First Solar (NASDAQ:FSLR) Given “Outperform” Rating at BMO Capital Markets

BMO Capital Markets reaffirmed their outperform rating on shares of First Solar (NASDAQ:FSLR) in a research report released on Wednesday morning, Benzinga reports. They currently have a $260.00 price target on the solar cell manufacturer’s stock, down from their previous price target of $286.00.

Several other brokerages have also recently commented on FSLR. Janney Montgomery Scott raised shares of First Solar from a “neutral” rating to a “buy” rating and set a $260.00 target price on the stock in a report on Tuesday, October 29th. Clarkson Capital initiated coverage on First Solar in a research note on Wednesday, August 14th. They set a “buy” rating and a $270.00 price objective on the stock. Citigroup upgraded First Solar from a “neutral” rating to a “buy” rating and upped their target price for the company from $200.00 to $254.00 in a research report on Tuesday, October 22nd. Truist Financial initiated coverage on First Solar in a research report on Thursday, September 26th. They issued a “buy” rating and a $300.00 price target on the stock. Finally, Robert W. Baird cut their price objective on shares of First Solar from $344.00 to $307.00 and set an “outperform” rating for the company in a research report on Tuesday, July 2nd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $281.13.

First Solar Stock Performance

NASDAQ:FSLR opened at $204.94 on Wednesday. The stock has a 50 day simple moving average of $221.68 and a 200 day simple moving average of $223.93. The stock has a market cap of $21.94 billion, a P/E ratio of 17.65, a PEG ratio of 0.34 and a beta of 1.48. First Solar has a 1-year low of $129.21 and a 1-year high of $306.77. The company has a current ratio of 2.14, a quick ratio of 1.65 and a debt-to-equity ratio of 0.05.

First Solar (NASDAQ:FSLR) last posted its earnings results on Tuesday, October 29th. The solar cell manufacturer reported $2.91 earnings per share for the quarter, missing analysts’ consensus estimates of $3.10 by ($0.19). First Solar had a return on equity of 17.56% and a net margin of 32.41%. The firm had revenue of $887.70 million for the quarter, compared to analyst estimates of $1.07 billion. During the same period in the prior year, the business posted $2.50 EPS. The firm’s quarterly revenue was up 10.7% compared to the same quarter last year. Research analysts anticipate that First Solar will post 13.12 earnings per share for the current year.

Insider Activity at First Solar

In other First Solar news, CAO Byron Michael Jeffers sold 1,766 shares of the stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $216.50, for a total value of $382,339.00. Following the transaction, the chief accounting officer now owns 500 shares in the company, valued at approximately $108,250. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other First Solar news, CAO Byron Michael Jeffers sold 1,766 shares of the firm’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $216.50, for a total value of $382,339.00. Following the transaction, the chief accounting officer now directly owns 500 shares of the company’s stock, valued at approximately $108,250. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Patrick James Buehler sold 8,619 shares of the business’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 approximately $769,896. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 10,885 shares of company stock valued at $2,405,757 in the last three months. Corporate insiders own 0.58% of the company’s stock.

Institutional Investors Weigh In On First Solar

Institutional investors and hedge funds have recently bought and sold shares of the stock. Western Financial Corp CA purchased a new stake in shares of First Solar in the third quarter valued at about $1,209,000. Sumitomo Mitsui Trust Holdings Inc. increased its stake in First Solar by 6.3% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 259,177 shares of the solar cell manufacturer’s stock valued at $43,749,000 after buying an additional 15,430 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of First Solar by 20.3% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 121,055 shares of the solar cell manufacturer’s stock worth $20,434,000 after buying an additional 20,465 shares in the last quarter. Harbour Capital Advisors LLC boosted its stake in shares of First Solar by 224.0% in the 3rd quarter. Harbour Capital Advisors LLC now owns 5,217 shares of the solar cell manufacturer’s stock worth $1,301,000 after buying an additional 3,607 shares during the last quarter. Finally, Vanguard Group Inc. grew its holdings in shares of First Solar by 0.9% in the first quarter. Vanguard Group Inc. now owns 12,257,053 shares of the solar cell manufacturer’s stock valued at $2,068,991,000 after acquiring an additional 105,236 shares in the last quarter. 92.08% of the stock is owned by hedge funds and other institutional investors.

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.