First Solar (NASDAQ:FSLR) Hits New 52-Week High After Analyst Upgrade

Key Points

• First Solar reached a new 52-week high of $237.30 after Bank of America upgraded its price target from $209.00 to $254.00, maintaining a buy rating on the stock.
• Analysts have issued positive ratings for First Solar, with two strong buy ratings, twenty-three buy ratings, four hold ratings, and one sell rating, indicating strong confidence in the stock.
• Insiders have recently sold significant amounts of First Solar stock, including CEO Mark R. Widmar, who sold 23,912 shares, representing a 21.37% decrease in his ownership position.

Shares of First Solar, Inc. (NASDAQ:FSLR - Get Free Report) reached a new 52-week high during mid-day trading on Wednesday after Bank of America raised their price target on the stock from $209.00 to $254.00. Bank of America currently has a buy rating on the stock. First Solar traded as high as $237.30 and last traded at $233.35, with a volume of 624985 shares trading hands. The stock had previously closed at $224.43.

FSLR has been the subject of a number of other research reports. BMO Capital Markets raised their price objective on First Solar from $194.00 to $203.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. UBS Group restated a "buy" rating and set a $275.00 price objective (up previously from $255.00) on shares of First Solar in a research note on Tuesday, August 5th. Guggenheim raised their price objective on First Solar from $202.00 to $287.00 and gave the company a "buy" rating in a research note on Friday, August 22nd. Citigroup lifted their target price on First Solar from $198.00 to $300.00 and gave the stock a "buy" rating in a research report on Tuesday. Finally, Hsbc Global Res upgraded First Solar to a "strong-buy" rating in a research report on Friday, August 1st. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, four have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $238.72.

Insider Buying and Selling

In other First Solar news, CAO Nathan B. Theurer sold 686 shares of First Solar stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $182.03, for a total transaction of $124,872.58. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Mark R. Widmar sold 23,912 shares of First Solar stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $185.47, for a total value of $4,434,958.64. Following the sale, the chief executive officer directly owned 87,978 shares in the company, valued at $16,317,279.66. The trade was a 21.37% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 30,715 shares of company stock valued at $5,733,305 in the last 90 days. Insiders own 0.48% of the company's stock.

Institutional Trading of First Solar

Hedge funds and other institutional investors have recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC raised its position in shares of First Solar by 25.2% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 7,677 shares of the solar cell manufacturer's stock worth $971,000 after purchasing an additional 1,543 shares during the period. Exchange Traded Concepts LLC grew its holdings in shares of First Solar by 49.9% during the first quarter. Exchange Traded Concepts LLC now owns 1,725 shares of the solar cell manufacturer's stock valued at $218,000 after buying an additional 574 shares in the last quarter. Mission Wealth Management LP grew its holdings in shares of First Solar by 76.2% during the first quarter. Mission Wealth Management LP now owns 2,194 shares of the solar cell manufacturer's stock valued at $277,000 after buying an additional 949 shares in the last quarter. Janney Montgomery Scott LLC grew its holdings in shares of First Solar by 226.5% during the first quarter. Janney Montgomery Scott LLC now owns 21,264 shares of the solar cell manufacturer's stock valued at $2,688,000 after buying an additional 14,751 shares in the last quarter. Finally, QRG Capital Management Inc. grew its holdings in shares of First Solar by 375.9% during the first quarter. QRG Capital Management Inc. now owns 8,048 shares of the solar cell manufacturer's stock valued at $1,017,000 after buying an additional 6,357 shares in the last quarter. Institutional investors own 92.08% of the company's stock.

First Solar Stock Up 3.3%

The company has a debt-to-equity ratio of 0.04, a current ratio of 1.90 and a quick ratio of 1.41. The firm has a market cap of $24.87 billion, a PE ratio of 19.85, a P/E/G ratio of 0.45 and a beta of 1.38. The business has a fifty day moving average price of $207.70 and a two-hundred day moving average price of $173.01.

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

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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