First Solar (NASDAQ:FSLR) Stock Bumped Up to Strong-Buy by Citigroup

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

FSLR has been the topic of several other reports. William Blair set a $248.00 target price on shares of First Solar in a report on Friday. Robert W. Baird cut their price target on First Solar from $290.00 to $266.00 and set an “outperform” rating for the company in a research note on Monday. Argus reissued a “buy” rating and set a $275.00 price target on shares of First Solar in a research report on Wednesday, August 26th. Needham & Company LLC lowered their price objective on First Solar from $303.00 to $236.00 and set a “buy” rating on the stock in a research note on Friday. Finally, Jefferies Financial Group reaffirmed a “hold” rating and issued a $199.00 price target on shares of First Solar in a research note on Friday, October 16th. Four research 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 issued a Sell rating to the company’s stock. According to MarketBeat.com, First Solar presently has a consensus rating of “Moderate Buy” and an average price target of $258.38.

First Solar Stock Up 4.9%

Shares of NASDAQ FSLR traded up $8.58 during mid-day trading on Friday, reaching $182.98. 2,067,362 shares of the company were exchanged, compared to its average volume of 2,352,294. First Solar has a twelve month low of $165.86 and a twelve month high of $320.95. The stock has a market capitalization of $19.67 billion, a P/E ratio of 10.59, a P/E/G ratio of 0.47 and a beta of 1.73. The company’s 50-day simple moving average is $188.72 and its 200-day simple moving average is $216.19.

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, topping the consensus estimate of $4.67 by $0.63. The firm had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.29 billion. First Solar had a net margin of 37.12% and a return on equity of 18.33%. The business’s revenue for the quarter was down 22.8% compared to the same quarter last year. During the same period last year, the business posted $4.24 earnings per share. As a group, equities research analysts expect that First Solar will post 17.64 EPS for the current year.

Insider Buying and Selling at First Solar

In other news, General Counsel Jason E. Dymbort sold 3,700 shares of the business’s stock in a transaction that occurred on 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 owned 5,624 shares in the company, 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 through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Samantha L. Sloan sold 127 shares of the 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 directly owned 2,018 shares of the company’s stock, valued at approximately $449,913.10. This trade represents a 5.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 6,256 shares of company stock valued at $1,455,813. 0.39% of the stock is currently owned by insiders.

Institutional Investors Weigh In On First Solar

A number of hedge funds have recently made changes to their positions in the business. TFB Advisors LLC increased its position in First Solar by 3.4% in the third quarter. TFB Advisors LLC now owns 1,824 shares of the solar cell manufacturer’s stock worth $319,000 after buying an additional 60 shares during the last quarter. Schmidt P J Investment Management Inc. lifted its position in shares of First Solar by 31.1% during the 3rd quarter. Schmidt P J Investment Management Inc. now owns 2,106 shares of the solar cell manufacturer’s stock valued at $369,000 after buying an additional 500 shares during the last quarter. Covestor Ltd grew its stake in shares of First Solar by 484.9% during the 3rd quarter. Covestor Ltd now owns 310 shares of the solar cell manufacturer’s stock worth $54,000 after acquiring an additional 257 shares during the period. Rakuten Investment Management Inc. grew its stake in shares of First Solar by 9.7% during the 3rd quarter. Rakuten Investment Management Inc. now owns 18,939 shares of the solar cell manufacturer’s stock worth $3,351,000 after acquiring an additional 1,674 shares during the period. Finally, IPG Investment Advisors LLC grew its stake in shares of First Solar by 18.9% during the 3rd quarter. IPG Investment Advisors LLC now owns 6,170 shares of the solar cell manufacturer’s stock worth $1,081,000 after acquiring an additional 982 shares during the period. 92.08% of the stock is currently owned by institutional investors.

First Solar News Summary

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.