Barclays Reaffirms Buy Rating for First Solar (NASDAQ:FSLR)

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Barclays reissued their buy rating on shares of First Solar (NASDAQ:FSLR) in a research note published on Friday, The Fly reports.

Several other research analysts also recently commented on the stock. Argus lifted their target price on shares of First Solar to $66.00 and gave the stock an average rating in a report on Friday, May 3rd. Goldman Sachs Group set a $75.00 target price on shares of First Solar and gave the stock a buy rating in a report on Wednesday, April 10th. JPMorgan Chase & Co. reiterated an overweight rating and issued a $72.00 target price (up previously from $70.00) on shares of First Solar in a report on Monday, May 6th. Zacks Investment Research downgraded shares of First Solar from a hold rating to a sell rating in a report on Monday, April 29th. Finally, Roth Capital set a $75.00 target price on shares of First Solar and gave the stock a buy rating in a report on Thursday, June 13th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and eleven have given a buy rating to the company. The stock currently has an average rating of Buy and an average target price of $70.11.

FSLR stock opened at $62.01 on Friday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 3.35 and a current ratio of 4.05. First Solar has a 1 year low of $36.51 and a 1 year high of $69.24. The firm has a fifty day simple moving average of $65.31. The firm has a market cap of $7.02 billion, a price-to-earnings ratio of 45.60, a PEG ratio of 1.20 and a beta of 1.30.

First Solar (NASDAQ:FSLR) last released its quarterly earnings data on Thursday, August 1st. The solar cell manufacturer reported ($0.18) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.20). First Solar had a net margin of 0.95% and a return on equity of 0.46%. The business had revenue of $585.00 million during the quarter, compared to analyst estimates of $656.80 million. During the same period in the previous year, the firm posted ($0.46) EPS. The firm’s revenue for the quarter was up 89.3% on a year-over-year basis. Sell-side analysts anticipate that First Solar will post 2.39 earnings per share for the current fiscal year.

In other news, EVP Christopher Bueter sold 27,490 shares of the business’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $61.00, for a total transaction of $1,676,890.00. Following the transaction, the executive vice president now owns 21,022 shares in the company, valued at approximately $1,282,342. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Georges Antoun sold 8,476 shares of the business’s stock in a transaction dated Friday, May 31st. The stock was sold at an average price of $57.85, for a total transaction of $490,336.60. Following the transaction, the insider now owns 97,546 shares in the company, valued at approximately $5,643,036.10. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 55,778 shares of company stock worth $3,467,004. Insiders own 0.72% of the company’s stock.

Several large investors have recently bought and sold shares of FSLR. Great Lakes Advisors LLC acquired a new stake in shares of First Solar during the 2nd quarter valued at about $414,000. CIBC Asset Management Inc acquired a new stake in shares of First Solar during the 2nd quarter valued at about $242,000. State Board of Administration of Florida Retirement System boosted its position in shares of First Solar by 5.5% during the 2nd quarter. State Board of Administration of Florida Retirement System now owns 113,651 shares of the solar cell manufacturer’s stock valued at $7,465,000 after acquiring an additional 5,919 shares in the last quarter. Swiss National Bank boosted its position in shares of First Solar by 2.1% during the 2nd quarter. Swiss National Bank now owns 146,300 shares of the solar cell manufacturer’s stock valued at $9,609,000 after acquiring an additional 3,000 shares in the last quarter. Finally, Envestnet Asset Management Inc. boosted its position in shares of First Solar by 4.9% during the 2nd quarter. Envestnet Asset Management Inc. now owns 8,203 shares of the solar cell manufacturer’s stock valued at $539,000 after acquiring an additional 383 shares in the last quarter. Institutional investors own 61.53% of the company’s stock.

About First Solar

First Solar, Inc provides photovoltaic (PV) solar energy solutions in the United States and internationally. It operates in two segments, Modules and Systems. The Components segment designs, manufactures, and sells cadmium telluride solar modules that convert sunlight into electricity. This segment offers its products to integrators and operators of PV solar power systems.

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Analyst Recommendations for First Solar (NASDAQ:FSLR)

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