First Solar (NASDAQ:FSLR) Upgraded by Citigroup to Buy

First Solar (NASDAQ:FSLR) was upgraded by investment analysts at Citigroup from a “neutral” rating to a “buy” rating in a research note issued on Tuesday, MarketBeat Ratings reports. The brokerage currently has a $254.00 price target on the solar cell manufacturer’s stock, up from their prior price target of $200.00. Citigroup’s price target would suggest a potential upside of 29.43% from the company’s previous close.

A number of other brokerages have also recently issued reports on FSLR. DZ Bank upgraded shares of First Solar from a “hold” rating to a “buy” rating and set a $280.00 target price for the company in a research report on Thursday, August 1st. Susquehanna cut their price objective on First Solar from $285.00 to $280.00 and set a “positive” rating for the company in a research report on Wednesday, October 16th. Truist Financial initiated coverage on First Solar in a research note on Thursday, September 26th. They issued a “buy” rating and a $300.00 target price on the stock. Barclays boosted their price target on First Solar from $280.00 to $290.00 and gave the stock an “overweight” rating in a report on Friday, August 2nd. Finally, Oppenheimer increased their price objective on First Solar from $325.00 to $326.00 and gave the company an “outperform” rating in a research note on Wednesday, July 31st. Three analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $288.46.

First Solar Price Performance

Shares of NASDAQ:FSLR opened at $196.25 on Tuesday. The firm has a market capitalization of $21.01 billion, a price-to-earnings ratio of 20.57, a price-to-earnings-growth ratio of 0.38 and a beta of 1.44. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.23 and a quick ratio of 1.65. The business’s 50 day simple moving average is $226.97 and its 200-day simple moving average is $223.22. First Solar has a 12 month low of $129.21 and a 12 month high of $306.77.

First Solar (NASDAQ:FSLR) last posted its earnings results on Tuesday, July 30th. The solar cell manufacturer reported $3.25 earnings per share for the quarter, beating the consensus estimate of $2.69 by $0.56. The company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $939.71 million. First Solar had a return on equity of 17.73% and a net margin of 31.98%. First Solar’s revenue was up 24.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.85 earnings per share. As a group, equities analysts forecast that First Solar will post 13.53 earnings per share for the current fiscal year.

Insider Buying and Selling

In other First Solar news, CAO Byron Michael Jeffers sold 500 shares of the firm’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $220.00, for a total value of $110,000.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, insider Patrick James Buehler sold 8,619 shares of the firm’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $222.00, for a total transaction of $1,913,418.00. Following the completion of the sale, the insider now directly owns 3,468 shares of the company’s stock, valued at approximately $769,896. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Byron Michael Jeffers sold 500 shares of the business’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $220.00, for a total transaction of $110,000.00. The disclosure for this sale can be found here. In the last three months, insiders sold 10,885 shares of company stock valued at $2,405,757. Company insiders own 0.58% of the company’s stock.

Institutional Trading of First Solar

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Massmutual Trust Co. FSB ADV grew its stake in First Solar by 14.5% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 356 shares of the solar cell manufacturer’s stock valued at $89,000 after purchasing an additional 45 shares in the last quarter. Davis Investment Partners LLC boosted its stake in shares of First Solar by 0.6% during the 3rd quarter. Davis Investment Partners LLC now owns 7,698 shares of the solar cell manufacturer’s stock valued at $1,805,000 after buying an additional 46 shares during the last quarter. Oregon Public Employees Retirement Fund grew its position in shares of First Solar by 0.5% during the second quarter. Oregon Public Employees Retirement Fund now owns 9,172 shares of the solar cell manufacturer’s stock worth $2,068,000 after buying an additional 49 shares in the last quarter. Cambridge Trust Co. raised its holdings in First Solar by 1.6% in the first quarter. Cambridge Trust Co. now owns 3,232 shares of the solar cell manufacturer’s stock valued at $546,000 after acquiring an additional 50 shares in the last quarter. Finally, Gilman Hill Asset Management LLC boosted its stake in First Solar by 2.8% during the 3rd quarter. Gilman Hill Asset Management LLC now owns 1,825 shares of the solar cell manufacturer’s stock valued at $455,000 after acquiring an additional 50 shares during the last quarter. 92.08% of the stock is owned by hedge funds and other institutional investors.

First Solar Company Profile

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.