First Solar (NASDAQ:FSLR) Upgraded at TD Cowen

TD Cowen upgraded shares of First Solar (NASDAQ:FSLR) to a strong-buy rating in a research report sent to investors on Monday morning,Zacks reports.

A number of other equities research analysts have also recently commented on FSLR. HC Wainwright initiated coverage on shares of First Solar in a report on Thursday, August 27th. They issued a “buy” rating on the stock. Roth Capital reissued a “buy” rating and issued a $300.00 target price on shares of First Solar in a research report on Friday, July 24th. Glj Research lowered their target price on First Solar from $315.00 to $250.00 and set a “buy” rating on the stock in a research note on Tuesday, September 22nd. Weiss Ratings downgraded First Solar from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, September 3rd. Finally, Raymond James Financial started coverage on First Solar in a report on Thursday, August 27th. They issued a “market perform” rating for the company. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, First Solar currently has an average rating of “Moderate Buy” and a consensus price target of $266.23.

First Solar Stock Performance

FSLR opened at $180.13 on Monday. First Solar has a fifty-two week low of $168.60 and a fifty-two week high of $320.95. The firm has a 50-day moving average of $206.12 and a 200 day moving average of $219.75. The firm has a market cap of $19.35 billion, a P/E ratio of 11.11, a PEG ratio of 0.48 and a beta of 1.80.

First Solar (NASDAQ:FSLR) last announced its quarterly earnings data on Thursday, July 30th. The solar cell manufacturer reported $3.92 EPS for the quarter, topping the consensus estimate of $2.90 by $1.02. First Solar had a net margin of 32.47% and a return on equity of 18.02%. The business had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.06 billion. During the same quarter in the previous year, the firm posted $3.18 earnings per share. The company’s revenue for the quarter was down 3.4% on a year-over-year basis. Equities research analysts predict that First Solar will post 17.64 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Michael Koralewski sold 7,000 shares of the company’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $221.51, for a total transaction of $1,550,570.00. Following the sale, the insider directly owned 7,642 shares in the company, valued at $1,692,779.42. This represents a 47.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Jason E. Dymbort sold 3,700 shares of the stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $249.38, for a total transaction of $922,706.00. Following the completion of the sale, the general counsel directly owned 5,624 shares in the company, valued at approximately $1,402,513.12. The trade was a 39.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 16,681 shares of company stock worth $3,756,286. Company insiders own 0.39% of the company’s stock.

Hedge Funds Weigh In On First Solar

Several hedge funds have recently bought and sold shares of the company. Cox Capital Mgt LLC increased its holdings in First Solar by 0.4% during the 3rd quarter. Cox Capital Mgt LLC now owns 13,989 shares of the solar cell manufacturer’s stock worth $2,450,000 after acquiring an additional 58 shares during the period. Doliver Advisors LP grew its position in shares of First Solar by 11.3% during the 3rd quarter. Doliver Advisors LP now owns 4,271 shares of the solar cell manufacturer’s stock valued at $748,000 after purchasing an additional 435 shares in the last quarter. QRG Capital Management Inc. grew its position in shares of First Solar by 5.7% during the 2nd quarter. QRG Capital Management Inc. now owns 8,017 shares of the solar cell manufacturer’s stock valued at $1,892,000 after purchasing an additional 435 shares in the last quarter. Andra AP fonden increased its holdings in shares of First Solar by 25.1% in the second quarter. Andra AP fonden now owns 97,856 shares of the solar cell manufacturer’s stock worth $23,090,000 after purchasing an additional 19,607 shares during the period. Finally, Tidal Investments LLC raised its position in shares of First Solar by 100.5% in the second quarter. Tidal Investments LLC now owns 61,768 shares of the solar cell manufacturer’s stock worth $14,575,000 after buying an additional 30,967 shares in the last quarter. Hedge funds and other institutional investors own 92.08% of the company’s stock.

First Solar Company Profile

First Solar, Inc is a solar technology and manufacturing company that designs and produces photovoltaic (PV) solar modules for utility-scale power projects. Unlike conventional crystalline-silicon panels, its modules use thin-film semiconductor technology based on cadmium telluride (CdTe), which the company says can provide advantages in energy yield, temperature performance and lifecycle sustainability.

The company’s product portfolio includes its Series 6 and Series 7 thin-film solar modules, along with related services such as technical support, module recycling and end-of-life collection.