Royal Bank of Canada Reiterates “Outperform” Rating for First Solar (NASDAQ:FSLR)

First Solar (NASDAQ:FSLR)‘s stock had its “outperform” rating reaffirmed by analysts at Royal Bank of Canada in a report released on Monday, Benzinga reports. They presently have a $315.00 price target on the solar cell manufacturer’s stock. Royal Bank of Canada’s price target suggests a potential upside of 39.86% from the company’s current price.

Several other research firms have also commented on FSLR. DZ Bank lowered shares of First Solar from a “buy” rating to a “hold” rating and set a $270.00 price target for the company. in a report on Wednesday, May 29th. Morgan Stanley lifted their target price on First Solar from $248.00 to $331.00 and gave the company an “overweight” rating in a research note on Tuesday, June 4th. JPMorgan Chase & Co. increased their price target on First Solar from $240.00 to $262.00 and gave the stock an “overweight” rating in a research report on Thursday, May 23rd. Oppenheimer raised their price target on First Solar from $271.00 to $325.00 and gave the stock an “outperform” rating in a report on Wednesday, June 12th. Finally, Susquehanna upped their price objective on First Solar from $258.00 to $285.00 and gave the stock a “positive” rating in a research note on Wednesday, July 3rd. Five analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $271.92.

First Solar Stock Down 0.8 %

NASDAQ:FSLR opened at $225.23 on Monday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.86 and a current ratio of 2.41. The company has a market capitalization of $24.11 billion, a price-to-earnings ratio of 23.61, a price-to-earnings-growth ratio of 0.29 and a beta of 1.44. First Solar has a one year low of $129.21 and a one year high of $306.77. The stock has a 50-day simple moving average of $239.20 and a 200 day simple moving average of $188.35.

First Solar (NASDAQ:FSLR) last issued its earnings results on Wednesday, May 1st. The solar cell manufacturer reported $2.20 EPS for the quarter, topping the consensus estimate of $1.90 by $0.30. The company had revenue of $794.10 million during the quarter, compared to analyst estimates of $718.19 million. First Solar had a return on equity of 16.24% and a net margin of 28.75%. The business’s revenue was up 44.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.40 EPS. Sell-side analysts predict that First Solar will post 13.58 EPS for the current fiscal year.

Insider Activity

In related news, insider Kuntal Kumar Verma sold 1,621 shares of First Solar stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $260.00, for a total transaction of $421,460.00. Following the transaction, the insider now directly owns 3,549 shares of the company’s stock, valued at $922,740. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other First Solar news, Director R Craig Kennedy sold 2,000 shares of the company’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $196.73, for a total value of $393,460.00. Following the transaction, the director now owns 13,908 shares of the company’s stock, valued at $2,736,120.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Kuntal Kumar Verma sold 1,621 shares of the stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $260.00, for a total value of $421,460.00. Following the sale, the insider now owns 3,549 shares of the company’s stock, valued at approximately $922,740. The disclosure for this sale can be found here. Insiders sold a total of 51,153 shares of company stock worth $12,540,428 over the last 90 days. 0.58% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On First Solar

Institutional investors and hedge funds have recently modified their holdings of the stock. Dixon Mitchell Investment Counsel Inc. purchased a new position in First Solar in the 1st quarter worth about $25,000. University of Texas Texas AM Investment Managment Co. acquired a new position in shares of First Solar in the fourth quarter worth about $27,000. Baystate Wealth Management LLC purchased a new position in shares of First Solar in the fourth quarter worth approximately $29,000. Headinvest LLC acquired a new stake in shares of First Solar during the third quarter valued at approximately $30,000. Finally, Riverview Trust Co acquired a new stake in shares of First Solar during the first quarter valued at approximately $32,000. 92.08% of the stock is owned by institutional investors and hedge funds.

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.