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

First Solar (NASDAQ:FSLR) had its target price lifted by research analysts at Bank of America from $320.00 to $343.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the solar cell manufacturer’s stock. Bank of America‘s price objective indicates a potential upside of 47.06% from the company’s previous close.

Several other research analysts also recently issued reports on the stock. UBS Group boosted their price objective on shares of First Solar from $350.00 to $360.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. William Blair started coverage on First Solar in a research note on Thursday, August 29th. They set a “market perform” rating on the stock. Roth Mkm reiterated a “buy” rating and issued a $320.00 price objective (up previously from $230.00) on shares of First Solar in a research report on Friday, May 31st. Mizuho restated a “neutral” rating and set a $274.00 price objective (up from $209.00) on shares of First Solar in a research report on Thursday, May 30th. Finally, Susquehanna upped their target price on First Solar from $258.00 to $285.00 and gave the company a “positive” rating in a research note on Wednesday, July 3rd. Five equities research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $283.46.

First Solar Stock Performance

Shares of NASDAQ:FSLR traded up $4.45 during midday trading on Monday, hitting $233.24. The company’s stock had a trading volume of 1,089,349 shares, compared to its average volume of 2,397,429. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.65 and a current ratio of 2.23. The stock’s 50 day simple moving average is $221.07 and its 200 day simple moving average is $210.57. The stock has a market capitalization of $24.97 billion, a price-to-earnings ratio of 24.33, a PEG ratio of 0.40 and a beta of 1.44. First Solar has a fifty-two week low of $129.21 and a fifty-two week high of $306.77.

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

Insider Activity at First Solar

In other First Solar news, 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 completion of the sale, the insider now owns 3,549 shares in the company, valued at $922,740. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other First Solar news, CAO Byron Michael Jeffers sold 500 shares of the firm’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $220.00, for a total transaction of $110,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Kuntal Kumar Verma sold 1,621 shares of the company’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $260.00, for a total transaction of $421,460.00. Following the completion of the transaction, the insider now owns 3,549 shares in the company, valued at $922,740. The disclosure for this sale can be found here. Over the last three months, insiders sold 12,506 shares of company stock valued at $2,827,217. 0.58% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On First Solar

Several hedge funds have recently bought and sold shares of the stock. Dixon Mitchell Investment Counsel Inc. acquired a new position in shares of First Solar during the 1st quarter worth approximately $25,000. University of Texas Texas AM Investment Managment Co. acquired a new stake in First Solar during the fourth quarter worth approximately $27,000. Atlas Capital Advisors LLC increased its stake in 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 acquiring an additional 111 shares during the period. Riverview Trust Co bought a new stake in shares of First Solar during the 1st quarter valued at $32,000. Finally, Summit Securities Group LLC bought a new stake in shares of First Solar during the 2nd quarter valued at $36,000. 92.08% of the stock is currently 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.