First Solar (NASDAQ:FSLR) Stock Price Expected to Rise, Susquehanna Analyst Says

Key Points

• Susquehanna raised its price target on First Solar from $250 to $270 and kept a positive rating, implying about 18% upside from the current share price.
• Other analysts have also turned more bullish on the stock, with firms like Wells Fargo, UBS, Goldman Sachs, and Mizuho lifting targets; the consensus rating remains Moderate Buy with an average target price of $254.31.
• First Solar recently reported strong quarterly results, including EPS of $3.22 versus $2.87 expected and revenue of $1.04 billion, while institutional ownership remains high at 92.08% despite some insider selling.

First Solar (NASDAQ:FSLR - Get Free Report) had its price target lifted by Susquehanna from $250.00 to $270.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a "positive" rating on the solar cell manufacturer's stock. Susquehanna's price target would suggest a potential upside of 18.16% from the company's current price.

FSLR has been the subject of several other research reports. Wells Fargo & Company boosted their price objective on First Solar from $255.00 to $320.00 and gave the stock an "overweight" rating in a research report on Monday. UBS Group raised their target price on First Solar from $290.00 to $330.00 and gave the company a "buy" rating in a report on Thursday, June 11th. The Goldman Sachs Group lifted their price target on First Solar from $300.00 to $310.00 in a research report on Friday, May 1st. Weiss Ratings upgraded First Solar from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, June 25th. Finally, Mizuho increased their price objective on First Solar from $243.00 to $300.00 and gave the company an "outperform" rating in a research report on Friday, June 12th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $254.31.

First Solar Stock Performance

Shares of FSLR opened at $228.50 on Friday. The company has a market capitalization of $24.55 billion, a PE ratio of 14.76, a price-to-earnings-growth ratio of 0.50 and a beta of 1.73. First Solar has a one year low of $159.85 and a one year high of $320.95. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.56 and a quick ratio of 2.15. The company's fifty day moving average price is $250.17 and its 200 day moving average price is $231.00.

First Solar (NASDAQ:FSLR - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The solar cell manufacturer reported $3.22 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.87 by $0.35. The company had revenue of $1.04 billion during the quarter, compared to analysts' expectations of $1.03 billion. First Solar had a net margin of 30.73% and a return on equity of 18.01%. The business's quarterly revenue was up 23.6% compared to the same quarter last year. During the same period in the prior year, the company earned $1.95 earnings per share. As a group, analysts expect that First Solar will post 17.61 earnings per share for the current year.

Insiders Place Their Bets

In other First Solar news, General Counsel Jason E. Dymbort sold 409 shares of the company's stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $215.63, for a total value of $88,192.67. Following the completion of the transaction, the general counsel owned 10,409 shares of the company's stock, valued at $2,244,492.67. This represents a 3.78% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Markus Gloeckler sold 420 shares of the firm's stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $215.63, for a total value of $90,564.60. Following the completion of the sale, the chief technology officer owned 10,896 shares of the company's stock, valued at $2,349,504.48. This represents a 3.71% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 32,466 shares of company stock valued at $8,014,105 in the last quarter. 0.39% of the stock is currently owned by insiders.

Institutional Trading of First Solar

Institutional investors and hedge funds have recently modified their holdings of the company. Geode Capital Management LLC boosted its stake in First Solar by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 2,919,991 shares of the solar cell manufacturer's stock worth $761,396,000 after buying an additional 24,206 shares in the last quarter. Viking Global Investors LP raised its stake in shares of First Solar by 60.6% in the 2nd quarter. Viking Global Investors LP now owns 2,266,050 shares of the solar cell manufacturer's stock valued at $375,122,000 after buying an additional 854,919 shares in the last quarter. Amundi lifted its holdings in shares of First Solar by 9.4% during the 4th quarter. Amundi now owns 2,215,461 shares of the solar cell manufacturer's stock worth $578,791,000 after acquiring an additional 189,626 shares during the period. Norges Bank bought a new position in shares of First Solar during the 4th quarter worth about $392,040,000. Finally, Schroder Investment Management Group boosted its position in shares of First Solar by 7.6% during the 4th quarter. Schroder Investment Management Group now owns 1,427,105 shares of the solar cell manufacturer's stock valued at $372,803,000 after acquiring an additional 100,908 shares in the last quarter. 92.08% of the stock is currently owned by institutional investors.

About First Solar

First Solar, Inc NASDAQ: FSLR is a United States–based solar technology company best known for designing and manufacturing thin‑film photovoltaic (PV) modules that use cadmium telluride (CdTe) semiconductor technology. The company supplies PV modules and delivers integrated solar power solutions for utility‑scale projects, positioning itself as a provider of both components and complete solar energy systems rather than solely a parts supplier. First Solar was founded in 1999 and is headquartered in Tempe, Arizona.

Beyond module manufacturing, First Solar offers a range of project services including development support, engineering, procurement and construction (EPC) services, and operations and maintenance (O&M) for large-scale solar installations.

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