First Solar’s (FSLR) Buy Rating Reaffirmed at Truist Financial

Truist Financial reaffirmed their buy rating on shares of First Solar (NASDAQ:FSLR) in a research note released on Wednesday morning,Benzinga reports. They currently have a $285.00 target price on the solar cell manufacturer’s stock, down from their previous target price of $300.00.

FSLR has been the topic of several other reports. Piper Sandler increased their price target on shares of First Solar from $210.00 to $250.00 and gave the company an “overweight” rating in a report on Monday, December 2nd. BMO Capital Markets reiterated an “outperform” rating and set a $260.00 target price (down previously from $286.00) on shares of First Solar in a research note on Wednesday, October 30th. Janney Montgomery Scott raised First Solar from a “neutral” rating to a “buy” rating and set a $260.00 price target for the company in a report on Tuesday, October 29th. Robert W. Baird decreased their price objective on First Solar from $307.00 to $267.00 and set an “outperform” rating on the stock in a report on Wednesday, December 18th. Finally, Guggenheim reissued a “buy” rating and set a $335.00 target price on shares of First Solar in a report on Wednesday, January 22nd. Three equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $268.00.

First Solar Stock Performance

Shares of NASDAQ FSLR opened at $156.84 on Wednesday. The company has a current ratio of 2.14, a quick ratio of 1.44 and a debt-to-equity ratio of 0.05. The company has a market capitalization of $16.79 billion, a P/E ratio of 13.51, a P/E/G ratio of 0.19 and a beta of 1.47. First Solar has a 12 month low of $144.28 and a 12 month high of $306.77. The stock has a 50 day moving average of $174.00 and a 200-day moving average of $199.08.

First Solar (NASDAQ:FSLR) last released its quarterly earnings data on Tuesday, February 25th. The solar cell manufacturer reported $3.65 EPS for the quarter, missing analysts’ consensus estimates of $4.81 by ($1.16). First Solar had a return on equity of 17.56% and a net margin of 32.41%. The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.48 billion. As a group, equities research analysts predict that First Solar will post 13.05 EPS for the current year.

Institutional Investors Weigh In On First Solar

Several hedge funds and other institutional investors have recently made changes to their positions in FSLR. Norges Bank bought a new position in First Solar in the 4th quarter valued at approximately $317,399,000. Wellington Management Group LLP increased its holdings in shares of First Solar by 75.8% during the third quarter. Wellington Management Group LLP now owns 2,097,364 shares of the solar cell manufacturer’s stock worth $523,166,000 after buying an additional 904,498 shares in the last quarter. Demars Financial Group LLC lifted its stake in shares of First Solar by 17,404.5% in the 4th quarter. Demars Financial Group LLC now owns 722,760 shares of the solar cell manufacturer’s stock valued at $127,379,000 after acquiring an additional 718,631 shares during the last quarter. Mirova US LLC boosted its holdings in shares of First Solar by 961.0% during the 4th quarter. Mirova US LLC now owns 646,310 shares of the solar cell manufacturer’s stock valued at $113,906,000 after acquiring an additional 585,394 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. grew its position in First Solar by 1,757.2% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 546,193 shares of the solar cell manufacturer’s stock worth $136,242,000 after acquiring an additional 516,783 shares during the last quarter. 92.08% of the stock is owned by institutional investors.

About First Solar

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.