J P Morgan Chase & Co Reiterates “$69.00” Price Target for First Solar (FSLR)

J P Morgan Chase & Co set a $69.00 price objective on First Solar (NASDAQ:FSLR) in a report issued on Monday. The firm currently has a hold rating on the solar cell manufacturer’s stock.

Other equities research analysts also recently issued research reports about the company. Axiom Securities reiterated a buy rating on shares of First Solar in a report on Wednesday, August 30th. Bank of America reiterated a buy rating and set a $64.00 price target on shares of First Solar in a report on Tuesday, August 29th. ValuEngine downgraded First Solar from a strong-buy rating to a buy rating in a report on Friday, December 1st. Vetr upgraded First Solar from a hold rating to a buy rating and set a $48.80 price target for the company in a report on Monday, September 11th. Finally, Needham & Company LLC reissued a buy rating and issued a $65.00 price objective on shares of First Solar in a research report on Friday, December 1st. Eleven equities research analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company. The company currently has an average rating of Buy and a consensus price target of $63.53.

Shares of First Solar (NASDAQ:FSLR) traded up $0.42 during trading on Monday, reaching $69.11. The company had a trading volume of 852,100 shares, compared to its average volume of 2,759,975. First Solar has a 1-year low of $25.56 and a 1-year high of $71.80. The company has a market capitalization of $7,173.50, a P/E ratio of 16.84 and a beta of 2.03. The company has a debt-to-equity ratio of 0.06, a current ratio of 6.85 and a quick ratio of 6.47.

First Solar (NASDAQ:FSLR) last announced its quarterly earnings results on Thursday, October 26th. The solar cell manufacturer reported $1.95 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.84 by $1.11. First Solar had a positive return on equity of 8.07% and a negative net margin of 14.70%. The business had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $859.22 million. During the same quarter in the prior year, the company posted $1.22 earnings per share. First Solar’s revenue was up 59.5% compared to the same quarter last year. sell-side analysts anticipate that First Solar will post 2.52 EPS for the current fiscal year.

In other news, CEO Mark R. Widmar sold 20,270 shares of the company’s stock in a transaction on Thursday, December 7th. The stock was sold at an average price of $64.40, for a total transaction of $1,305,388.00. Following the transaction, the chief executive officer now owns 100,754 shares of the company’s stock, valued at approximately $6,488,557.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Raffi Garabedian sold 11,284 shares of the company’s stock in a transaction on Monday, December 18th. The shares were sold at an average price of $70.06, for a total value of $790,557.04. Following the transaction, the insider now directly owns 9,227 shares in the company, valued at approximately $646,443.62. The disclosure for this sale can be found here. 0.58% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of FSLR. Fiduciary Trust Co. purchased a new position in shares of First Solar during the 2nd quarter valued at $128,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of First Solar by 64.3% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,383 shares of the solar cell manufacturer’s stock valued at $201,000 after buying an additional 1,716 shares during the last quarter. Garner Asset Management Corp purchased a new position in shares of First Solar during the 2nd quarter valued at $208,000. Riverhead Capital Management LLC lifted its position in shares of First Solar by 82.6% during the 2nd quarter. Riverhead Capital Management LLC now owns 5,660 shares of the solar cell manufacturer’s stock valued at $226,000 after buying an additional 2,560 shares during the last quarter. Finally, Bluestein R H & Co. purchased a new position in shares of First Solar during the 2nd quarter valued at $241,000. 50.87% of the stock is currently owned by hedge funds and other institutional investors.

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First Solar Company Profile

First Solar, Inc is a provider of photovoltaic (PV) solar energy solutions. The Company designs, manufactures and sells PV solar modules with a thin-film semiconductor technology. The Company also develops, designs, constructs and sells PV solar power systems that primarily use the modules it manufactures.

Analyst Recommendations for First Solar (NASDAQ:FSLR)

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