Guggenheim Issues Positive Forecast for First Solar (NASDAQ:FSLR) Stock Price

Key Points

• Guggenheim raised its price target on First Solar from $269 to $279 and kept a buy rating, implying about 15.9% upside from the prior close.
• First Solar shares were up 1.2% to $240.70 on the day, while the company reported strong recent earnings of $3.22 per share on $1.04 billion in revenue, both ahead of estimates.
• Analyst sentiment remains mixed overall: the stock has a Moderate Buy consensus with an average price target of $247.40, even as some firms recently cut ratings or lowered targets.

First Solar (NASDAQ:FSLR - Get Free Report) had its target price raised by analysts at Guggenheim from $269.00 to $279.00 in a report released on Thursday,MarketScreener reports. The brokerage presently has a "buy" rating on the solar cell manufacturer's stock. Guggenheim's price target suggests a potential upside of 15.91% from the stock's previous close.

A number of other equities research analysts have also recently weighed in on FSLR. Deutsche Bank Aktiengesellschaft cut First Solar from a "buy" rating to a "hold" rating and dropped their price objective for the company from $300.00 to $245.00 in a research note on Wednesday, February 25th. Freedom Capital upgraded shares of First Solar from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 5th. TD Cowen dropped their price target on shares of First Solar from $320.00 to $253.00 and set a "buy" rating for the company in a research note on Wednesday, February 25th. Morgan Stanley reduced their price objective on First Solar from $275.00 to $230.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 28th. Finally, Evercore raised their price objective on shares of First Solar from $212.00 to $219.00 in a report on Monday, May 4th. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $247.40.

First Solar Trading Up 1.2%

FSLR traded up $2.84 on Thursday, hitting $240.70. The company had a trading volume of 849,440 shares, compared to its average volume of 2,358,348. The company's fifty day moving average price is $202.87 and its 200 day moving average price is $231.14. First Solar has a 1 year low of $135.50 and a 1 year high of $285.99. The company has a current ratio of 2.56, a quick ratio of 2.15 and a debt-to-equity ratio of 0.02. The firm has a market cap of $25.86 billion, a P/E ratio of 15.51, a PEG ratio of 0.49 and a beta of 1.57.

First Solar (NASDAQ:FSLR - Get Free Report) last announced its earnings results on Thursday, April 30th. The solar cell manufacturer reported $3.22 earnings per share for the quarter, topping the consensus estimate of $2.87 by $0.35. The company had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.03 billion. First Solar had a net margin of 30.73% and a return on equity of 18.01%. First Solar's revenue was up 23.6% compared to the same quarter last year. During the same quarter last year, the firm posted $1.95 earnings per share. As a group, equities analysts expect that First Solar will post 17.64 earnings per share for the current year.

Insider Activity

In related news, insider Patrick James Buehler sold 235 shares of the firm's stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $215.63, for a total transaction of $50,673.05. Following the transaction, the insider owned 7,406 shares of the company's stock, valued at $1,596,955.78. This trade represents a 3.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Alexander R. Bradley sold 498 shares of the company's stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $215.63, for a total value of $107,383.74. Following the sale, the chief financial officer directly owned 30,712 shares of the company's stock, valued at approximately $6,622,428.56. This represents a 1.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 92,430 shares of company stock worth $18,670,055 over the last 90 days. 0.39% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On First Solar

Several hedge funds have recently modified their holdings of FSLR. Woodline Partners LP lifted its holdings in shares of First Solar by 40.7% in the 1st quarter. Woodline Partners LP now owns 9,044 shares of the solar cell manufacturer's stock valued at $1,143,000 after buying an additional 2,615 shares during the period. EverSource Wealth Advisors LLC grew its stake in shares of First Solar by 50.9% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 516 shares of the solar cell manufacturer's stock worth $85,000 after purchasing an additional 174 shares during the period. Brown Advisory Inc. increased its holdings in shares of First Solar by 84.3% in the 2nd quarter. Brown Advisory Inc. now owns 4,529 shares of the solar cell manufacturer's stock valued at $750,000 after purchasing an additional 2,072 shares in the last quarter. Cerity Partners LLC acquired a new stake in shares of First Solar in the second quarter valued at about $494,000. Finally, AXA S.A. grew its position in First Solar by 6.3% during the second quarter. AXA S.A. now owns 18,862 shares of the solar cell manufacturer's stock worth $3,122,000 after buying an additional 1,115 shares during the period. 92.08% of the stock is owned by institutional investors and hedge funds.

First Solar Company Profile

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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