Guggenheim Boosts First Solar (NASDAQ:FSLR) Price Target to $282.00

Key Points

• Guggenheim raised First Solar’s price target to $282 from $279 and maintained a “buy” rating, implying roughly 17.5% upside from the reported share price.
• Analyst sentiment remains broadly positive, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $252.96.
• First Solar reported quarterly EPS of $3.92, exceeding estimates of $2.90, while revenue matched expectations at $1.06 billion; shares rose 13.7% to $240.04 during Monday trading.

First Solar (NASDAQ:FSLR - Get Free Report) had its price target boosted by investment analysts at Guggenheim from $279.00 to $282.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the solar cell manufacturer's stock. Guggenheim's price objective suggests a potential upside of 17.48% from the company's current price.

Several other analysts have also weighed in on the company. Susquehanna increased their price target on First Solar from $250.00 to $270.00 and gave the company a "positive" rating in a report on Friday, July 10th. Barclays increased their target price on First Solar from $213.00 to $279.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 14th. Evercore upped their price target on shares of First Solar from $212.00 to $219.00 in a report on Monday, May 4th. Deutsche Bank Aktiengesellschaft upgraded shares of First Solar from a "hold" rating to a "buy" rating and lifted their price objective for the company from $245.00 to $272.00 in a report on Monday, July 6th. Finally, Mizuho set a $237.00 price target on shares of First Solar in a research note on Friday. One investment analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, thirteen have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $252.96.

First Solar Trading Up 13.7%

Shares of FSLR traded up $29.01 during trading hours on Monday, reaching $240.04. 1,337,558 shares of the stock traded hands, compared to its average volume of 2,354,107. The company's 50-day moving average price is $245.08 and its two-hundred day moving average price is $225.14. First Solar has a 52-week low of $176.47 and a 52-week high of $320.95. The company has a market cap of $25.79 billion, a P/E ratio of 14.87, a price-to-earnings-growth ratio of 0.47 and a beta of 1.76.

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

Insider Transactions at First Solar

In other First Solar news, insider Caroline Stockdale sold 10,628 shares of the business's stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $275.60, for a total transaction of $2,929,076.80. Following the transaction, the insider owned 23,792 shares of the company's stock, valued at approximately $6,557,075.20. The trade was a 30.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Markus Gloeckler sold 420 shares of the firm's stock in a transaction 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 directly owned 10,896 shares of the company's stock, valued at $2,349,504.48. This trade represents a 3.71% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 31,893 shares of company stock valued at $7,893,775. 0.39% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in FSLR. Tema ETFs LLC lifted its stake in shares of First Solar by 9.5% in the 2nd quarter. Tema ETFs LLC now owns 1,677 shares of the solar cell manufacturer's stock valued at $396,000 after purchasing an additional 145 shares during the last quarter. Fiduciary Financial Group LLC lifted its position in First Solar by 2.3% in the second quarter. Fiduciary Financial Group LLC now owns 2,026 shares of the solar cell manufacturer's stock valued at $478,000 after buying an additional 45 shares during the last quarter. E. Ohman J or Asset Management AB boosted its stake in First Solar by 10.8% during the second quarter. E. Ohman J or Asset Management AB now owns 151,973 shares of the solar cell manufacturer's stock worth $35,860,000 after buying an additional 14,797 shares during the period. Handelsbanken Fonder AB lifted its holdings in shares of First Solar by 15.0% in the 2nd quarter. Handelsbanken Fonder AB now owns 683,112 shares of the solar cell manufacturer's stock worth $161,187,000 after acquiring an additional 89,214 shares during the last quarter. Finally, City Holding Co. lifted its stake in First Solar by 35.4% during the 2nd quarter. City Holding Co. now owns 1,462 shares of the solar cell manufacturer's stock worth $345,000 after acquiring an additional 382 shares in the last quarter. 92.08% of the stock is currently owned by hedge funds and other 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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