First Solar (NASDAQ:FSLR) Stock Bumped Up to “Strong-Buy” by Citigroup

First Solar (NASDAQ:FSLR) was upgraded by research analysts at Citigroup from a “hold” rating to a “strong-buy” rating in a report released on Friday, Zacks reports.

FSLR has been the subject of several other research reports. Mizuho set a $328.00 price target on shares of First Solar in a research note on Monday. Needham & Company LLC reduced their price objective on shares of First Solar from $303.00 to $236.00 and set a “buy” rating on the stock in a research note on Friday. Sanford C. Bernstein decreased their price objective on First Solar from $197.00 to $169.00 and set an “underperform” rating for the company in a report on Friday. Royal Bank Of Canada decreased their price objective on First Solar from $236.00 to $232.00 and set an “outperform” rating for the company in a report on Friday. Finally, UBS Group reaffirmed a “buy” rating on shares of First Solar in a research report on Friday. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, First Solar currently has a consensus rating of “Moderate Buy” and a consensus target price of $258.38.

First Solar Price Performance

NASDAQ FSLR traded up $8.39 during trading hours on Friday, reaching $182.79. The company’s stock had a trading volume of 2,040,361 shares, compared to its average volume of 2,351,796. The firm has a fifty day simple moving average of $188.72 and a 200-day simple moving average of $216.19. The stock has a market cap of $19.65 billion, a P/E ratio of 10.54, a P/E/G ratio of 0.47 and a beta of 1.73. First Solar has a 52 week low of $165.86 and a 52 week high of $320.95.

First Solar (NASDAQ:FSLR) last posted its earnings results on Thursday, October 29th. The solar cell manufacturer reported $5.30 EPS for the quarter, topping the consensus estimate of $4.67 by $0.63. First Solar had a net margin of 37.12% and a return on equity of 18.33%. The business had revenue of $1.23 billion for the quarter, compared to the consensus estimate of $1.29 billion. During the same period last year, the company earned $4.24 EPS. The firm’s revenue was down 22.8% compared to the same quarter last year. On average, research analysts expect that First Solar will post 17.64 earnings per share for the current year.

Insider Transactions at First Solar

In other news, General Counsel Jason Dymbort sold 3,700 shares of the company’s stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $249.38, for a total value of $922,706.00. Following the sale, the general counsel directly owned 5,624 shares of the company’s stock, valued at approximately $1,402,513.12. This represents a 39.68% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Markus Gloeckler sold 829 shares of the stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $248.00, for a total transaction of $205,592.00. Following the sale, the chief technology officer owned 6,642 shares of the company’s stock, valued at approximately $1,647,216. This trade represents a 11.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 6,256 shares of company stock worth $1,455,813. Company insiders own 0.39% of the company’s stock.

Institutional Trading of First Solar

A number of institutional investors have recently bought and sold shares of the company. Fiduciary Financial Group LLC raised its position in shares of First Solar by 2.3% in the 2nd quarter. Fiduciary Financial Group LLC now owns 2,026 shares of the solar cell manufacturer’s stock worth $478,000 after acquiring an additional 45 shares in the last quarter. Hilltop Holdings Inc. lifted its stake in shares of First Solar by 3.5% in the 1st quarter. Hilltop Holdings Inc. now owns 1,608 shares of the solar cell manufacturer’s stock valued at $317,000 after purchasing an additional 54 shares during the period. TD Waterhouse Canada Inc. boosted its position in shares of First Solar by 0.3% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 17,102 shares of the solar cell manufacturer’s stock valued at $3,973,000 after purchasing an additional 55 shares in the last quarter. Cox Capital Mgt LLC boosted its position in shares of First Solar by 0.4% during the 3rd quarter. Cox Capital Mgt LLC now owns 13,989 shares of the solar cell manufacturer’s stock valued at $2,450,000 after purchasing an additional 58 shares in the last quarter. Finally, Contravisory Investment Management Inc. boosted its position in shares of First Solar by 1.5% during the 3rd quarter. Contravisory Investment Management Inc. now owns 3,907 shares of the solar cell manufacturer’s stock valued at $684,000 after purchasing an additional 59 shares in the last quarter. Institutional investors own 92.08% of the company’s stock.

Key Headlines Impacting First Solar

Here are the key news stories impacting First Solar this week:

• Positive Sentiment: First Solar authorized a share-repurchase program of up to $500 million, which could support earnings per share and signal management’s confidence in the company’s long-term value. The company also added 1.4 gigawatts of U.S. gross bookings at $0.36 per watt. First Solar: 3 Key Takeaways for Long-Term Investors
• Positive Sentiment: FSLR participated in a broader solar-sector recovery after steep earnings-driven declines among residential solar companies. The rebound improved sentiment toward solar stocks and helped lift First Solar alongside Enphase Energy and Sunrun. Solar Stocks Rebound; First Solar Climbs
• Neutral Sentiment: BNP Paribas Exane began research coverage on First Solar, potentially increasing institutional attention, although the initial rating and target were not provided. First Solar Research Coverage Started at BNP Paribas Exane
• Negative Sentiment: Multiple firms reduced their FSLR price targets. Barclays cut its target to $230 from $259, while Robert W. Baird lowered its target to $266 from $290 and Guggenheim reduced its target to $297 from $299. Despite the cuts, Baird maintained an “outperform” rating and Guggenheim retained a “buy” rating. Barclays Adjusts Price Target on First Solar
• Negative Sentiment: Third-quarter revenue fell 22.8% year over year to $1.23 billion and missed estimates, while full-year revenue guidance was below Wall Street expectations. Stronger-than-expected adjusted EPS and pricing strength provided some offset, but bookings growth and policy uncertainty remain concerns. FSLR Q3 Deep Dive

First Solar Company Profile

First Solar, Inc is a vertically integrated solar technology and manufacturing company that designs, manufactures and sells photovoltaic (PV) solar modules. Its modules use advanced thin-film semiconductor technology based on cadmium telluride (CdTe), rather than the crystalline-silicon technology used by most solar manufacturers. The company serves utility-scale solar developers, commercial and industrial customers, and other large-scale energy users.

Founded in 1999 and headquartered in Tempe, Arizona, First Solar operates research and development, manufacturing and recycling facilities in the United States and internationally.