First Solar (NASDAQ:FSLR) Trading Up 8.8% After Analyst Upgrade

Key Points

• First Solar shares rose 8.8% after Guggenheim raised its price target from $279 to $282 and maintained a “Buy” rating.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $252.96, implying potential upside from the referenced trading price.
• First Solar exceeded quarterly earnings expectations, reporting $3.92 in EPS versus the $2.90 consensus, although revenue declined 3.4% year over year; insiders sold $7.9 million of stock over the past three months.

First Solar, Inc. (NASDAQ:FSLR - Get Free Report) rose 8.8% during trading on Monday after Guggenheim raised their price target on the stock from $279.00 to $282.00. Guggenheim currently has a buy rating on the stock. First Solar traded as high as $224.95 and last traded at $229.57. 490,356 shares traded hands during trading, a decline of 79% from the average session volume of 2,350,816 shares. The stock had previously closed at $211.03.

Several other equities research analysts also recently issued reports on FSLR. Citigroup reaffirmed a "buy" rating on shares of First Solar in a report on Wednesday, July 22nd. Argus lifted their target price on shares of First Solar from $250.00 to $275.00 and gave the stock a "buy" rating in a report on Wednesday, May 13th. Susquehanna upped their price target on shares of First Solar from $250.00 to $270.00 and gave the company a "positive" rating in a research note on Friday, July 10th. TD Cowen reissued a "buy" rating on shares of First Solar in a report on Monday, July 20th. Finally, Morgan Stanley raised their price objective on shares of First Solar from $230.00 to $245.00 and gave the stock an "overweight" rating in a research report on Thursday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, thirteen have given a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, First Solar currently has a consensus rating of "Moderate Buy" and an average target price of $252.96.

Insiders Place Their Bets

In related news, CEO Mark R. Widmar sold 9,926 shares of the firm's stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $233.21, for a total transaction of $2,314,842.46. Following the transaction, the chief executive officer directly owned 95,148 shares of the company's stock, valued at approximately $22,189,465.08. This trade represents a 9.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Georges Antoun sold 566 shares of First Solar stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $215.63, for a total transaction of $122,046.58. Following the completion of the sale, the insider owned 19,918 shares of the company's stock, valued at $4,294,918.34. This trade represents a 2.76% 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 sold a total of 31,893 shares of company stock valued at $7,893,775 in the last three months. Insiders own 0.39% of the company's stock.

Key First Solar News

Here are the key news stories impacting First Solar this week:

• Positive Sentiment: Guggenheim raised its price target for First Solar from $279 to $282 and reiterated a “Buy” rating. The new target implies approximately 18.6% upside from the referenced share price, signaling continued confidence in the company’s valuation and outlook. Guggenheim raises First Solar price target

Hedge Funds Weigh In On First Solar

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Pictet Asset Management Holding SA lifted its holdings in shares of First Solar by 29.3% during the 1st quarter. Pictet Asset Management Holding SA now owns 1,138,473 shares of the solar cell manufacturer's stock worth $224,540,000 after acquiring an additional 258,204 shares during the period. Atlatl Advisers LLC bought a new position in First Solar in the fourth quarter valued at approximately $1,697,000. Northwestern Mutual Wealth Management Co. increased its stake in First Solar by 1,054.3% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 52,219 shares of the solar cell manufacturer's stock valued at $13,641,000 after acquiring an additional 47,695 shares during the last quarter. Genus Capital Management Inc. acquired a new position in First Solar during the fourth quarter valued at approximately $4,525,000. Finally, TABR Capital Management LLC acquired a new position in First Solar during the fourth quarter valued at approximately $5,626,000. 92.08% of the stock is owned by institutional investors and hedge funds.

First Solar Stock Up 11.6%

The firm has a 50 day simple moving average of $245.08 and a two-hundred day simple moving average of $225.14. The stock has a market capitalization of $25.31 billion, a P/E ratio of 14.49, a PEG ratio of 0.47 and a beta of 1.76.

First Solar (NASDAQ:FSLR - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The solar cell manufacturer reported $3.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.90 by $1.02. First Solar had a return on equity of 18.02% and a net margin of 32.47%.The company had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.06 billion. During the same quarter last year, the company posted $3.18 EPS. The company's revenue for the quarter was down 3.4% compared to the same quarter last year. On average, research analysts predict that First Solar, Inc. will post 17.53 earnings per share for the current year.

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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