Truist Financial Begins Coverage on First Solar (NASDAQ:FSLR)

Truist Financial started coverage on shares of First Solar (NASDAQ:FSLR) in a report issued on Thursday morning, MarketBeat reports. The brokerage issued a buy rating and a $300.00 target price on the solar cell manufacturer’s stock.

Other equities research analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. upped their price target on shares of First Solar from $262.00 to $282.00 and gave the stock an overweight rating in a research report on Tuesday, July 16th. Mizuho reaffirmed a neutral rating and set a $274.00 target price (up previously from $209.00) on shares of First Solar in a research report on Thursday, May 30th. Piper Sandler lifted their price target on First Solar from $219.00 to $250.00 and gave the company an overweight rating in a report on Monday, July 22nd. BMO Capital Markets decreased their price objective on First Solar from $311.00 to $286.00 and set an outperform rating for the company in a research note on Wednesday, July 31st. Finally, The Goldman Sachs Group raised their price objective on First Solar from $268.00 to $302.00 and gave the company a buy rating in a research report on Tuesday, June 4th. Five investment analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average target price of $284.12.

First Solar Trading Up 0.0 %

FSLR opened at $255.75 on Thursday. The company has a quick ratio of 1.65, a current ratio of 2.23 and a debt-to-equity ratio of 0.06. The stock’s fifty day moving average is $225.51 and its two-hundred day moving average is $216.19. The company has a market capitalization of $27.38 billion, a P/E ratio of 26.81, a PEG ratio of 0.42 and a beta of 1.44. First Solar has a 52 week low of $129.21 and a 52 week high of $306.77.

First Solar (NASDAQ:FSLR) last announced its quarterly earnings results on Tuesday, July 30th. The solar cell manufacturer reported $3.25 EPS for the quarter, beating the consensus estimate of $2.69 by $0.56. First Solar had a return on equity of 17.73% and a net margin of 31.98%. The firm had revenue of $1.01 billion for the quarter, compared to analyst estimates of $939.71 million. During the same quarter last year, the firm posted $1.85 earnings per share. The business’s revenue for the quarter was up 24.6% on a year-over-year basis. Analysts forecast that First Solar will post 13.62 earnings per share for the current year.

Insider Transactions at First Solar

In other First Solar news, CAO Byron Michael Jeffers sold 500 shares of First Solar stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $220.00, for a total transaction of $110,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Patrick James Buehler sold 8,619 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $222.00, for a total transaction of $1,913,418.00. Following the sale, the insider now directly owns 3,468 shares of the company’s stock, valued at $769,896. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CAO Byron Michael Jeffers sold 500 shares of First Solar stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $220.00, for a total value of $110,000.00. The disclosure for this sale can be found here. Insiders sold a total of 10,885 shares of company stock worth $2,405,757 over the last three months. 0.58% of the stock is currently owned by insiders.

Institutional Investors Weigh In On First Solar

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Dixon Mitchell Investment Counsel Inc. purchased a new stake in First Solar during the first quarter worth $25,000. University of Texas Texas AM Investment Managment Co. acquired a new position in shares of First Solar in the fourth quarter worth about $27,000. Atlas Capital Advisors LLC boosted its stake in shares of First Solar by 411.1% during the 2nd quarter. Atlas Capital Advisors LLC now owns 138 shares of the solar cell manufacturer’s stock worth $31,000 after acquiring an additional 111 shares in the last quarter. Riverview Trust Co acquired a new stake in shares of First Solar during the 1st quarter valued at about $32,000. Finally, Summit Securities Group LLC purchased a new position in shares of First Solar in the 2nd quarter valued at about $36,000. 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.