Wells Fargo & Company Boosts First Solar (NASDAQ:FSLR) Price Target to $320.00

Key Points

• Wells Fargo raised its price target on First Solar from $255 to $320 and kept an overweight rating, implying about 42.5% upside from the prior close.
• Other analysts remain generally positive, with First Solar holding an average “Moderate Buy” rating and a consensus price target of $252.10, though some firms have recently raised or lowered their targets.
• First Solar reported strong quarterly results, including EPS of $3.22 versus estimates of $2.87 and revenue of $1.04 billion, with revenue up 23.6% year over year.

First Solar (NASDAQ:FSLR - Get Free Report) had its target price boosted by stock analysts at Wells Fargo & Company from $255.00 to $320.00 in a note issued to investors on Monday, Marketbeat reports. The brokerage currently has an "overweight" rating on the solar cell manufacturer's stock. Wells Fargo & Company's price target suggests a potential upside of 42.49% from the stock's previous close.

A number of other research firms have also recently issued reports on FSLR. Evercore boosted their target price on First Solar from $212.00 to $219.00 in a research note on Monday, May 4th. Barclays cut their price objective on First Solar from $228.00 to $213.00 and set an "overweight" rating on the stock in a report on Monday, April 20th. Guggenheim boosted their price objective on First Solar from $269.00 to $279.00 and gave the company a "buy" rating in a research report on Thursday, May 21st. Morgan Stanley dropped their target price on shares of First Solar from $275.00 to $230.00 and set an "overweight" rating on the stock in a report on Tuesday, April 28th. Finally, Argus upped their price target on shares of First Solar from $250.00 to $275.00 and gave the company a "buy" rating in a report on Wednesday, May 13th. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, twelve have issued a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, First Solar has an average rating of "Moderate Buy" and an average price target of $252.10.

First Solar Stock Performance

FSLR opened at $224.57 on Monday. The firm's fifty day moving average is $247.56 and its two-hundred day moving average is $231.89. The firm has a market cap of $24.13 billion, a PE ratio of 14.51, a price-to-earnings-growth ratio of 0.50 and a beta of 1.73. First Solar has a twelve month low of $159.85 and a twelve month high of $320.95. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.15 and a current ratio of 2.56.

First Solar (NASDAQ:FSLR - Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The solar cell manufacturer reported $3.22 earnings per share (EPS) for the quarter, beating 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%. The firm's revenue was up 23.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.95 EPS. Equities research analysts anticipate that First Solar will post 17.61 EPS for the current year.

Insider Activity at First Solar

In other news, CFO Alexander R. Bradley sold 498 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 $107,383.74. Following the completion of the sale, the chief financial officer directly owned 30,712 shares of the company's stock, valued at $6,622,428.56. This trade represents a 1.60% decrease in their ownership of the stock. The transaction was disclosed in a 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, insider Kuntal Kumar Verma sold 582 shares of the business's stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $250.00, for a total value of $145,500.00. Following the transaction, the insider directly owned 4,967 shares in the company, valued at $1,241,750. The trade was a 10.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 32,466 shares of company stock worth $8,014,105 over the last ninety days. Company insiders own 0.39% of the company's stock.

Hedge Funds Weigh In On First Solar

Several large investors have recently modified their holdings of the stock. Aventura Private Wealth LLC bought a new position in First Solar in the 4th quarter valued at about $25,000. Commonwealth Retirement Investments LLC bought a new stake in First Solar in the 4th quarter valued at $26,000. Reflection Asset Management acquired a new position in First Solar in the 4th quarter valued at $26,000. Strategic Wealth Investment Group LLC bought a new position in First Solar during the 2nd quarter worth $26,000. Finally, Larson Financial Group LLC lifted its holdings in shares of First Solar by 117.0% during the fourth quarter. Larson Financial Group LLC now owns 102 shares of the solar cell manufacturer's stock worth $27,000 after buying an additional 55 shares in the last quarter. 92.08% of the stock is owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.