First Solar (NASDAQ:FSLR) Now Covered by Truist Financial

Truist Financial assumed coverage on shares of First Solar (NASDAQ:FSLR) in a report issued on Thursday, MarketBeat reports. The brokerage issued a buy rating and a $300.00 price target on the solar cell manufacturer’s stock.

Several other brokerages have also recently issued reports on FSLR. Barclays upped their price objective on First Solar from $280.00 to $290.00 and gave the stock an overweight rating in a report on Friday, August 2nd. Mizuho reaffirmed a neutral rating and set a $274.00 price objective (up from $209.00) on shares of First Solar in a report on Thursday, May 30th. William Blair started coverage on First Solar in a report on Thursday, August 29th. They set a market perform rating on the stock. JPMorgan Chase & Co. upped their price objective on First Solar from $262.00 to $282.00 and gave the stock an overweight rating in a report on Tuesday, July 16th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on First Solar from $215.00 to $280.00 and gave the company a buy rating in a research report on Friday, June 28th. Five analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the stock. According to data from MarketBeat.com, First Solar has a consensus rating of Moderate Buy and an average target price of $284.12.

First Solar Stock Up 0.0 %

NASDAQ FSLR opened at $255.75 on Thursday. The stock’s 50 day moving average is $225.51 and its 200 day moving average is $216.60. The company has a current ratio of 2.23, a quick ratio of 1.65 and a debt-to-equity ratio of 0.06. First Solar has a 12 month low of $129.21 and a 12 month high of $306.77. The stock has a market cap of $27.38 billion, a PE ratio of 26.81, a P/E/G ratio of 0.42 and a beta of 1.44.

First Solar (NASDAQ:FSLR) last posted its quarterly earnings results on Tuesday, July 30th. The solar cell manufacturer reported $3.25 EPS for the quarter, topping analysts’ consensus estimates of $2.69 by $0.56. First Solar had a return on equity of 17.73% and a net margin of 31.98%. The company had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $939.71 million. During the same period in the previous year, the firm earned $1.85 EPS. The firm’s revenue was up 24.6% compared to the same quarter last year. Research analysts predict that First Solar will post 13.62 EPS for the current fiscal year.

Insider Activity

In related news, insider Patrick James Buehler sold 8,619 shares of First Solar stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $222.00, for a total transaction of $1,913,418.00. Following the transaction, the insider now owns 3,468 shares in the company, valued at $769,896. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CAO Byron Michael Jeffers sold 500 shares of First Solar stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $220.00, for a total transaction of $110,000.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Patrick James Buehler sold 8,619 shares of First Solar stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $222.00, for a total value of $1,913,418.00. Following the transaction, the insider now owns 3,468 shares in the company, valued at approximately $769,896. The disclosure for this sale can be found here. Insiders have sold a total of 10,885 shares of company stock worth $2,405,757 over the last quarter. 0.58% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On First Solar

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FSLR. Electron Capital Partners LLC raised its position in First Solar by 81,947.0% in the second quarter. Electron Capital Partners LLC now owns 7,669,757 shares of the solar cell manufacturer’s stock valued at $1,729,223,000 after purchasing an additional 7,660,409 shares during the period. Schroder Investment Management Group raised its position in First Solar by 16.7% in the fourth quarter. Schroder Investment Management Group now owns 2,454,499 shares of the solar cell manufacturer’s stock valued at $422,861,000 after purchasing an additional 351,540 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its position in First Solar by 11.1% in the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 2,801,916 shares of the solar cell manufacturer’s stock valued at $472,963,000 after purchasing an additional 279,719 shares during the period. Anomaly Capital Management LP purchased a new stake in First Solar in the second quarter valued at $53,752,000. Finally, Canada Pension Plan Investment Board raised its position in First Solar by 2,429.1% in the second quarter. Canada Pension Plan Investment Board now owns 174,530 shares of the solar cell manufacturer’s stock valued at $39,350,000 after purchasing an additional 167,629 shares during the period. Hedge funds and other institutional investors own 92.08% of the company’s stock.

About First Solar

First Solar, Inc, a solar technology company, provides photovoltaic (PV) solar energy solutions in the United States, France, Japan, Chile, and internationally. The company manufactures and sells PV solar modules with a thin film semiconductor technology that provides a lower-carbon alternative to conventional crystalline silicon PV solar modules.