Morgan Stanley Increases First Solar (NASDAQ:FSLR) Price Target to $248.00

First Solar (NASDAQ:FSLR) had its price objective lifted by research analysts at Morgan Stanley from $245.00 to $248.00 in a report issued on Thursday, Benzinga reports. The firm presently has an “overweight” rating on the solar cell manufacturer’s stock. Morgan Stanley’s price target points to a potential upside of 29.47% from the stock’s previous close.

Other equities analysts have also issued reports about the stock. Bank of America upped their price target on shares of First Solar from $187.00 to $194.00 and gave the stock a “buy” rating in a research report on Wednesday, April 10th. Royal Bank of Canada reissued an “outperform” rating and set a $195.00 price target on shares of First Solar in a report on Wednesday, February 28th. Barclays upped their price objective on First Solar from $224.00 to $227.00 and gave the stock an “overweight” rating in a research note on Friday, April 19th. Wells Fargo & Company upgraded First Solar from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $187.00 to $250.00 in a research note on Friday, April 19th. Finally, Roth Mkm reaffirmed a “buy” rating and set a $230.00 price objective on shares of First Solar in a report on Thursday, April 18th. Three equities research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $238.16.

First Solar Stock Performance

Shares of First Solar stock traded up $11.04 on Thursday, hitting $191.55. 3,008,268 shares of the company’s stock were exchanged, compared to its average volume of 2,074,836. First Solar has a 1 year low of $129.21 and a 1 year high of $232.00. The company has a 50-day simple moving average of $166.57 and a 200-day simple moving average of $158.28. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.92 and a current ratio of 2.41. The stock has a market capitalization of $20.50 billion, a PE ratio of 20.08, a PEG ratio of 0.31 and a beta of 1.37.

First Solar (NASDAQ:FSLR) last released its quarterly earnings results on Wednesday, May 1st. The solar cell manufacturer reported $2.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.90 by $0.30. First Solar had a return on equity of 16.24% and a net margin of 28.75%. The business had revenue of $794.10 million during the quarter, compared to analyst estimates of $718.19 million. During the same quarter in the previous year, the company posted $0.40 earnings per share. First Solar’s revenue for the quarter was up 44.8% on a year-over-year basis. As a group, equities analysts anticipate that First Solar will post 13.55 EPS for the current year.

Insider Transactions at First Solar

In other news, CTO Markus Gloeckler sold 679 shares of First Solar stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $160.00, for a total transaction of $108,640.00. Following the completion of the sale, the chief technology officer now directly owns 14,473 shares of the company’s stock, valued at approximately $2,315,680. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CTO Markus Gloeckler sold 679 shares of the stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $160.00, for a total value of $108,640.00. Following the transaction, the chief technology officer now directly owns 14,473 shares of the company’s stock, valued at approximately $2,315,680. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Georges Antoun sold 2,400 shares of the firm’s stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of $176.00, for a total value of $422,400.00. Following the transaction, the insider now owns 37,412 shares in the company, valued at approximately $6,584,512. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 26,620 shares of company stock valued at $4,269,540. 0.58% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On First Solar

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FSLR. Family Legacy Inc. lifted its position in First Solar by 1.4% during the first quarter. Family Legacy Inc. now owns 4,950 shares of the solar cell manufacturer’s stock valued at $836,000 after buying an additional 69 shares in the last quarter. Harbor Investment Advisory LLC boosted its stake in First Solar by 36.0% during the 1st quarter. Harbor Investment Advisory LLC now owns 272 shares of the solar cell manufacturer’s stock valued at $46,000 after purchasing an additional 72 shares during the period. Atticus Wealth Management LLC grew its stake in shares of First Solar by 15.6% in the first quarter. Atticus Wealth Management LLC now owns 534 shares of the solar cell manufacturer’s stock worth $90,000 after purchasing an additional 72 shares in the last quarter. Benjamin F. Edwards & Company Inc. raised its holdings in First Solar by 10.7% during the first quarter. Benjamin F. Edwards & Company Inc. now owns 765 shares of the solar cell manufacturer’s stock worth $129,000 after purchasing an additional 74 shares in the last quarter. Finally, AtonRa Partners boosted its position in shares of First Solar by 2.2% during the 4th quarter. AtonRa Partners now owns 3,600 shares of the solar cell manufacturer’s stock valued at $620,000 after purchasing an additional 79 shares in the last quarter. Institutional investors and hedge funds 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.