First Solar (NASDAQ:FSLR) Upgraded by Hsbc Global Res to Strong-Buy

Hsbc Global Res upgraded shares of First Solar (NASDAQ:FSLR) to a strong-buy rating in a research note released on Wednesday, Zacks.com reports.

A number of other research analysts also recently weighed in on FSLR. BMO Capital Markets reduced their target price on shares of First Solar from $311.00 to $286.00 and set an outperform rating for the company in a research report on Wednesday, July 31st. Clarkson Capital initiated coverage on First Solar in a research report on Wednesday, August 14th. They issued a buy rating and a $270.00 target price for the company. Robert W. Baird dropped their price target on First Solar from $344.00 to $307.00 and set an outperform rating on the stock in a research report on Tuesday, July 2nd. UBS Group lifted their price objective on First Solar from $350.00 to $360.00 and gave the stock a buy rating in a report on Wednesday, July 31st. Finally, Piper Sandler upped their price objective on shares of First Solar from $219.00 to $250.00 and gave the company an overweight rating in a report on Monday, July 22nd. Four investment analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus target price of $285.44.

First Solar Stock Up 3.1 %

Shares of NASDAQ FSLR opened at $211.49 on Wednesday. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.23 and a quick ratio of 1.65. First Solar has a 1 year low of $129.21 and a 1 year high of $306.77. The stock has a market capitalization of $22.64 billion, a P/E ratio of 22.17, a P/E/G ratio of 0.38 and a beta of 1.44. The company has a 50-day moving average price of $227.56 and a 200-day moving average price of $221.58.

First Solar (NASDAQ:FSLR) last issued its quarterly earnings data on Tuesday, July 30th. The solar cell manufacturer reported $3.25 EPS for the quarter, topping the consensus estimate of $2.69 by $0.56. The firm had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $939.71 million. First Solar had a return on equity of 17.73% and a net margin of 31.98%. The company’s quarterly revenue was up 24.6% compared to the same quarter last year. During the same period in the prior year, the business posted $1.85 earnings per share. On average, equities research analysts forecast that First Solar will post 13.53 EPS for the current fiscal year.

Insider Activity

In other news, CAO Byron Michael Jeffers sold 500 shares of the business’s 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 transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other First Solar news, insider Patrick James Buehler sold 8,619 shares of the company’s 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 approximately $769,896. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Byron Michael Jeffers sold 500 shares of First Solar stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $220.00, for a total value of $110,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 10,885 shares of company stock valued at $2,405,757. Insiders own 0.58% of the company’s stock.

Institutional Investors Weigh In On First Solar

A number of hedge funds and other institutional investors have recently bought and sold shares of FSLR. Burford Brothers Inc. bought a new position in shares of First Solar during the fourth quarter valued at $3,539,000. Spouting Rock Asset Management LLC bought a new stake in First Solar during the 4th quarter valued at about $579,000. Quarry LP raised its holdings in First Solar by 22.7% in the fourth quarter. Quarry LP now owns 1,319 shares of the solar cell manufacturer’s stock worth $227,000 after buying an additional 244 shares during the last quarter. Voisard Asset Management Group Inc. bought a new position in shares of First Solar in the fourth quarter worth approximately $46,000. Finally, V Square Quantitative Management LLC grew its holdings in shares of First Solar by 31.4% during the fourth quarter. V Square Quantitative Management LLC now owns 1,590 shares of the solar cell manufacturer’s stock valued at $274,000 after buying an additional 380 shares during the last quarter. 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.