First Solar (NASDAQ:FSLR) Upgraded to “Outperform” at BMO Capital Markets

First Solar (NASDAQ:FSLR) was upgraded by BMO Capital Markets from a “market perform” rating to an “outperform” rating in a research report issued to clients and investors on Thursday, MarketBeat.com reports. The firm presently has a $263.00 price target on the solar cell manufacturer’s stock. BMO Capital Markets’ price target points to a potential upside of 27.71% from the stock’s previous close.

A number of other equities research analysts have also recently commented on FSLR. Deutsche Bank Aktiengesellschaft increased their target price on First Solar from $272.00 to $299.00 and gave the stock a “buy” rating in a research note on Wednesday. Evercore reiterated a “positive” rating and issued a $218.00 price target on shares of First Solar in a research note on Monday, August 17th. Wells Fargo & Company increased their price objective on shares of First Solar from $300.00 to $313.00 and gave the company an “overweight” rating in a research report on Friday, August 7th. Jefferies Financial Group set a $196.00 price objective on shares of First Solar in a research note on Monday, August 3rd. Finally, Sanford C. Bernstein decreased their target price on shares of First Solar from $217.00 to $197.00 and set an “underperform” rating for the company in a report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, First Solar presently has an average rating of “Moderate Buy” and a consensus target price of $266.27.

First Solar Stock Down 0.4%

Shares of FSLR opened at $205.93 on Thursday. The business’s 50 day moving average price is $225.43 and its 200-day moving average price is $223.58. First Solar has a 52 week low of $182.99 and a 52 week high of $320.95. The stock has a market cap of $22.13 billion, a P/E ratio of 12.70, a P/E/G ratio of 0.45 and a beta of 1.75.

First Solar (NASDAQ:FSLR) last posted its quarterly earnings results 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 company had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.06 billion. First Solar had a return on equity of 18.02% and a net margin of 32.47%.The firm’s quarterly revenue was down 3.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.18 EPS. On average, equities analysts anticipate that First Solar will post 17.77 EPS for the current year.

Insider Activity at First Solar

In related news, EVP Samantha L. Sloan sold 127 shares of the firm’s stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $222.95, for a total value of $28,314.65. Following the sale, the executive vice president owned 2,018 shares in the company, valued at approximately $449,913.10. This trade represents a 5.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel Jason E. Dymbort sold 3,700 shares of the business’s stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $249.38, for a total value of $922,706.00. Following the sale, the general counsel owned 5,624 shares of the company’s stock, valued at approximately $1,402,513.12. This represents 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 ninety days, insiders have sold 15,081 shares of company stock worth $3,457,086. Company insiders own 0.39% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in FSLR. Woodline Partners LP boosted its position in shares of First Solar by 40.7% during the first quarter. Woodline Partners LP now owns 9,044 shares of the solar cell manufacturer’s stock worth $1,143,000 after acquiring an additional 2,615 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in shares of First Solar by 50.9% during the second quarter. EverSource Wealth Advisors LLC now owns 516 shares of the solar cell manufacturer’s stock valued at $85,000 after purchasing an additional 174 shares in the last quarter. Brown Advisory Inc. increased its holdings in shares of First Solar by 84.3% in the second quarter. Brown Advisory Inc. now owns 4,529 shares of the solar cell manufacturer’s stock worth $750,000 after purchasing an additional 2,072 shares during the last quarter. Cerity Partners LLC bought a new stake in shares of First Solar in the second quarter worth about $494,000. Finally, AXA S.A. grew its holdings in First Solar by 6.3% during the 2nd quarter. AXA S.A. now owns 18,862 shares of the solar cell manufacturer’s stock valued at $3,122,000 after buying an additional 1,115 shares in the last quarter. 92.08% of the stock is owned by hedge funds and other institutional investors.

First Solar Company Profile

First Solar, Inc (NASDAQ: FSLR) is a United States–based solar technology company best known for designing and manufacturing thin‑film photovoltaic (PV) modules that use cadmium telluride (CdTe) semiconductor technology. The company supplies PV modules and delivers integrated solar power solutions for utility‑scale projects, positioning itself as a provider of both components and complete solar energy systems rather than solely a parts supplier. First Solar was founded in 1999 and is headquartered in Tempe, Arizona.

Beyond module manufacturing, First Solar offers a range of project services including development support, engineering, procurement and construction (EPC) services, and operations and maintenance (O&M) for large-scale solar installations.