A number of other equities analysts also recently issued reports on the company. BidaskClub downgraded First Solar from a “hold” rating to a “sell” rating in a research report on Tuesday, September 10th. UBS Group upped their price target on First Solar to $80.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Robert W. Baird reaffirmed a “buy” rating on shares of First Solar in a research report on Monday, September 9th. JPMorgan Chase & Co. upped their price target on First Solar from $74.00 to $82.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. Finally, Roth Capital set a $75.00 price target on First Solar and gave the stock a “buy” rating in a research report on Thursday, June 13th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $70.11.
Shares of FSLR stock traded up $2.38 during trading hours on Tuesday, reaching $65.82. 1,154,720 shares of the company’s stock were exchanged, compared to its average volume of 1,283,433. The stock’s 50 day moving average is $63.01 and its 200-day moving average is $60.57. The company has a market cap of $6.69 billion, a price-to-earnings ratio of 48.40, a P/E/G ratio of 1.15 and a beta of 1.28. The company has a current ratio of 4.05, a quick ratio of 3.35 and a debt-to-equity ratio of 0.09. First Solar has a fifty-two week low of $36.51 and a fifty-two week high of $69.24.
In related news, insider Georges Antoun sold 8,476 shares of the company’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $65.73, for a total value of $557,127.48. Following the transaction, the insider now directly owns 82,070 shares of the company’s stock, valued at approximately $5,394,461.10. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Mark R. Widmar sold 34,964 shares of the company’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $61.43, for a total value of $2,147,838.52. Following the completion of the transaction, the chief executive officer now directly owns 145,285 shares in the company, valued at $8,924,857.55. The disclosure for this sale can be found here. Over the last three months, insiders sold 65,665 shares of company stock worth $4,122,700. 0.72% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in FSLR. Invesco Ltd. increased its position in shares of First Solar by 273.0% in the 2nd quarter. Invesco Ltd. now owns 2,686,374 shares of the solar cell manufacturer’s stock valued at $176,441,000 after acquiring an additional 1,966,171 shares during the period. Artisan Partners Limited Partnership boosted its holdings in First Solar by 986.3% in the first quarter. Artisan Partners Limited Partnership now owns 1,637,421 shares of the solar cell manufacturer’s stock valued at $86,521,000 after purchasing an additional 1,486,686 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in First Solar by 40.5% in the second quarter. Bank of New York Mellon Corp now owns 2,304,211 shares of the solar cell manufacturer’s stock valued at $151,340,000 after purchasing an additional 664,729 shares during the last quarter. Nuveen Asset Management LLC purchased a new stake in First Solar in the second quarter valued at $34,160,000. Finally, BlackRock Inc. boosted its holdings in First Solar by 5.6% in the first quarter. BlackRock Inc. now owns 7,998,996 shares of the solar cell manufacturer’s stock valued at $422,666,000 after purchasing an additional 422,290 shares during the last quarter. 62.22% of the stock is currently owned by hedge funds and other institutional investors.
About First Solar
First Solar, Inc provides photovoltaic (PV) solar energy solutions in the United States and internationally. It operates in two segments, Modules and Systems. The Components segment designs, manufactures, and sells cadmium telluride solar modules that convert sunlight into electricity. This segment offers its products to integrators and operators of PV solar power systems.
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