Wall Street Zen Upgrades First Solar (NASDAQ:FSLR) to Hold

Key Points

• First Solar (FSLR) has been upgraded from a "sell" rating to a "hold" rating by Wall Street Zen, indicating a shift in analyst sentiment towards the stock.
• The company reported quarterly earnings of $3.18 EPS, surpassing the consensus estimate of $2.68 and showing an 8.6% increase in year-over-year revenue.
• Institutional investors hold 92.08% of First Solar's stock, with notable increases in holdings by firms like LPL Financial and AllianceBernstein during the fourth quarter.

Wall Street Zen upgraded shares of First Solar (NASDAQ:FSLR - Free Report) from a sell rating to a hold rating in a research note released on Saturday.

A number of other analysts have also weighed in on FSLR. BMO Capital Markets increased their target price on First Solar from $194.00 to $203.00 and gave the stock an "outperform" rating in a research note on Friday. Bank of America upped their price objective on First Solar from $185.00 to $201.00 and gave the stock a "buy" rating in a research report on Tuesday, July 22nd. TD Cowen upped 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. Oppenheimer downgraded First Solar from an "outperform" rating to a "market perform" rating in a research note on Wednesday, April 30th. Finally, Guggenheim reduced their target price on First Solar from $253.00 to $202.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. One analyst has rated the stock with a sell rating, five have issued a hold rating, twenty-three have issued a buy rating and two have issued a strong buy 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 $221.90.

First Solar Price Performance

FSLR stock traded down $0.55 during midday trading on Friday, hitting $183.42. The company's stock had a trading volume of 2,145,481 shares, compared to its average volume of 3,871,282. The firm has a market capitalization of $19.67 billion, a price-to-earnings ratio of 15.69, a price-to-earnings-growth ratio of 0.35 and a beta of 1.48. First Solar has a 12 month low of $116.56 and a 12 month high of $262.72. The company has a 50 day moving average of $165.81 and a two-hundred day moving average of $152.90. 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 issued its quarterly earnings data on Thursday, July 31st. The solar cell manufacturer reported $3.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.68 by $0.50. The business had revenue of $1.10 billion for the quarter, compared to analysts' expectations of $1.03 billion. First Solar had a return on equity of 15.57% and a net margin of 28.95%. The company's revenue for the quarter was up 8.6% on a year-over-year basis. During the same period in the prior year, the firm earned $3.25 EPS. On average, analysts expect that First Solar will post 13.05 EPS for the current year.

Insider Activity

In other news, insider Michael Koralewski sold 2,951 shares of the business's stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $158.21, for a total value of $466,877.71. Following the transaction, the insider 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Patrick James Buehler sold 1,868 shares of the business's stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $149.08, for a total value of $278,481.44. Following the completion of the transaction, the insider directly owned 5,998 shares in the company, valued at approximately $894,181.84. The trade was a 23.75% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 15,976 shares of company stock valued at $2,515,172. Company insiders own 0.48% of the company's stock.

Hedge Funds Weigh In On First Solar

Several large investors have recently added to or reduced their stakes in FSLR. Harvest Portfolios Group Inc. lifted its holdings in First Solar by 3.9% during the 1st quarter. Harvest Portfolios Group Inc. now owns 1,658 shares of the solar cell manufacturer's stock worth $210,000 after buying an additional 63 shares during the last quarter. Legend Financial Advisors Inc. lifted its stake in First Solar by 1.4% during the first quarter. Legend Financial Advisors Inc. now owns 4,726 shares of the solar cell manufacturer's stock valued at $598,000 after buying an additional 64 shares in the last quarter. Harrington Investments INC increased its holdings 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 valued at $2,198,000 after purchasing an additional 65 shares during the period. Huntington National Bank increased its holdings in First Solar by 15.3% in the fourth quarter. Huntington National Bank now owns 511 shares of the solar cell manufacturer's stock worth $90,000 after buying an additional 68 shares during the last quarter. Finally, Evexia Wealth LLC grew its holdings in First Solar by 2.1% during the fourth quarter. Evexia Wealth LLC now owns 3,481 shares of the solar cell manufacturer's stock valued at $586,000 after purchasing an additional 70 shares during the last quarter. 92.08% of the stock is currently owned by hedge funds and other institutional investors.

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.