JPMorgan Chase & Co. restated their hold rating on shares of First Solar Inc. (NASDAQ:FSLR) in a report issued on Wednesday morning. They currently have a $53.00 price objective on the solar cell manufacturer’s stock, down from their previous price objective of $65.00.
FSLR has been the subject of several other research reports. Standpoint Research restated a buy rating and set a $54.00 price target on shares of First Solar in a research note on Tuesday, September 6th. Janney Montgomery Scott reaffirmed a buy rating and set a $68.00 price objective (down previously from $89.00) on shares of First Solar in a report on Friday, August 5th. Oppenheimer Holdings Inc. reaffirmed an outperform rating and set a $56.00 price objective on shares of First Solar in a report on Friday, August 5th. Barclays PLC lowered First Solar from an overweight rating to a neutral rating in a report on Thursday, August 25th. Finally, JMP Securities assumed coverage on First Solar in a report on Thursday, September 8th. They set an underperform rating and a $32.00 price objective on the stock. One analyst has rated the stock with a sell rating, fifteen have given a hold rating and twelve have given a buy rating to the stock. First Solar currently has an average rating of Hold and an average price target of $57.88.
First Solar (NASDAQ:FSLR) opened at 38.57 on Wednesday. First Solar has a 12-month low of $33.74 and a 12-month high of $74.29. The stock’s 50 day moving average price is $37.29 and its 200 day moving average price is $48.74. The stock has a market cap of $3.95 billion, a price-to-earnings ratio of 5.68 and a beta of 1.54.
First Solar (NASDAQ:FSLR) last released its quarterly earnings results on Wednesday, August 3rd. The solar cell manufacturer reported $0.87 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.32. First Solar had a return on equity of 13.78% and a net margin of 17.45%. The business earned $934.40 million during the quarter, compared to analysts’ expectations of $862.68 million. During the same quarter in the prior year, the business earned $0.93 earnings per share. The company’s quarterly revenue was up 4.2% compared to the same quarter last year. Analysts forecast that First Solar will post $4.25 EPS for the current fiscal year.
In related news, insider Georges Antoun sold 133,761 shares of the stock in a transaction dated Friday, August 5th. The stock was sold at an average price of $44.54, for a total transaction of $5,957,714.94. Following the transaction, the insider now directly owns 151,471 shares in the company, valued at $6,746,518.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Philip Dejong sold 67,251 shares of the stock in a transaction dated Friday, August 5th. The stock was sold at an average price of $44.28, for a total value of $2,977,874.28. Following the transaction, the chief operating officer now owns 45,499 shares in the company, valued at $2,014,695.72. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the company. Capital World Investors increased its position in First Solar by 43.8% in the second quarter. Capital World Investors now owns 2,875,000 shares of the solar cell manufacturer’s stock worth $139,380,000 after buying an additional 875,000 shares during the period. AQR Capital Management LLC increased its position in First Solar by 50.9% in the second quarter. AQR Capital Management LLC now owns 2,130,033 shares of the solar cell manufacturer’s stock worth $103,264,000 after buying an additional 718,308 shares during the period. Janus Capital Management LLC increased its position in First Solar by 763.9% in the second quarter. Janus Capital Management LLC now owns 675,710 shares of the solar cell manufacturer’s stock worth $32,758,000 after buying an additional 597,490 shares during the period. Dimensional Fund Advisors LP increased its position in First Solar by 25.2% in the second quarter. Dimensional Fund Advisors LP now owns 2,534,789 shares of the solar cell manufacturer’s stock worth $122,884,000 after buying an additional 509,527 shares during the period. Finally, Renaissance Technologies LLC purchased a new position in First Solar during the first quarter worth approximately $32,345,000. Hedge funds and other institutional investors own 57.50% of the company’s stock.
About First Solar
First Solar, Inc is a provider of photovoltaic (PV) solar energy solutions. The Company designs, manufactures and sells PV solar modules with thin-film semiconductor technology, and also develops, designs, constructs and sells PV solar power solutions. The Company operates through two segments: components and systems.
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