First Solar's (FSLR) Buy Rating Reaffirmed at UBS Group

Key Points

• UBS Group has raised its price target for First Solar from $255.00 to $275.00, suggesting a potential upside of 50.30% from the stock's current price.
• First Solar reported a quarterly earnings per share of $3.18, exceeding analysts' expectations, with a revenue of $1.10 billion.
• Institutional investors hold a significant majority, owning 92.08% of First Solar's stock, indicating strong confidence in the company's future.

UBS Group reissued their buy rating on shares of First Solar (NASDAQ:FSLR - Free Report) in a report issued on Tuesday morning, Marketbeat.com reports. UBS Group currently has a $275.00 price objective on the solar cell manufacturer's stock, up from their prior price objective of $255.00.

Other research analysts also recently issued reports about the company. TD Cowen boosted their target price on First Solar from $200.00 to $220.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Jefferies Financial Group set a $194.00 price target on First Solar and gave the company a "buy" rating in a research note on Tuesday, July 15th. Glj Research upgraded First Solar from a "hold" rating to a "buy" rating and set a $172.37 price objective on the stock in a report on Thursday, May 1st. Wells Fargo & Company dropped their price objective 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. Finally, Wolfe Research raised First Solar from a "peer perform" rating to an "outperform" rating and set a $221.00 target price on the stock in a research report on Tuesday, May 13th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty-three have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $222.67.

First Solar Stock Performance

Shares of NASDAQ:FSLR opened at $185.01 on Tuesday. The stock has a market capitalization of $19.84 billion, a P/E ratio of 15.83, a PEG ratio of 0.37 and a beta of 1.48. The firm has a fifty day simple moving average of $167.51 and a two-hundred day simple moving average of $153.29. First Solar has a 52 week low of $116.56 and a 52 week high of $262.72. The company has a quick ratio of 1.41, a current ratio of 1.90 and a debt-to-equity ratio of 0.04.

First Solar (NASDAQ:FSLR - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The solar cell manufacturer reported $3.18 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.68 by $0.50. The firm had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.03 billion. First Solar had a return on equity of 15.57% and a net margin of 28.95%. First Solar's quarterly revenue was up 8.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.25 earnings per share. On average, analysts expect that First Solar will post 13.05 earnings per share for the current fiscal year.

Insider Activity at First Solar

In other news, insider Michael Koralewski sold 2,951 shares of the company's stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $158.21, for a total transaction of $466,877.71. Following the completion of the sale, the insider directly owned 11,369 shares in the company, valued at $1,798,689.49. This represents a 20.61% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Patrick James Buehler sold 1,600 shares of the firm's stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $180.00, for a total transaction of $288,000.00. Following the completion of the transaction, the insider owned 4,398 shares in the company, valued at $791,640. The trade was a 26.68% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 15,976 shares of company stock valued at $2,515,172. 0.48% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. 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 valued at $25,000 after buying an additional 85 shares during the last quarter. Harbor Investment Advisory LLC increased its holdings in shares of First Solar by 138.9% during the second quarter. Harbor Investment Advisory LLC now owns 172 shares of the solar cell manufacturer's stock valued at $28,000 after purchasing an additional 100 shares during the period. Hantz Financial Services Inc. raised its holdings in First Solar by 69.4% during the second quarter. Hantz Financial Services Inc. now owns 183 shares of the solar cell manufacturer's stock worth $30,000 after purchasing an additional 75 shares in the last quarter. Garde Capital Inc. acquired a new position in shares of First Solar in the 1st quarter worth approximately $25,000. Finally, Wealth Preservation Advisors LLC acquired a new stake in First Solar during the 1st quarter worth about $25,000. Institutional investors and hedge funds 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.