First Solar (NASDAQ:FSLR) Coverage Initiated at Truist Financial

Research analysts at Truist Financial began coverage on shares of First Solar (NASDAQ:FSLR) in a research report issued to clients and investors on Thursday, MarketBeat reports. The brokerage set a “buy” rating and a $300.00 price target on the solar cell manufacturer’s stock. Truist Financial’s price target suggests a potential upside of 17.30% from the company’s previous close.

Other research analysts have also issued reports about the stock. UBS Group raised their target price on shares of First Solar from $350.00 to $360.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Royal Bank of Canada reaffirmed an “outperform” rating and set a $315.00 price objective on shares of First Solar in a report on Wednesday, July 31st. Roth Mkm reiterated a “buy” rating and set a $320.00 target price (up previously from $230.00) on shares of First Solar in a research report on Friday, May 31st. BMO Capital Markets lowered their price objective 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. Finally, Oppenheimer lifted their price target on shares of First Solar from $325.00 to $326.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 31st. Five investment analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $284.12.

First Solar Stock Performance

Shares of FSLR stock opened at $255.75 on Thursday. The business has a 50 day moving average of $225.51 and a two-hundred day moving average of $215.79. The company has a market cap of $27.38 billion, a P/E ratio of 26.81, a PEG ratio of 0.42 and a beta of 1.44. The company has a quick ratio of 1.65, a current ratio of 2.23 and a debt-to-equity ratio of 0.06. First Solar has a 52 week low of $129.21 and a 52 week high of $306.77.

First Solar (NASDAQ:FSLR) last announced its earnings results 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 for the quarter, compared to analysts’ expectations of $939.71 million. First Solar had a return on equity of 17.73% and a net margin of 31.98%. The firm’s quarterly revenue was up 24.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.85 earnings per share. As a group, analysts anticipate that First Solar will post 13.62 EPS for the current year.

Insider Buying and Selling at First Solar

In other First Solar news, insider Patrick James Buehler sold 8,619 shares of the stock in a transaction dated 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 of the company’s stock, valued at $769,896. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 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 the SEC website. Also, insider Patrick James Buehler sold 8,619 shares of First Solar stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $222.00, for a total value of $1,913,418.00. Following the sale, the insider now directly owns 3,468 shares in the company, valued at approximately $769,896. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 10,885 shares of company stock valued at $2,405,757. 0.58% of the stock is owned by company insiders.

Hedge Funds Weigh In On First Solar

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Atlas Capital Advisors LLC lifted 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 buying an additional 111 shares during the period. Dixon Mitchell Investment Counsel Inc. purchased a new stake in shares of First Solar in the 1st quarter worth $25,000. University of Texas Texas AM Investment Managment Co. purchased a new stake in shares of First Solar in the 4th quarter worth $27,000. Summit Securities Group LLC purchased a new stake in shares of First Solar in the 2nd quarter worth $36,000. Finally, Itau Unibanco Holding S.A. purchased a new stake in shares of First Solar in the 2nd quarter worth $38,000. Hedge funds and other institutional investors own 92.08% of the company’s stock.

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.