First Solar (NASDAQ:FSLR) Price Target Raised to $343.00

First Solar (NASDAQ:FSLR) had its target price lifted by equities research analysts at Bank of America from $320.00 to $343.00 in a report issued on Monday, Benzinga reports. The firm currently has a “buy” rating on the solar cell manufacturer’s stock. Bank of America‘s target price would indicate a potential upside of 47.06% from the stock’s current price.

A number of other analysts have also recently weighed in on FSLR. Clarkson Capital began coverage on shares of First Solar in a research note on Wednesday, August 14th. They set a “buy” rating and a $270.00 target price on the stock. BMO Capital Markets lowered their target price on First Solar from $311.00 to $286.00 and set an “outperform” rating for the company in a report on Wednesday, July 31st. Susquehanna lifted their price target on First Solar from $258.00 to $285.00 and gave the company a “positive” rating in a research note on Wednesday, July 3rd. Mizuho restated a “neutral” rating and set a $274.00 price target (up from $209.00) on shares of First Solar in a report on Thursday, May 30th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $315.00 price objective on shares of First Solar in a report on Wednesday, July 31st. Five research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $283.46.

First Solar Price Performance

Shares of FSLR stock traded up $4.45 during trading hours on Monday, reaching $233.24. The company’s stock had a trading volume of 1,089,349 shares, compared to its average volume of 2,397,429. First Solar has a fifty-two week low of $129.21 and a fifty-two week high of $306.77. The firm’s 50 day simple moving average is $221.07 and its 200-day simple moving average is $210.57. 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 company has a market capitalization of $24.97 billion, a price-to-earnings ratio of 24.33, a PEG ratio of 0.40 and a beta of 1.44.

First Solar (NASDAQ:FSLR) last posted its earnings results on Tuesday, July 30th. The solar cell manufacturer reported $3.25 EPS for the quarter, topping analysts’ consensus estimates of $2.69 by $0.56. The firm had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $939.71 million. First Solar had a net margin of 31.98% and a return on equity of 17.73%. The business’s revenue for the quarter was up 24.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.85 earnings per share. Sell-side analysts forecast that First Solar will post 13.6 earnings per share for the current year.

Insider Transactions at First Solar

In related news, insider Kuntal Kumar Verma sold 1,621 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $260.00, for a total value of $421,460.00. Following the completion of the transaction, the insider now directly owns 3,549 shares of the company’s stock, valued at approximately $922,740. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, insider Kuntal Kumar Verma sold 1,621 shares of the firm’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $260.00, for a total value of $421,460.00. Following the completion of the transaction, the insider now directly owns 3,549 shares of the company’s stock, valued at $922,740. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Byron Michael Jeffers sold 500 shares of the business’s stock in a transaction 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 12,506 shares of company stock worth $2,827,217 over the last quarter. Corporate insiders own 0.58% of the company’s stock.

Institutional Trading of First Solar

Hedge funds and other institutional investors have recently bought and sold shares of the company. Atlas Capital Advisors LLC boosted its position 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 valued at $31,000 after acquiring an additional 111 shares during the last quarter. Dixon Mitchell Investment Counsel Inc. purchased a new stake in First Solar in the first quarter valued at approximately $25,000. University of Texas Texas AM Investment Managment Co. bought a new stake in First Solar during the fourth quarter valued at approximately $27,000. Summit Securities Group LLC purchased a new position in First Solar in the 2nd quarter worth approximately $36,000. Finally, Itau Unibanco Holding S.A. purchased a new stake in shares of First Solar during the 2nd quarter valued at $38,000. Institutional investors 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.