First Solar (NASDAQ:FSLR) Lifted to “Buy” at Citigroup

First Solar (NASDAQ:FSLR) was upgraded by research analysts at Citigroup from a “neutral” rating to a “buy” rating in a report issued on Tuesday, MarketBeat.com reports. The brokerage presently has a $254.00 target price on the solar cell manufacturer’s stock, up from their previous target price of $200.00. Citigroup’s target price would indicate a potential upside of 29.43% from the stock’s current price.

FSLR has been the topic of several other reports. Barclays lifted their price objective on shares of First Solar from $280.00 to $290.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd. UBS Group increased their price objective on First Solar from $350.00 to $360.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Clarkson Capital assumed coverage on First Solar in a research report on Wednesday, August 14th. They issued a “buy” rating and a $270.00 target price on the stock. BMO Capital Markets reduced their price target on First Solar from $311.00 to $286.00 and set an “outperform” rating for the company in a research report on Wednesday, July 31st. Finally, Robert W. Baird lowered their price target on First Solar from $344.00 to $307.00 and set an “outperform” rating on the stock in a report on Tuesday, July 2nd. Three analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $288.46.

First Solar Price Performance

FSLR opened at $196.25 on Tuesday. The company has a quick ratio of 1.65, a current ratio of 2.23 and a debt-to-equity ratio of 0.06. The company’s 50-day moving average price is $226.97 and its 200 day moving average price is $223.22. First Solar has a fifty-two week low of $129.21 and a fifty-two week high of $306.77. The firm has a market cap of $21.01 billion, a price-to-earnings ratio of 20.57, a price-to-earnings-growth ratio of 0.38 and a beta of 1.44.

First Solar (NASDAQ:FSLR) last announced its quarterly earnings results on Tuesday, July 30th. The solar cell manufacturer reported $3.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.69 by $0.56. The business had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $939.71 million. First Solar had a return on equity of 17.73% and a net margin of 31.98%. The business’s revenue was up 24.6% on a year-over-year basis. During the same quarter last year, the business posted $1.85 EPS. As a group, sell-side analysts expect that First Solar will post 13.53 earnings per share for the current year.

Insider Activity

In other First Solar news, CAO Byron Michael Jeffers sold 1,766 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The stock was 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 directly owns 500 shares in the company, valued at approximately $108,250. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, insider Patrick James Buehler sold 8,619 shares of the company’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $222.00, for a total value of $1,913,418.00. Following the transaction, the insider now directly owns 3,468 shares of the company’s stock, valued at approximately $769,896. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Byron Michael Jeffers sold 1,766 shares of First Solar stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $216.50, for a total value of $382,339.00. Following the sale, the chief accounting officer now directly owns 500 shares of the company’s stock, valued at approximately $108,250. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 10,885 shares of company stock worth $2,405,757. 0.58% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On First Solar

A number of hedge funds and other institutional investors have recently made changes to their positions in FSLR. AlphaMark Advisors LLC acquired a new position in First Solar in the third quarter worth approximately $25,000. Atlas Capital Advisors LLC increased its stake in shares of First Solar by 411.1% during the 2nd quarter. Atlas Capital Advisors LLC now owns 138 shares of the solar cell manufacturer’s stock worth $31,000 after purchasing an additional 111 shares during the last quarter. Dixon Mitchell Investment Counsel Inc. bought a new position in shares of First Solar during the 1st quarter valued at $25,000. Summit Securities Group LLC bought a new position in shares of First Solar during the 2nd quarter valued at $36,000. Finally, Itau Unibanco Holding S.A. acquired a new stake in shares of First Solar in the 2nd quarter valued at $38,000. 92.08% of the stock is owned by hedge funds and other institutional investors.

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.