Susquehanna Forecasts Strong Price Appreciation for First Solar (NASDAQ:FSLR) Stock

Key Points

• Susquehanna has raised its price target for First Solar (NASDAQ:FSLR) stock from $203.00 to $222.00, indicating a potential upside of 19.37% based on the current price.
• First Solar reported strong quarterly earnings of $3.18 per share, surpassing estimates and showing an 8.6% year-over-year revenue increase.
• Insider sales have occurred recently, with significant shares sold by executives, while institutional investors hold 92.08% of the company's stock.

First Solar (NASDAQ:FSLR - Get Free Report) had its price objective hoisted by equities research analysts at Susquehanna from $203.00 to $222.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has a "positive" rating on the solar cell manufacturer's stock. Susquehanna's target price would indicate a potential upside of 19.37% from the company's current price.

Several other brokerages have also recently weighed in on FSLR. Truist Financial restated a "buy" rating and issued a $200.00 price target (down previously from $245.00) on shares of First Solar in a research report on Thursday, May 1st. Wells Fargo & Company reduced their price target on shares of First Solar from $191.00 to $177.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 30th. Bank of America boosted their price target on shares of First Solar from $185.00 to $201.00 and gave the stock a "buy" rating in a research report on Tuesday, July 22nd. UBS Group restated a "positive" rating on shares of First Solar in a research report on Tuesday, July 8th. Finally, Morgan Stanley set a $223.00 price objective on shares of First Solar and gave the company an "overweight" rating in a research report on Wednesday, April 23rd. Two research analysts have rated the stock with a sell rating, four have given a hold rating, twenty-four have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, First Solar presently has a consensus rating of "Moderate Buy" and a consensus price target of $223.46.

First Solar Trading Up 6.4%

First Solar stock opened at $185.97 on Friday. The stock has a market cap of $19.94 billion, a P/E ratio of 15.90, a PEG ratio of 0.35 and a beta of 1.52. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.93 and a quick ratio of 1.39. First Solar has a 1 year low of $116.56 and a 1 year high of $262.72. The firm's 50 day moving average price is $165.30 and its 200-day moving average price is $153.41.

First Solar (NASDAQ:FSLR - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The solar cell manufacturer reported $3.18 earnings per share for the quarter, topping the consensus estimate of $2.68 by $0.50. First Solar had a net margin of 29.72% and a return on equity of 16.32%. The company had revenue of $1.10 billion for the quarter, compared to analysts' expectations of $1.03 billion. During the same quarter in the previous year, the business posted $3.25 earnings per share. First Solar's quarterly revenue was up 8.6% on a year-over-year basis. On average, equities analysts predict that First Solar will post 13.05 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other First Solar news, insider Patrick James Buehler sold 1,868 shares of the business's stock in a transaction dated 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Michael Koralewski sold 2,951 shares of the company's stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $158.21, for a total transaction of $466,877.71. Following the transaction, the insider owned 11,369 shares in the company, valued at approximately $1,798,689.49. This trade represents a 20.61% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 15,976 shares of company stock worth $2,515,172. 0.48% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On First Solar

Several hedge funds have recently modified their holdings of FSLR. Oppenheimer & Co. Inc. increased its holdings in First Solar by 396.5% in the 1st quarter. Oppenheimer & Co. Inc. now owns 11,777 shares of the solar cell manufacturer's stock worth $1,489,000 after buying an additional 9,405 shares during the period. Asset Management One Co. Ltd. boosted its position in First Solar by 7.1% in the 1st quarter. Asset Management One Co. Ltd. now owns 48,722 shares of the solar cell manufacturer's stock worth $6,160,000 after purchasing an additional 3,226 shares in the last quarter. Vontobel Holding Ltd. boosted its position in First Solar by 14.2% in the 1st quarter. Vontobel Holding Ltd. now owns 189,320 shares of the solar cell manufacturer's stock worth $23,936,000 after purchasing an additional 23,528 shares in the last quarter. Oakworth Capital Inc. boosted its position in First Solar by 24.7% in the 1st quarter. Oakworth Capital Inc. now owns 9,682 shares of the solar cell manufacturer's stock worth $1,224,000 after purchasing an additional 1,916 shares in the last quarter. Finally, Ethic Inc. lifted its position in shares of First Solar by 34.2% during the 4th quarter. Ethic Inc. now owns 17,807 shares of the solar cell manufacturer's stock valued at $3,138,000 after buying an additional 4,542 shares in the last quarter. Institutional investors and hedge funds own 92.08% of the company's stock.

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.

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