First Solar, Inc. (FSLR) Upgraded at Axiom Securities
Axiom Securities upgraded shares of First Solar, Inc. (NASDAQ:FSLR) from a hold rating to a buy rating in a report released on Wednesday, MarketBeat Ratings reports. They currently have $51.00 target price on the solar cell manufacturer’s stock, up from their prior target price of $45.40.
A number of other equities research analysts also recently commented on FSLR. Deutsche Bank AG reiterated a hold rating and set a $38.00 price objective (up previously from $36.00) on shares of First Solar in a research report on Sunday, May 28th. J P Morgan Chase & Co downgraded First Solar to a hold rating and set a $38.00 price objective for the company. in a research report on Saturday, March 25th. UBS AG upgraded First Solar from a sell rating to a hold rating in a research report on Tuesday, May 2nd. Morgan Stanley reiterated an equal weight rating on shares of First Solar in a research report on Tuesday, July 11th. Finally, Robert W. Baird reiterated an outperform rating on shares of First Solar in a research report on Wednesday, May 3rd. One research analyst has rated the stock with a sell rating, twenty have given a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. First Solar has an average rating of Hold and an average price target of $43.68.
Shares of First Solar (FSLR) traded down 2.42% during trading on Wednesday, reaching $45.15. The company had a trading volume of 2,192,569 shares. The stock’s 50-day moving average price is $39.23 and its 200-day moving average price is $34.17. The stock’s market capitalization is $4.71 billion. First Solar has a 12 month low of $25.56 and a 12 month high of $49.50.
First Solar (NASDAQ:FSLR) last released its earnings results on Tuesday, May 2nd. The solar cell manufacturer reported $0.25 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.38. The firm had revenue of $891.79 million during the quarter, compared to the consensus estimate of $699.15 million. First Solar had a positive return on equity of 6.71% and a negative net margin of 18.14%. Equities analysts forecast that First Solar will post $0.56 earnings per share for the current fiscal year.
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In other news, insider Bryan Robert Schumaker sold 1,235 shares of the company’s stock in a transaction on Friday, June 23rd. The shares were sold at an average price of $40.00, for a total value of $49,400.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director J Thomas Presby purchased 4,000 shares of the company’s stock in a transaction dated Thursday, May 11th. The stock was bought at an average cost of $36.89 per share, for a total transaction of $147,560.00. Following the completion of the purchase, the director now directly owns 17,958 shares of the company’s stock, valued at approximately $662,470.62. The disclosure for this purchase can be found here. Corporate insiders own 0.40% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. BlackRock Inc. increased its position in First Solar by 7,977.6% in the first quarter. BlackRock Inc. now owns 6,922,544 shares of the solar cell manufacturer’s stock worth $187,601,000 after buying an additional 6,836,843 shares during the period. Wellington Management Group LLP increased its position in First Solar by 28.8% in the first quarter. Wellington Management Group LLP now owns 3,038,924 shares of the solar cell manufacturer’s stock worth $82,356,000 after buying an additional 679,898 shares during the period. Dimensional Fund Advisors LP increased its position in First Solar by 6.1% in the first quarter. Dimensional Fund Advisors LP now owns 2,756,980 shares of the solar cell manufacturer’s stock worth $74,715,000 after buying an additional 158,896 shares during the period. State Treasurer State of Michigan increased its position in First Solar by 99.1% in the second quarter. State Treasurer State of Michigan now owns 754,373 shares of the solar cell manufacturer’s stock worth $30,084,000 after buying an additional 375,500 shares during the period. Finally, DnB Asset Management AS increased its position in First Solar by 0.6% in the first quarter. DnB Asset Management AS now owns 518,218 shares of the solar cell manufacturer’s stock worth $14,044,000 after buying an additional 3,300 shares during the period. 60.37% of the stock is currently owned by institutional investors and hedge funds.
About First Solar
First Solar, Inc is a provider of photovoltaic (PV) solar energy solutions. The Company designs, manufactures and sells PV solar modules with a thin-film semiconductor technology. The Company also develops, designs, constructs and sells PV solar power systems that primarily use the modules it manufactures.
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