First Solar (NASDAQ:FSLR) Earns Overweight Rating from JPMorgan Chase & Co.

JPMorgan Chase & Co. restated their overweight rating on shares of First Solar (NASDAQ:FSLR) in a report published on Monday, May 6th, 24/7 WallStreet reports. The brokerage currently has a $72.00 price objective on the solar cell manufacturer’s stock, up from their previous price objective of $70.00.

Several other equities analysts have also recently weighed in on the stock. Argus raised their price target on shares of First Solar to $66.00 and gave the company an average rating in a research report on Friday, May 3rd. Roth Capital set a $75.00 target price on First Solar and gave the company a buy rating in a research note on Monday, April 22nd. BidaskClub raised First Solar from a hold rating to a buy rating in a report on Thursday, April 18th. Goldman Sachs Group set a $75.00 price objective on First Solar and gave the stock a buy rating in a research note on Wednesday, April 10th. Finally, Bank of America reaffirmed a buy rating and issued a $60.00 target price on shares of First Solar in a research report on Tuesday, February 26th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and eleven have assigned a buy rating to the company. First Solar currently has a consensus rating of Buy and an average target price of $63.85.

Shares of FSLR traded up $1.78 during trading hours on Monday, reaching $59.64. The stock had a trading volume of 1,067,911 shares, compared to its average volume of 1,459,140. The stock has a market capitalization of $6.15 billion, a price-to-earnings ratio of 43.85, a PEG ratio of 1.04 and a beta of 1.32. First Solar has a 12 month low of $36.51 and a 12 month high of $69.89. The company has a debt-to-equity ratio of 0.11, a quick ratio of 3.83 and a current ratio of 4.38.

First Solar (NASDAQ:FSLR) last issued its quarterly earnings results on Thursday, May 2nd. The solar cell manufacturer reported ($0.64) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.12) by ($0.52). First Solar had a negative return on equity of 0.12% and a negative net margin of 0.28%. The business had revenue of $532.00 million for the quarter, compared to analyst estimates of $596.32 million. During the same quarter in the previous year, the business posted $0.78 earnings per share. The business’s revenue was down 6.2% on a year-over-year basis. As a group, equities analysts forecast that First Solar will post 2.41 EPS for the current year.

In other news, CFO Alexander R. Bradley sold 6,427 shares of the business’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $53.65, for a total value of $344,808.55. Following the sale, the chief financial officer now directly owns 6,427 shares in the company, valued at $344,808.55. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CTO Raffi Garabedian sold 20,141 shares of the business’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $60.05, for a total value of $1,209,467.05. Following the completion of the sale, the chief technology officer now owns 31,099 shares in the company, valued at $1,867,494.95. The disclosure for this sale can be found here. Insiders sold a total of 117,572 shares of company stock valued at $6,997,116 over the last three months. Insiders own 0.72% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Kentucky Retirement Systems acquired a new stake in shares of First Solar during the third quarter worth about $318,000. Deane Retirement Strategies Inc. increased its stake in First Solar by 2.6% in the fourth quarter. Deane Retirement Strategies Inc. now owns 36,572 shares of the solar cell manufacturer’s stock valued at $1,553,000 after purchasing an additional 911 shares during the last quarter. Prentiss Smith & Co. Inc. increased its stake in First Solar by 19,612.5% in the fourth quarter. Prentiss Smith & Co. Inc. now owns 92,846 shares of the solar cell manufacturer’s stock valued at $3,942,000 after purchasing an additional 92,375 shares during the last quarter. Daiwa SB Investments Ltd. grew its position in shares of First Solar by 92.3% during the fourth quarter. Daiwa SB Investments Ltd. now owns 260,778 shares of the solar cell manufacturer’s stock worth $11,071,000 after acquiring an additional 125,163 shares during the last quarter. Finally, Cornerstone Advisors Inc. grew its position in shares of First Solar by 74.3% during the fourth quarter. Cornerstone Advisors Inc. now owns 3,629 shares of the solar cell manufacturer’s stock worth $154,000 after acquiring an additional 1,547 shares during the last quarter. 61.95% of the stock is currently owned by hedge funds and other institutional investors.

First Solar Company Profile

First Solar, Inc provides photovoltaic (PV) solar energy solutions in the United States and internationally. It operates in two segments, Modules and Systems. The Components segment designs, manufactures, and sells cadmium telluride solar modules that convert sunlight into electricity. This segment offers its products to integrators and operators of PV solar power systems.

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Analyst Recommendations for First Solar (NASDAQ:FSLR)

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