First Solar (FSLR) Receives New Coverage from Analysts at Vertical Group

Vertical Group started coverage on shares of First Solar (NASDAQ:FSLR) in a report released on Thursday morning. The firm issued a buy rating on the solar cell manufacturer’s stock.

Several other research analysts have also recently commented on the stock. Zacks Investment Research upgraded shares of First Solar from a hold rating to a buy rating and set a $76.00 price target for the company in a report on Tuesday, January 2nd. Vetr upgraded shares of First Solar from a sell rating to a hold rating and set a $66.50 price target for the company in a report on Thursday, December 14th. Deutsche Bank upgraded shares of First Solar from a hold rating to a buy rating and boosted their price target for the stock from $50.00 to $65.00 in a report on Friday, September 15th. Goldman Sachs Group reiterated a neutral rating and set a $65.00 price target (up previously from $50.00) on shares of First Solar in a report on Thursday, November 30th. Finally, Cowen reiterated an outperform rating and set a $77.00 price target (up previously from $60.00) on shares of First Solar in a report on Wednesday, December 6th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have given a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average target price of $63.13.

Shares of First Solar (FSLR) traded down $2.86 during mid-day trading on Thursday, hitting $73.41. 4,033,500 shares of the company were exchanged, compared to its average volume of 2,434,089. The company has a quick ratio of 6.47, a current ratio of 6.85 and a debt-to-equity ratio of 0.06. The firm has a market capitalization of $7,670.00, a PE ratio of -17.65 and a beta of 2.04. First Solar has a 52-week low of $25.56 and a 52-week high of $76.61.

First Solar (NASDAQ:FSLR) last announced its quarterly earnings data on Thursday, October 26th. The solar cell manufacturer reported $1.95 earnings per share for the quarter, beating analysts’ consensus estimates of $0.84 by $1.11. The firm had revenue of $1.09 billion during the quarter, compared to analysts’ expectations of $859.22 million. First Solar had a negative net margin of 14.70% and a positive return on equity of 8.07%. The business’s quarterly revenue was up 59.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.22 earnings per share. equities analysts forecast that First Solar will post 2.52 earnings per share for the current fiscal year.

In other news, COO Philip Dejong sold 15,304 shares of the business’s stock in a transaction that occurred on Thursday, January 4th. The shares were sold at an average price of $67.83, for a total transaction of $1,038,070.32. Following the completion of the sale, the chief operating officer now owns 10,424 shares in the company, valued at approximately $707,059.92. 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 business’s stock in a transaction that occurred on Monday, December 18th. The stock was sold at an average price of $70.06, for a total transaction of $790,557.04. Following the sale, the insider now owns 9,227 shares of the company’s stock, valued at approximately $646,443.62. The disclosure for this sale can be found here. Insiders have sold a total of 46,858 shares of company stock valued at $3,134,015 in the last 90 days. Insiders own 0.58% of the company’s stock.

Large investors have recently modified their holdings of the company. Vanguard Group Inc. raised its position in First Solar by 3.9% in the 2nd quarter. Vanguard Group Inc. now owns 6,545,727 shares of the solar cell manufacturer’s stock valued at $261,043,000 after purchasing an additional 243,787 shares during the last quarter. Bank of New York Mellon Corp raised its position in First Solar by 6.0% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,456,546 shares of the solar cell manufacturer’s stock valued at $66,825,000 after purchasing an additional 82,634 shares during the last quarter. Key Square Capital Management LLC purchased a new stake in First Solar in the 3rd quarter valued at $23,621,000. Ecofin Ltd. purchased a new stake in First Solar in the 2nd quarter valued at $19,485,000. Finally, Lord Abbett & CO. LLC purchased a new stake in First Solar in the 2nd quarter valued at $15,099,000. Institutional investors and hedge funds own 50.88% of the company’s stock.

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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.

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