First Solar (NASDAQ:FSLR) Stock Price Up 8.8% After Analyst Upgrade

Shares of First Solar, Inc. (NASDAQ:FSLR) traded up 8.8% during trading on Monday after Guggenheim raised their price target on the stock from $279.00 to $282.00. Guggenheim currently has a buy rating on the stock. First Solar traded as high as $224.95 and last traded at $229.57. 490,356 shares were traded during mid-day trading, a decline of 79% from the average daily volume of 2,350,816 shares. The stock had previously closed at $211.03.

Other equities analysts also recently issued research reports about the stock. Oppenheimer reissued a “market perform” rating on shares of First Solar in a research note on Friday. Jefferies Financial Group reiterated a “hold” rating and set a $207.00 price target on shares of First Solar in a report on Tuesday, July 21st. Argus increased their price target on First Solar from $250.00 to $275.00 and gave the company a “buy” rating in a research note on Wednesday, May 13th. Truist Financial reissued a “hold” rating and set a $229.00 price objective (down from $249.00) on shares of First Solar in a report on Friday. Finally, Wells Fargo & Company reduced their price objective on First Solar from $320.00 to $300.00 and set an “overweight” rating on the stock in a research report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, thirteen have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $252.96.

Insiders Place Their Bets

In related news, CTO Markus Gloeckler sold 420 shares of the stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $215.63, for a total value of $90,564.60. Following the completion of the sale, the chief technology officer directly owned 10,896 shares in the company, valued at $2,349,504.48. This represents a 3.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Caroline Stockdale sold 10,628 shares of the firm’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $275.60, for a total value of $2,929,076.80. Following the transaction, the insider directly owned 23,792 shares of the company’s stock, valued at approximately $6,557,075.20. This represents a 30.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 31,893 shares of company stock valued at $7,893,775 over the last ninety days. 0.39% of the stock is currently owned by corporate insiders.

First Solar News Roundup

Here are the key news stories impacting First Solar this week:

• Positive Sentiment: Guggenheim raised its price target for First Solar from $279 to $282 and reiterated a “Buy” rating. The new target implies approximately 18.6% upside from the referenced share price, signaling continued confidence in the company’s valuation and outlook. Guggenheim raises First Solar price target

Institutional Investors Weigh In On First Solar

Institutional investors and hedge funds have recently made changes to their positions in the business. Commonwealth Retirement Investments LLC bought a new position in shares of First Solar during the 4th quarter worth approximately $26,000. Reflection Asset Management acquired a new position in shares of First Solar during the fourth quarter valued at about $26,000. Strategic Wealth Investment Group LLC bought a new stake in First Solar during the 2nd quarter worth approximately $26,000. Larson Financial Group LLC grew its holdings in First Solar by 117.0% during the fourth quarter. Larson Financial Group LLC now owns 102 shares of the solar cell manufacturer’s stock worth $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 worth $30,000. Institutional investors own 92.08% of the company’s stock.

First Solar Trading Up 11.6%

The firm has a market capitalization of $25.31 billion, a P/E ratio of 14.49, a P/E/G ratio of 0.47 and a beta of 1.76. The stock’s 50-day simple moving average is $245.08 and its 200-day simple moving average is $225.14.

First Solar (NASDAQ:FSLR) last posted its quarterly earnings results on Thursday, July 30th. The solar cell manufacturer reported $3.92 EPS for the quarter, topping analysts’ consensus estimates of $2.90 by $1.02. The firm had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.06 billion. First Solar had a return on equity of 18.02% and a net margin of 32.47%.The business’s revenue for the quarter was down 3.4% on a year-over-year basis. During the same period last year, the company earned $3.18 earnings per share. On average, equities research analysts expect that First Solar, Inc. will post 17.53 EPS for the current year.

About First Solar

First Solar, Inc (NASDAQ: FSLR) is a United States–based solar technology company best known for designing and manufacturing thin?film photovoltaic (PV) modules that use cadmium telluride (CdTe) semiconductor technology. The company supplies PV modules and delivers integrated solar power solutions for utility?scale projects, positioning itself as a provider of both components and complete solar energy systems rather than solely a parts supplier. First Solar was founded in 1999 and is headquartered in Tempe, Arizona.

Beyond module manufacturing, First Solar offers a range of project services including development support, engineering, procurement and construction (EPC) services, and operations and maintenance (O&M) for large-scale solar installations.