BMO Capital Markets Forecasts Strong Price Appreciation for First Solar (NASDAQ:FSLR) Stock

Key Points

• BMO Capital Markets raised the price target for First Solar from $194.00 to $203.00, indicating a potential upside of 9.22% from its current stock price.
• Multiple analysts have issued varied ratings and target prices for First Solar, with Goldman Sachs raising its target to $255.00 and KeyCorp downgrading it to $100.00.
• First Solar reported a quarterly earnings of $3.18 EPS, surpassing the consensus estimate, with revenue of $1.10 billion, reflecting an 8.6% year-over-year increase.

First Solar (NASDAQ:FSLR - Free Report) had its price objective increased by BMO Capital Markets from $194.00 to $203.00 in a research note released on Friday,Benzinga reports. They currently have an outperform rating on the solar cell manufacturer's stock.

Several other research analysts also recently issued reports on the stock. Mizuho upped their price target on shares of First Solar from $275.00 to $278.00 and gave the stock an "outperform" rating in a report on Monday, July 14th. Jefferies Financial Group set a $194.00 price target on shares of First Solar and gave the stock a "buy" rating in a report on Tuesday, July 15th. Wells Fargo & Company lowered their price target on shares of First Solar from $191.00 to $177.00 and set an "overweight" rating for the company in a report on Wednesday, April 30th. Guggenheim lowered their price target on shares of First Solar from $253.00 to $202.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Finally, Glj Research upgraded shares of First Solar from a "hold" rating to a "buy" rating and set a $172.37 price target for the company in a report on Thursday, May 1st. One analyst has rated the stock with a sell rating, five have given a hold rating, twenty-three have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $221.90.

First Solar Price Performance

Shares of FSLR stock traded up $9.24 during trading on Friday, hitting $183.97. The company had a trading volume of 5,800,141 shares, compared to its average volume of 2,634,193. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.39 and a current ratio of 1.93. The firm has a market capitalization of $19.73 billion, a P/E ratio of 15.74, a price-to-earnings-growth ratio of 0.36 and a beta of 1.48. The stock's 50-day moving average price is $165.81 and its 200 day moving average price is $153.16. First Solar has a one year low of $116.56 and a one year high of $262.72.

First Solar (NASDAQ:FSLR - Get Free Report) last released its earnings results on Thursday, July 31st. The solar cell manufacturer reported $3.18 earnings per share for the quarter, topping the consensus estimate of $2.68 by $0.50. First Solar had a return on equity of 15.88% and a net margin of 28.95%. The firm had revenue of $1.10 billion during the quarter, compared to analysts' expectations of $1.03 billion. During the same period in the prior year, the company earned $3.25 earnings per share. The company's quarterly revenue was up 8.6% on a year-over-year basis. Equities analysts expect that First Solar will post 13.05 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Michael Koralewski sold 2,951 shares of First Solar stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $158.21, for a total transaction of $466,877.71. Following the completion of the transaction, the insider directly owned 11,369 shares of the company's stock, valued at approximately $1,798,689.49. The trade was a 20.61% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Markus Gloeckler sold 9,557 shares of the business's stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $155.05, for a total transaction of $1,481,812.85. Following the completion of the sale, the chief technology officer directly owned 8,037 shares of the company's stock, valued at approximately $1,246,136.85. This trade represents a 54.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 15,976 shares of company stock valued at $2,515,172. Company insiders own 0.48% of the company's stock.

Institutional Investors Weigh In On First Solar

Several hedge funds have recently modified their holdings of the business. Harvest Portfolios Group Inc. lifted its position in shares of First Solar by 3.9% in the 1st quarter. Harvest Portfolios Group Inc. now owns 1,658 shares of the solar cell manufacturer's stock worth $210,000 after purchasing an additional 63 shares during the period. Legend Financial Advisors Inc. lifted its position in shares of First Solar by 1.4% in the 1st quarter. Legend Financial Advisors Inc. now owns 4,726 shares of the solar cell manufacturer's stock worth $598,000 after purchasing an additional 64 shares during the period. Harrington Investments INC lifted its position in shares of First Solar by 0.5% in the 2nd quarter. Harrington Investments INC now owns 13,278 shares of the solar cell manufacturer's stock worth $2,198,000 after purchasing an additional 65 shares during the period. Huntington National Bank lifted its position in shares of First Solar by 15.3% in the 4th quarter. Huntington National Bank now owns 511 shares of the solar cell manufacturer's stock worth $90,000 after purchasing an additional 68 shares during the period. Finally, Evexia Wealth LLC lifted its position in shares of First Solar by 2.1% in the 4th quarter. Evexia Wealth LLC now owns 3,481 shares of the solar cell manufacturer's stock worth $586,000 after purchasing an additional 70 shares during the period. Hedge funds and other institutional investors own 92.08% of the company's stock.

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.