Brokerages Set First Solar, Inc. (NASDAQ:FSLR) PT at $266.27

Shares of First Solar, Inc. (NASDAQ:FSLR) have been given an average rating of “Moderate Buy” by the thirty-seven analysts that are currently covering the stock, MarketBeat.com reports. Two research analysts have rated the stock with a sell recommendation, twelve have assigned a hold recommendation, twenty-two have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $266.0607.

A number of brokerages have recently weighed in on FSLR. Guggenheim lifted their price target on First Solar from $279.00 to $282.00 and gave the company a “buy” rating in a report on Monday, August 3rd. Morgan Stanley increased their price objective on First Solar from $245.00 to $323.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 18th. Wells Fargo & Company raised their price objective on First Solar from $300.00 to $313.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. Barclays raised their price objective on First Solar from $213.00 to $279.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 14th. Finally, Jefferies Financial Group set a $196.00 target price on First Solar in a report on Monday, August 3rd.

First Solar Stock Performance

First Solar stock opened at $209.03 on Friday. The company has a 50 day moving average price of $216.51 and a 200 day moving average price of $221.74. First Solar has a 52 week low of $182.99 and a 52 week high of $320.95. The firm has a market capitalization of $22.46 billion, a price-to-earnings ratio of 12.89, a P/E/G ratio of 0.55 and a beta of 1.74.

First Solar (NASDAQ:FSLR) last posted its quarterly earnings data on Thursday, July 30th. The solar cell manufacturer reported $3.92 earnings per share for the quarter, topping the consensus estimate of $2.90 by $1.02. The firm had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.06 billion. First Solar had a net margin of 32.47% and a return on equity of 18.02%. The company’s quarterly revenue was down 3.4% compared to the same quarter last year. During the same period in the previous year, the company posted $3.18 EPS. Equities analysts forecast that First Solar will post 17.78 earnings per share for the current fiscal year.

Insider Activity at First Solar

In related news, insider Michael Koralewski sold 7,000 shares of the business’s stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $221.51, for a total transaction of $1,550,570.00. Following the transaction, the insider directly owned 7,642 shares of the company’s stock, valued at approximately $1,692,779.42. The trade was a 47.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Samantha Sloan sold 127 shares of the company’s stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $222.95, for a total transaction of $28,314.65. Following the completion of the transaction, the executive vice president owned 2,018 shares in the company, valued at approximately $449,913.10. This represents a 5.92% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 15,881 shares of company stock valued at $3,617,086. 0.39% of the stock is owned by company insiders.

Hedge Funds Weigh In On First Solar

A number of hedge funds have recently modified their holdings of FSLR. Commonwealth Retirement Investments LLC purchased a new position in First Solar in the fourth quarter valued at about $26,000. Reflection Asset Management acquired a new stake in shares of First Solar during the 4th quarter valued at about $26,000. Strategic Wealth Investment Group LLC acquired a new stake in shares of First Solar during the 2nd quarter valued at about $26,000. Larson Financial Group LLC grew its stake in shares of First Solar by 117.0% in the 4th quarter. Larson Financial Group LLC now owns 102 shares of the solar cell manufacturer’s stock valued at $27,000 after buying an additional 55 shares in the last quarter. Finally, Elyxium Wealth LLC bought a new stake in shares of First Solar in the 4th quarter valued at approximately $30,000. 92.08% of the stock is owned by institutional investors and hedge funds.

About First Solar

First Solar, Inc is a renewable energy technology company that designs and manufactures photovoltaic (PV) solar modules. Unlike conventional crystalline-silicon panels, its modules use thin-film semiconductor technology based on cadmium telluride (CdTe). The company also provides supporting services, including project development, engineering, procurement and construction support, operations and maintenance, and module recycling.

First Solar primarily serves utility-scale solar developers, system owners and operators, commercial customers, and government entities.