Morgan Stanley Boosts First Solar (NASDAQ:FSLR) Price Target to $248.00

First Solar (NASDAQ:FSLR) had its price target raised by Morgan Stanley from $245.00 to $248.00 in a report issued on Thursday, Benzinga reports. They currently have an overweight rating on the solar cell manufacturer’s stock.

Several other equities research analysts have also recently commented on FSLR. Janney Montgomery Scott began coverage on shares of First Solar in a research report on Friday, April 12th. They issued a buy rating and a $236.00 price objective on the stock. Royal Bank of Canada reissued an outperform rating and set a $195.00 price target on shares of First Solar in a research report on Wednesday, February 28th. Wells Fargo & Company raised shares of First Solar from an equal weight rating to an overweight rating and boosted their price target for the stock from $187.00 to $250.00 in a research report on Friday, April 19th. Roth Mkm reissued a buy rating and set a $230.00 price target on shares of First Solar in a research report on Thursday, April 18th. Finally, DZ Bank assumed coverage on shares of First Solar in a research report on Wednesday, April 17th. They set a buy rating and a $205.00 price target on the stock. Three equities research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and an average target price of $238.16.

First Solar Trading Up 6.1 %

Shares of FSLR stock traded up $11.04 on Thursday, hitting $191.55. The stock had a trading volume of 3,008,268 shares, compared to its average volume of 2,074,836. First Solar has a twelve month low of $129.21 and a twelve month high of $232.00. The firm has a market cap of $20.50 billion, a P/E ratio of 20.08, a PEG ratio of 0.33 and a beta of 1.37. The company has a current ratio of 2.41, a quick ratio of 2.92 and a debt-to-equity ratio of 0.06. The company has a fifty day moving average price of $166.57 and a two-hundred day moving average price of $158.28.

First Solar (NASDAQ:FSLR) last announced its quarterly earnings results on Wednesday, May 1st. The solar cell manufacturer reported $2.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.90 by $0.30. The company had revenue of $794.10 million during the quarter, compared to analyst estimates of $718.19 million. First Solar had a net margin of 28.75% and a return on equity of 16.24%. The firm’s revenue was up 44.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.40 EPS. As a group, analysts forecast that First Solar will post 13.55 earnings per share for the current fiscal year.

Insider Activity at First Solar

In related news, CTO Markus Gloeckler sold 679 shares of the stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $160.00, for a total value of $108,640.00. Following the completion of the transaction, the chief technology officer now owns 14,473 shares of the company’s stock, valued at approximately $2,315,680. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CTO Markus Gloeckler sold 679 shares of the stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $160.00, for a total value of $108,640.00. Following the completion of the transaction, the chief technology officer now owns 14,473 shares of the company’s stock, valued at approximately $2,315,680. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Kuntal Kumar Verma sold 250 shares of the firm’s stock in a transaction on Monday, March 18th. The shares were sold at an average price of $148.34, for a total transaction of $37,085.00. Following the transaction, the insider now directly owns 5,170 shares of the company’s stock, valued at approximately $766,917.80. The disclosure for this sale can be found here. Insiders sold a total of 26,620 shares of company stock valued at $4,269,540 in the last quarter. Insiders own 0.58% of the company’s stock.

Institutional Investors Weigh In On First Solar

Several large investors have recently modified their holdings of the company. Geneos Wealth Management Inc. increased its position in shares of First Solar by 7,854.7% during the first quarter. Geneos Wealth Management Inc. now owns 11,932 shares of the solar cell manufacturer’s stock worth $2,014,000 after buying an additional 11,782 shares during the period. Mediolanum International Funds Ltd acquired a new stake in First Solar in the first quarter worth $9,059,000. Wellington Shields & Co. LLC grew its holdings in First Solar by 20.8% in the first quarter. Wellington Shields & Co. LLC now owns 5,430 shares of the solar cell manufacturer’s stock worth $917,000 after purchasing an additional 936 shares during the period. GSA Capital Partners LLP grew its holdings in First Solar by 4.2% in the first quarter. GSA Capital Partners LLP now owns 4,556 shares of the solar cell manufacturer’s stock worth $769,000 after purchasing an additional 182 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S grew its holdings in First Solar by 27.5% in the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 52,257 shares of the solar cell manufacturer’s stock worth $8,821,000 after purchasing an additional 11,276 shares during the period. 92.08% of the stock is currently owned by institutional investors and hedge funds.

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.