First Solar (FSLR) Sets New 52-Week High After Analyst Upgrade

Shares of First Solar, Inc. (NASDAQ:FSLR) hit a new 52-week high during mid-day trading on Wednesday after Deutsche Bank raised their price target on the stock from $65.00 to $75.00. Deutsche Bank currently has a buy rating on the stock. First Solar traded as high as $64.09 and last traded at $61.21, with a volume of 5429100 shares traded. The stock had previously closed at $57.27.

Several other equities analysts have also recently weighed in on the stock. Axiom Securities reaffirmed a “buy” rating on shares of First Solar in a research note on Wednesday, August 30th. Bank of America reaffirmed a “buy” rating and set a $64.00 target price on shares of First Solar in a research note on Tuesday, August 29th. Vetr raised shares of First Solar from a “buy” rating to a “strong-buy” rating and set a $54.35 target price for the company in a research note on Wednesday, October 25th. Zacks Investment Research cut shares of First Solar from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 13th. Finally, Cowen reaffirmed a “buy” rating and set a $57.00 target price on shares of First Solar in a research note on Sunday, September 3rd. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and ten have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $57.53.

A number of hedge funds have recently added to or reduced their stakes in the business. Daiwa Securities Group Inc. lifted its position in First Solar by 0.5% during the second quarter. Daiwa Securities Group Inc. now owns 24,125 shares of the solar cell manufacturer’s stock valued at $962,000 after purchasing an additional 125 shares during the last quarter. Public Employees Retirement Association of Colorado lifted its position in First Solar by 1.1% during the second quarter. Public Employees Retirement Association of Colorado now owns 15,100 shares of the solar cell manufacturer’s stock valued at $602,000 after purchasing an additional 165 shares during the last quarter. Intellectus Partners LLC lifted its position in First Solar by 1.2% during the second quarter. Intellectus Partners LLC now owns 17,450 shares of the solar cell manufacturer’s stock valued at $696,000 after purchasing an additional 200 shares during the last quarter. Alliancebernstein L.P. lifted its position in First Solar by 0.8% during the second quarter. Alliancebernstein L.P. now owns 47,767 shares of the solar cell manufacturer’s stock valued at $1,905,000 after purchasing an additional 360 shares during the last quarter. Finally, Pacer Advisors Inc. lifted its holdings in shares of First Solar by 4.9% in the 2nd quarter. Pacer Advisors Inc. now owns 10,117 shares of the solar cell manufacturer’s stock worth $403,000 after acquiring an additional 470 shares during the last quarter. Institutional investors and hedge funds own 51.21% of the company’s stock.

The company has a market cap of $6,392.34, a price-to-earnings ratio of 15.00 and a beta of 2.03. The company has a debt-to-equity ratio of 0.06, a current ratio of 6.85 and a quick ratio of 6.47.

First Solar (NASDAQ:FSLR) last released its earnings results on Thursday, October 26th. The solar cell manufacturer reported $1.95 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.84 by $1.11. The firm had revenue of $1.09 billion during the quarter, compared to analyst estimates of $859.22 million. First Solar had a negative net margin of 14.70% and a positive return on equity of 8.07%. The business’s revenue was up 59.5% on a year-over-year basis. During the same quarter last year, the business earned $1.22 EPS. equities research analysts anticipate that First Solar, Inc. will post 2.47 earnings per share for the current year.

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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 a thin-film semiconductor technology. The Company also develops, designs, constructs and sells PV solar power systems that primarily use the modules it manufactures.

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