First Solar (NASDAQ:FSLR) Raised to “Buy” at Citigroup

First Solar (NASDAQ:FSLR) was upgraded by investment analysts at Citigroup from a “neutral” rating to a “buy” rating in a research report issued on Tuesday, MarketBeat.com reports. The firm currently has a $254.00 price target on the solar cell manufacturer’s stock, up from their prior price target of $200.00. Citigroup’s price target would suggest a potential upside of 32.01% from the company’s current price.

A number of other equities analysts also recently commented on FSLR. Piper Sandler boosted their price objective on First Solar from $219.00 to $250.00 and gave the stock an “overweight” rating in a research report on Monday, July 22nd. Clarkson Capital assumed coverage on shares of First Solar in a research report on Wednesday, August 14th. They issued a “buy” rating and a $270.00 price objective on the stock. Bank of America decreased their price objective on shares of First Solar from $343.00 to $321.00 and set a “buy” rating for the company in a research report on Tuesday, October 8th. Susquehanna cut their price target on First Solar from $285.00 to $280.00 and set a “positive” rating on the stock in a research note on Wednesday, October 16th. Finally, Hsbc Global Res raised First Solar to a “strong-buy” rating in a research report on Wednesday, October 9th. Three research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, First Solar currently has a consensus rating of “Moderate Buy” and an average price target of $288.46.

First Solar Trading Down 4.5 %

NASDAQ FSLR opened at $192.41 on Tuesday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.65 and a current ratio of 2.23. The firm has a market cap of $20.60 billion, a price-to-earnings ratio of 20.17, a PEG ratio of 0.38 and a beta of 1.44. The firm has a 50 day simple moving average of $225.93 and a 200-day simple moving average of $223.58. First Solar has a one year low of $129.21 and a one year high of $306.77.

First Solar (NASDAQ:FSLR) last posted its quarterly earnings data on Tuesday, July 30th. The solar cell manufacturer reported $3.25 earnings per share for the quarter, topping analysts’ consensus estimates of $2.69 by $0.56. The business had revenue of $1.01 billion for the quarter, compared to analyst estimates of $939.71 million. First Solar had a return on equity of 17.73% and a net margin of 31.98%. The company’s revenue was up 24.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.85 earnings per share. Equities research analysts anticipate that First Solar will post 13.53 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Patrick James Buehler sold 8,619 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $222.00, for a total transaction of $1,913,418.00. Following the completion of the sale, the insider now owns 3,468 shares in the company, valued at $769,896. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, insider Patrick James Buehler sold 8,619 shares of the business’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $222.00, for a total transaction of $1,913,418.00. Following the transaction, the insider now directly owns 3,468 shares in the company, valued at $769,896. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Byron Michael Jeffers sold 500 shares of the firm’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $220.00, for a total transaction of $110,000.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 10,885 shares of company stock valued at $2,405,757. 0.58% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Ballentine Partners LLC grew its stake in shares of First Solar by 5.9% during the 1st quarter. Ballentine Partners LLC now owns 1,945 shares of the solar cell manufacturer’s stock worth $328,000 after purchasing an additional 109 shares during the period. Harbor Investment Advisory LLC grew its position in First Solar by 36.0% during the first quarter. Harbor Investment Advisory LLC now owns 272 shares of the solar cell manufacturer’s stock worth $46,000 after buying an additional 72 shares during the period. Riverview Trust Co purchased a new position in First Solar in the first quarter valued at about $32,000. Brookstone Capital Management acquired a new stake in shares of First Solar during the 1st quarter valued at approximately $244,000. Finally, Viking Fund Management LLC purchased a new stake in shares of First Solar during the 1st quarter worth approximately $760,000. Hedge funds and other institutional investors own 92.08% of the company’s stock.

First Solar Company Profile

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.