Bank of America Increases First Solar (NASDAQ:FSLR) Price Target to $343.00

First Solar (NASDAQ:FSLR) had its price target hoisted by Bank of America from $320.00 to $343.00 in a report issued on Monday morning, Benzinga reports. They currently have a buy rating on the solar cell manufacturer’s stock.

A number of other research firms also recently weighed in on FSLR. Clarkson Capital started coverage on shares of First Solar in a research report on Wednesday, August 14th. They set a buy rating and a $270.00 target price for the company. Morgan Stanley lifted their target price on shares of First Solar from $248.00 to $331.00 and gave the stock an overweight rating in a research note on Tuesday, June 4th. BMO Capital Markets cut their price target on shares of First Solar from $311.00 to $286.00 and set an outperform rating on the stock in a research report on Wednesday, July 31st. JPMorgan Chase & Co. lifted their price objective on First Solar from $262.00 to $282.00 and gave the stock an overweight rating in a research report on Tuesday, July 16th. Finally, William Blair started coverage on First Solar in a research report on Thursday, August 29th. They set a market perform rating on the stock. Five analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. Based on data from MarketBeat, First Solar currently has a consensus rating of Moderate Buy and an average target price of $283.46.

First Solar Stock Down 0.6 %

NASDAQ:FSLR opened at $240.45 on Monday. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.23 and a quick ratio of 1.65. First Solar has a one year low of $129.21 and a one year high of $306.77. The firm’s 50 day simple moving average is $221.75 and its 200 day simple moving average is $211.92. The company has a market cap of $25.74 billion, a PE ratio of 25.20, a P/E/G ratio of 0.40 and a beta of 1.44.

First Solar (NASDAQ:FSLR) last issued its quarterly earnings data on Tuesday, July 30th. The solar cell manufacturer reported $3.25 earnings per share for the quarter, topping the consensus estimate of $2.69 by $0.56. The company had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $939.71 million. First Solar had a net margin of 31.98% and a return on equity of 17.73%. First Solar’s revenue for the quarter was up 24.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.85 earnings per share. On average, research analysts anticipate that First Solar will post 13.6 earnings per share for the current year.

Insider Activity

In other First Solar news, CAO Byron Michael Jeffers sold 1,766 shares of the stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $216.50, for a total value of $382,339.00. Following the completion of the sale, the chief accounting officer now owns 500 shares in the company, valued at approximately $108,250. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, CAO Byron Michael Jeffers sold 1,766 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $216.50, for a total transaction of $382,339.00. Following the completion of the sale, the chief accounting officer now owns 500 shares in the company, valued at $108,250. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Patrick James Buehler sold 8,619 shares of the business’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $222.00, for a total transaction of $1,913,418.00. Following the completion of the transaction, the insider now owns 3,468 shares in the company, valued at $769,896. The disclosure for this sale can be found here. Insiders sold a total of 10,885 shares of company stock worth $2,405,757 over the last quarter. Insiders own 0.58% of the company’s stock.

Institutional Investors Weigh In On First Solar

Several hedge funds and other institutional investors have recently modified their holdings of FSLR. Sumitomo Mitsui Trust Holdings Inc. grew its stake in First Solar by 6.3% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 259,177 shares of the solar cell manufacturer’s stock valued at $43,749,000 after acquiring an additional 15,430 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of First Solar by 20.3% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 121,055 shares of the solar cell manufacturer’s stock worth $20,434,000 after buying an additional 20,465 shares in the last quarter. Northern Trust Corp raised its position in shares of First Solar by 1.7% in the fourth quarter. Northern Trust Corp now owns 1,020,527 shares of the solar cell manufacturer’s stock worth $175,816,000 after buying an additional 16,756 shares in the last quarter. Legend Financial Advisors Inc. bought a new stake in First Solar during the first quarter valued at $759,000. Finally, Burford Brothers Inc. purchased a new position in First Solar during the fourth quarter worth about $3,539,000. 92.08% of the stock is currently owned by institutional investors.

About First Solar

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.