar in a research report on Thursday, May 1st. Two analysts have rated the stock with a sell rating, four have issued a hold rating, twenty-four have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $222.75.

First Solar Stock Down 2.5%

Shares of NASDAQ FSLR opened at $174.73 on Friday. The company has a current ratio of 1.93, a quick ratio of 1.39 and a debt-to-equity ratio of 0.04. The stock has a market capitalization of $18.74 billion, a PE ratio of 14.86, a price-to-earnings-growth ratio of 0.35 and a beta of 1.52. The stock's fifty day simple moving average is $165.30 and its two-hundred day simple moving average is $153.41. First Solar has a 12-month low of $116.56 and a 12-month high of $262.72.

First Solar (NASDAQ:FSLR - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The solar cell manufacturer reported $3.18 earnings per share for the quarter, topping analysts' consensus estimates of $2.68 by $0.50. The firm had revenue of $1.10 billion during the quarter, compared to analysts' expectations of $1.03 billion. First Solar had a return on equity of 16.32% and a net margin of 29.72%. The business's quarterly revenue was up 8.6% on a year-over-year basis. During the same quarter last year, the firm earned $3.25 EPS. As a group, analysts expect that First Solar will post 13.05 EPS for the current fiscal year.

Insiders Place Their Bets

In other First Solar news, insider Patrick James Buehler sold 1,600 shares of the business's stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $180.00, for a total transaction of $288,000.00. Following the completion of the sale, the insider directly owned 4,398 shares in the company, valued at approximately $791,640. The trade was a 26.68% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Markus Gloeckler sold 9,557 shares of the business's stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $155.05, for a total value of $1,481,812.85. Following the transaction, the chief technology officer owned 8,037 shares in the company, valued at approximately $1,246,136.85. This represents a 54.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 15,976 shares of company stock worth $2,515,172. Corporate insiders own 0.48% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Ashton Thomas Private Wealth LLC boosted its holdings in shares of First Solar by 23.7% during the 2nd quarter. Ashton Thomas Private Wealth LLC now owns 42,594 shares of the solar cell manufacturer's stock worth $7,051,000 after purchasing an additional 8,153 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd boosted its holdings in shares of First Solar by 2.6% during the 2nd quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 20,179 shares of the solar cell manufacturer's stock worth $3,340,000 after purchasing an additional 510 shares during the last quarter. Riverwater Partners LLC acquired a new position in shares of First Solar during the 2nd quarter worth approximately $261,000. Envestnet Asset Management Inc. boosted its holdings in shares of First Solar by 10.4% during the 2nd quarter. Envestnet Asset Management Inc. now owns 34,473 shares of the solar cell manufacturer's stock worth $5,707,000 after purchasing an additional 3,238 shares during the last quarter. Finally, Nisa Investment Advisors LLC lifted its holdings in First Solar by 207.0% in the second quarter. Nisa Investment Advisors LLC now owns 13,576 shares of the solar cell manufacturer's stock valued at $2,247,000 after acquiring an additional 9,154 shares during the last quarter. 92.08% of the stock is currently owned by institutional investors and hedge funds.

First Solar Company Profile

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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