First Solar (NASDAQ:FSLR) PT Raised to $360.00 at UBS Group

First Solar (NASDAQ:FSLR) had its price target hoisted by UBS Group from $350.00 to $360.00 in a research note issued to investors on Wednesday morning, Benzinga reports. UBS Group currently has a buy rating on the solar cell manufacturer’s stock.

A number of other brokerages have also commented on FSLR. Guggenheim dropped their price target on First Solar from $359.00 to $356.00 and set a buy rating on the stock in a report on Thursday, May 2nd. Piper Sandler lifted their price target on First Solar from $219.00 to $250.00 and gave the stock an overweight rating in a report on Monday, July 22nd. Susquehanna lifted their price target on First Solar from $258.00 to $285.00 and gave the stock a positive rating in a report on Wednesday, July 3rd. Oppenheimer lifted their price target on First Solar from $325.00 to $326.00 and gave the stock an outperform rating in a report on Wednesday. Finally, Barclays lifted their price target on First Solar from $227.00 to $228.00 and gave the stock an overweight rating in a report on Wednesday, May 15th. Four investment analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $275.58.

First Solar Stock Down 2.5 %

FSLR stock opened at $213.05 on Wednesday. First Solar has a twelve month low of $129.21 and a twelve month high of $306.77. The company has a quick ratio of 1.86, a current ratio of 2.41 and a debt-to-equity ratio of 0.06. The stock’s 50 day moving average is $245.07 and its 200-day moving average is $194.57. The firm has a market capitalization of $22.81 billion, a PE ratio of 22.33, a P/E/G ratio of 0.28 and a beta of 1.44.

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 analysts’ consensus estimates of $2.69 by $0.56. First Solar had a return on equity of 18.15% and a net margin of 31.98%. The company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $939.71 million. During the same quarter last year, the company earned $1.85 earnings per share. The company’s revenue for the quarter was up 24.6% on a year-over-year basis. Sell-side analysts expect that First Solar will post 13.56 EPS for the current fiscal year.

Insider Activity

In other news, Director R Craig Kennedy sold 2,000 shares of First Solar stock in a transaction on Monday, May 6th. The stock was sold at an average price of $196.73, for a total value of $393,460.00. Following the completion of the transaction, the director now directly owns 13,908 shares in the company, valued at $2,736,120.84. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, Director R Craig Kennedy sold 2,000 shares of the business’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $196.73, for a total transaction of $393,460.00. Following the completion of the transaction, the director now directly owns 13,908 shares in the company, valued at $2,736,120.84. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Kuntal Kumar Verma sold 1,621 shares of the business’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $260.00, for a total value of $421,460.00. Following the transaction, the insider now owns 3,549 shares of the company’s stock, valued at $922,740. The disclosure for this sale can be found here. Over the last three months, insiders sold 51,153 shares of company stock worth $12,540,428. 0.58% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On First Solar

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Dixon Mitchell Investment Counsel Inc. purchased a new position in First Solar during the first quarter worth about $25,000. University of Texas Texas AM Investment Managment Co. purchased a new position in First Solar during the fourth quarter worth about $27,000. Baystate Wealth Management LLC purchased a new position in First Solar during the fourth quarter worth about $29,000. Atlas Capital Advisors LLC boosted its holdings in shares of First Solar by 411.1% in the 2nd quarter. Atlas Capital Advisors LLC now owns 138 shares of the solar cell manufacturer’s stock worth $31,000 after purchasing an additional 111 shares in the last quarter. Finally, Riverview Trust Co purchased a new position in shares of First Solar in the 1st quarter worth about $32,000. 92.08% of the stock is currently owned by hedge funds and other institutional investors.

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.