First Solar (NASDAQ:FSLR) Upgraded at Citigroup

Citigroup upgraded shares of First Solar (NASDAQ:FSLR) from a hold rating to a strong-buy rating in a research report report published on Friday morning,Zacks reports.

FSLR has been the topic of a number of other research reports. Raymond James Financial assumed coverage on shares of First Solar in a research note on Thursday, August 27th. They set a “market perform” rating on the stock. Mizuho set a $328.00 price target on shares of First Solar in a research note on Monday. William Blair set a $248.00 price objective on shares of First Solar in a report on Friday. Barclays cut their price objective on First Solar from $279.00 to $259.00 and set an “overweight” rating on the stock in a research report on Thursday, October 15th. Finally, HC Wainwright assumed coverage on First Solar in a report on Thursday, August 27th. They set a “buy” rating on the stock. Four investment analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, First Solar presently has a consensus rating of “Moderate Buy” and a consensus price target of $258.38.

First Solar Stock Performance

FSLR stock traded up $8.77 on Friday, reaching $183.17. The company’s stock had a trading volume of 2,122,926 shares, compared to its average volume of 2,352,294. The firm has a market cap of $19.69 billion, a PE ratio of 10.58, a PEG ratio of 0.47 and a beta of 1.73. The business has a fifty day simple moving average of $188.72 and a two-hundred day simple moving average of $216.19. First Solar has a 12-month low of $165.86 and a 12-month high of $320.95.

First Solar (NASDAQ:FSLR) last issued its quarterly earnings data on Thursday, October 29th. The solar cell manufacturer reported $5.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.67 by $0.63. First Solar had a net margin of 37.12% and a return on equity of 18.33%. The business had revenue of $1.23 billion for the quarter, compared to the consensus estimate of $1.29 billion. During the same period in the previous year, the firm earned $4.24 EPS. The company’s quarterly revenue was down 22.8% compared to the same quarter last year. As a group, research analysts anticipate that First Solar will post 17.64 earnings per share for the current fiscal year.

Insider Activity at First Solar

In related news, General Counsel Jason Dymbort sold 3,700 shares of the business’s stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $249.38, for a total transaction of $922,706.00. Following the sale, the general counsel owned 5,624 shares of the company’s stock, valued at $1,402,513.12. The trade was a 39.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Samantha Sloan sold 127 shares of the business’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $222.95, for a total transaction of $28,314.65. Following the sale, the executive vice president directly owned 2,018 shares in the company, valued at $449,913.10. The trade was 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. Insiders sold a total of 6,256 shares of company stock valued at $1,455,813 in the last three months. Company insiders own 0.39% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new position in shares of First Solar during the second quarter valued at $3,310,298,000. ABS Investment Management LLC bought a new position in First Solar in the 2nd quarter worth about $1,297,780,000. Hill City Capital LP purchased a new stake in First Solar during the 2nd quarter valued at about $620,133,555. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in First Solar by 7.0% during the 2nd 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 valued at $362,396,000 after purchasing an additional 100,694 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in First Solar by 4.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,305,471 shares of the solar cell manufacturer’s stock valued at $257,441,000 after purchasing an additional 56,300 shares in the last quarter. Institutional investors own 92.08% of the company’s stock.

Trending Headlines about First Solar

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

• Positive Sentiment: First Solar authorized a share-repurchase program of up to $500 million, which could support earnings per share and signal management’s confidence in the company’s long-term value. The company also added 1.4 gigawatts of U.S. gross bookings at $0.36 per watt. First Solar: 3 Key Takeaways for Long-Term Investors
• Positive Sentiment: FSLR participated in a broader solar-sector recovery after steep earnings-driven declines among residential solar companies. The rebound improved sentiment toward solar stocks and helped lift First Solar alongside Enphase Energy and Sunrun. Solar Stocks Rebound; First Solar Climbs
• Neutral Sentiment: BNP Paribas Exane began research coverage on First Solar, potentially increasing institutional attention, although the initial rating and target were not provided. First Solar Research Coverage Started at BNP Paribas Exane
• Negative Sentiment: Multiple firms reduced their FSLR price targets. Barclays cut its target to $230 from $259, while Robert W. Baird lowered its target to $266 from $290 and Guggenheim reduced its target to $297 from $299. Despite the cuts, Baird maintained an “outperform” rating and Guggenheim retained a “buy” rating. Barclays Adjusts Price Target on First Solar
• Negative Sentiment: Third-quarter revenue fell 22.8% year over year to $1.23 billion and missed estimates, while full-year revenue guidance was below Wall Street expectations. Stronger-than-expected adjusted EPS and pricing strength provided some offset, but bookings growth and policy uncertainty remain concerns. FSLR Q3 Deep Dive

First Solar Company Profile

First Solar, Inc is a vertically integrated solar technology and manufacturing company that designs, manufactures and sells photovoltaic (PV) solar modules. Its modules use advanced thin-film semiconductor technology based on cadmium telluride (CdTe), rather than the crystalline-silicon technology used by most solar manufacturers. The company serves utility-scale solar developers, commercial and industrial customers, and other large-scale energy users.

Founded in 1999 and headquartered in Tempe, Arizona, First Solar operates research and development, manufacturing and recycling facilities in the United States and internationally.