Hsbc Global Res Upgrades First Solar (NASDAQ:FSLR) to “Strong-Buy”

First Solar (NASDAQ:FSLR) was upgraded by stock analysts at Hsbc Global Res to a “strong-buy” rating in a report released on Wednesday, Zacks.com reports.

Several other analysts have also issued reports on FSLR. Janney Montgomery Scott lowered First Solar from a “buy” rating to a “neutral” rating in a report on Tuesday, June 18th. William Blair assumed coverage on First Solar in a research note on Thursday, August 29th. They issued a “market perform” rating on the stock. Oppenheimer raised their price objective on First Solar from $325.00 to $326.00 and gave the company an “outperform” rating in a research note on Wednesday, July 31st. Bank of America reduced their price objective on First Solar from $343.00 to $321.00 and set a “buy” rating on the stock in a research note on Tuesday. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $315.00 price objective on shares of First Solar in a research note on Wednesday, July 31st. Four equities research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $285.44.

First Solar Stock Performance

FSLR opened at $205.04 on Wednesday. The firm has a market cap of $21.95 billion, a P/E ratio of 18.31, a price-to-earnings-growth ratio of 0.38 and a beta of 1.44. First Solar has a 52-week low of $129.21 and a 52-week high of $306.77. 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 business’s fifty day moving average is $227.59 and its 200-day moving average is $220.72.

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, topping the consensus estimate of $2.69 by $0.56. The company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $939.71 million. First Solar had a return on equity of 17.73% and a net margin of 31.98%. First Solar’s quarterly revenue was up 24.6% on a year-over-year basis. During the same period in the prior year, the firm posted $1.85 EPS. Sell-side analysts expect that First Solar will post 13.53 EPS for the current fiscal year.

Insider Transactions at First Solar

In other news, CAO Byron Michael Jeffers sold 500 shares of the firm’s stock in a transaction dated 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 can be accessed through the SEC website. In other First Solar news, insider Patrick James Buehler sold 8,619 shares of First Solar stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $222.00, for a total value of $1,913,418.00. Following the completion of the sale, the insider now directly owns 3,468 shares in the company, valued at approximately $769,896. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Byron Michael Jeffers sold 500 shares of First Solar stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $220.00, for a total value of $110,000.00. The disclosure for this sale can be found here. Insiders sold 10,885 shares of company stock worth $2,405,757 over the last ninety days. 0.58% of the stock is owned by insiders.

Institutional Investors Weigh In On First Solar

A number of hedge funds have recently added to or reduced their stakes in FSLR. Massmutual Trust Co. FSB ADV grew its stake in First Solar by 14.5% in the third quarter. Massmutual Trust Co. FSB ADV now owns 356 shares of the solar cell manufacturer’s stock valued at $89,000 after acquiring an additional 45 shares during the period. Davis Investment Partners LLC grew its stake in First Solar by 0.6% in the third quarter. Davis Investment Partners LLC now owns 7,698 shares of the solar cell manufacturer’s stock valued at $1,805,000 after acquiring an additional 46 shares during the period. Oregon Public Employees Retirement Fund grew its stake in First Solar by 0.5% in the second quarter. Oregon Public Employees Retirement Fund now owns 9,172 shares of the solar cell manufacturer’s stock valued at $2,068,000 after acquiring an additional 49 shares during the period. Cambridge Trust Co. grew its stake in First Solar by 1.6% in the first quarter. Cambridge Trust Co. now owns 3,232 shares of the solar cell manufacturer’s stock valued at $546,000 after acquiring an additional 50 shares during the period. Finally, Gilman Hill Asset Management LLC grew its stake in First Solar by 2.8% in the third quarter. Gilman Hill Asset Management LLC now owns 1,825 shares of the solar cell manufacturer’s stock valued at $455,000 after acquiring an additional 50 shares during the period. 92.08% of the stock is currently owned by institutional investors.

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.