First Solar (NASDAQ:FSLR) Stock Bumped Up to Strong-Buy by TD Cowen

TD Cowen upgraded shares of First Solar (NASDAQ:FSLR) to a strong-buy rating in a research note released on Monday,Zacks reports.

A number of other research firms also recently issued reports on FSLR. Barclays boosted their price objective on shares of First Solar from $213.00 to $279.00 and gave the company an “overweight” rating in a report on Tuesday, July 14th. Evercore reiterated a “positive” rating and issued a $218.00 price target on shares of First Solar in a research report on Monday, August 17th. HC Wainwright initiated coverage on First Solar in a research report on Thursday, August 27th. They set a “buy” rating on the stock. BMO Capital Markets lowered First Solar from a “hold” rating to a “market perform” rating in a research note on Thursday, August 27th. Finally, Argus reaffirmed a “buy” rating and issued a $275.00 price objective on shares of First Solar in a report on Wednesday, August 26th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $266.23.

First Solar Price Performance

Shares of NASDAQ FSLR opened at $176.16 on Monday. The stock’s fifty day moving average price is $206.96 and its two-hundred day moving average price is $220.01. First Solar has a one year low of $168.60 and a one year high of $320.95. The firm has a market cap of $18.93 billion, a price-to-earnings ratio of 10.86, a P/E/G ratio of 0.47 and a beta of 1.80.

First Solar (NASDAQ:FSLR) last posted its earnings results on Thursday, July 30th. The solar cell manufacturer reported $3.92 earnings per share for the quarter, topping analysts’ consensus estimates of $2.90 by $1.02. First Solar had a return on equity of 18.02% and a net margin of 32.47%.The company had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.06 billion. During the same quarter last year, the firm earned $3.18 earnings per share. The company’s revenue was down 3.4% on a year-over-year basis. On average, equities analysts anticipate that First Solar will post 17.64 earnings per share for the current fiscal year.

Insider Transactions at First Solar

In other First Solar news, insider Michael Koralewski sold 7,000 shares of the company’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $221.51, for a total value of $1,550,570.00. Following the completion of the transaction, the insider owned 7,642 shares of the company’s stock, valued at $1,692,779.42. This represents a 47.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Markus Gloeckler sold 800 shares of the stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $174.00, for a total value of $139,200.00. Following the completion of the transaction, the chief technology officer owned 5,042 shares of the company’s stock, valued at $877,308. This represents a 13.69% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 16,681 shares of company stock worth $3,756,286. 0.39% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in First Solar in the 2nd quarter valued at approximately $3,310,298,000. ABS Investment Management LLC acquired a new position in shares of First Solar during the second quarter worth $1,297,780,000. Hill City Capital LP bought a new stake in shares of First Solar in the second quarter worth $620,133,555. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of First Solar by 7.0% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,535,836 shares of the solar cell manufacturer’s stock worth $362,396,000 after purchasing an additional 100,694 shares during the last quarter. Finally, Deutsche Bank AG increased its holdings in First Solar by 5.5% in the fourth quarter. Deutsche Bank AG now owns 1,261,472 shares of the solar cell manufacturer’s stock valued at $329,534,000 after purchasing an additional 65,486 shares during the period. Institutional investors own 92.08% of the company’s stock.

About First Solar

First Solar, Inc is a solar technology and manufacturing company that designs and produces photovoltaic (PV) solar modules for utility-scale power projects. Unlike conventional crystalline-silicon panels, its modules use thin-film semiconductor technology based on cadmium telluride (CdTe), which the company says can provide advantages in energy yield, temperature performance and lifecycle sustainability.

The company’s product portfolio includes its Series 6 and Series 7 thin-film solar modules, along with related services such as technical support, module recycling and end-of-life collection.