First Solar (NASDAQ:FSLR) Stock Bumped Up to “Buy” by Truist Financial

First Solar (NASDAQ:FSLR) was upgraded by stock analysts at Truist Financial from a “hold” rating to a “buy” rating in a report issued on Monday, MarketBeat.com reports. The brokerage currently has a $270.00 price target on the solar cell manufacturer’s stock. Truist Financial’s price target points to a potential upside of 50.23% from the company’s current price.

Several other equities research analysts also recently commented on the company. Mizuho set a $324.00 price objective on First Solar in a report on Thursday, August 13th. Wells Fargo & Company increased their target price on shares of First Solar from $300.00 to $313.00 and gave the company an “overweight” rating in a report on Friday, August 7th. Jefferies Financial Group set a $196.00 price objective on shares of First Solar in a research report on Monday, August 3rd. Morgan Stanley boosted their price objective on First Solar from $245.00 to $323.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 18th. Finally, Argus reaffirmed a “buy” rating and set a $275.00 target price on shares of First Solar in a research report on Wednesday, August 26th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $266.33.

First Solar Stock Up 1.1%

Shares of NASDAQ FSLR opened at $179.72 on Monday. The company has a market capitalization of $19.31 billion, a PE ratio of 11.08, a P/E/G ratio of 0.48 and a beta of 1.80. First Solar has a twelve month low of $168.60 and a twelve month high of $320.95. The firm has a fifty day simple moving average of $203.85 and a 200 day simple moving average of $219.47.

First Solar (NASDAQ:FSLR) last posted its quarterly earnings data on Thursday, July 30th. The solar cell manufacturer reported $3.92 earnings per share for the quarter, topping the consensus estimate 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 quarterly revenue was down 3.4% on a year-over-year basis. During the same period last year, the company posted $3.18 EPS. As a group, equities analysts expect that First Solar will post 17.68 earnings per share for the current fiscal year.

Insider Activity at First Solar

In other First Solar news, EVP Samantha L. Sloan sold 127 shares of the company’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $222.95, for a total value of $28,314.65. Following the completion of the sale, the executive vice president owned 2,018 shares of the company’s stock, valued at $449,913.10. This represents a 5.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Markus Gloeckler sold 3,425 shares of the firm’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $218.95, for a total value of $749,903.75. Following the transaction, the chief technology officer directly owned 7,471 shares in the company, valued at $1,635,775.45. This trade represents a 31.43% 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. Insiders sold 16,681 shares of company stock worth $3,756,286 over the last quarter. 0.39% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On First Solar

Hedge funds have recently modified their holdings of the company. Pictet Asset Management Holding SA increased its stake in shares of First Solar by 29.3% during the first quarter. Pictet Asset Management Holding SA now owns 1,138,473 shares of the solar cell manufacturer’s stock worth $224,540,000 after purchasing an additional 258,204 shares in the last quarter. Rakuten Investment Management Inc. acquired a new position in shares of First Solar during the second quarter valued at approximately $4,019,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of First Solar by 7.0% in the second 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 acquiring an additional 100,694 shares in the last quarter. Jupiter Topco LLC acquired a new position in First Solar in the 2nd quarter valued at $6,121,000. Finally, Handelsbanken Fonder AB grew its holdings in shares of First Solar by 15.0% during the second quarter. Handelsbanken Fonder AB now owns 683,112 shares of the solar cell manufacturer’s stock worth $161,187,000 after buying an additional 89,214 shares in the last quarter. Hedge funds and other institutional investors own 92.08% of the company’s stock.

First Solar News Summary

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

• Positive Sentiment: Truist upgraded First Solar to Buy from Hold and raised its price target to $270 from $229, implying roughly 50% upside from recent levels. The firm believes solar-panel pricing should remain supported into the 2030s, improving the outlook for First Solar’s earnings and cash flow. Truist sees 50% upside for First Solar as pricing supported into 2030s
• Positive Sentiment: The upgrade follows a roughly one-third decline in First Solar’s stock this year, making the shares appear more attractively valued to contrarian investors. Coverage highlighted potential catalysts from the U.S. midterm elections and possible changes to solar-policy support. This struggling solar stock has lost one-third of its value this year. Truist sees a comeback
• Positive Sentiment: Several market commentaries characterized First Solar as a potential entry point, emphasizing election-related catalysts and the possibility of a recovery after the recent selloff. First Solar: A Good Entry Point With Potential Midterms Catalysts
• Neutral Sentiment: First Solar’s latest reported quarter exceeded EPS expectations, but revenue declined year over year. The company remains profitable, although investors are weighing strong earnings performance against softer sales growth.
• Negative Sentiment: The stock remains well below its 50-day and 200-day moving averages and has experienced significant year-to-date weakness, indicating that investor concerns about solar demand, policy, or pricing have not been fully resolved.

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.