First Solar’s (FSLR) “Buy” Rating Reiterated at Truist Financial

Truist Financial reiterated their buy rating on shares of First Solar (NASDAQ:FSLR) in a research report released on Wednesday morning,Benzinga reports. The firm currently has a $285.00 price objective on the solar cell manufacturer’s stock, down from their previous price objective of $300.00.

Other equities analysts have also recently issued reports about the company. Mizuho upgraded First Solar from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $218.00 to $259.00 in a report on Tuesday, February 11th. Piper Sandler lifted their price target on First Solar from $210.00 to $250.00 and gave the stock an “overweight” rating in a research note on Monday, December 2nd. Bank of America reduced their price objective on shares of First Solar from $246.00 to $236.00 and set a “buy” rating for the company in a research note on Tuesday, January 28th. Evercore ISI dropped their target price on shares of First Solar from $281.00 to $278.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 30th. Finally, Royal Bank of Canada reduced their price target on shares of First Solar from $315.00 to $280.00 and set an “outperform” rating for the company in a research report on Wednesday, October 30th. Three equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $262.08.

First Solar Price Performance

Shares of First Solar stock opened at $136.18 on Wednesday. First Solar has a 52 week low of $133.90 and a 52 week high of $306.77. The company has a current ratio of 2.14, a quick ratio of 1.44 and a debt-to-equity ratio of 0.05. The company’s 50-day moving average price is $172.38 and its two-hundred day moving average price is $198.11. The stock has a market cap of $14.58 billion, a PE ratio of 11.73, a price-to-earnings-growth ratio of 0.19 and a beta of 1.47.

First Solar (NASDAQ:FSLR) last released its earnings results on Tuesday, February 25th. The solar cell manufacturer reported $3.65 EPS for the quarter, missing the consensus estimate of $4.81 by ($1.16). The business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.48 billion. First Solar had a net margin of 32.41% and a return on equity of 17.56%. As a group, sell-side analysts anticipate that First Solar will post 13.05 EPS for the current fiscal year.

Hedge Funds Weigh In On First Solar

Several hedge funds have recently bought and sold shares of FSLR. Vanguard Group Inc. boosted its stake in shares of First Solar by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 12,821,701 shares of the solar cell manufacturer’s stock worth $2,259,697,000 after acquiring an additional 120,289 shares in the last quarter. State Street Corp lifted its holdings in First Solar by 2.2% in the 3rd quarter. State Street Corp now owns 4,956,633 shares of the solar cell manufacturer’s stock worth $1,236,383,000 after purchasing an additional 108,984 shares during the last quarter. Geode Capital Management LLC boosted its position in First Solar by 2.4% during the fourth quarter. Geode Capital Management LLC now owns 2,666,242 shares of the solar cell manufacturer’s stock worth $469,154,000 after purchasing an additional 63,739 shares during the period. Wellington Management Group LLP raised its position in shares of First Solar by 12.5% in the fourth quarter. Wellington Management Group LLP now owns 2,359,846 shares of the solar cell manufacturer’s stock valued at $415,899,000 after purchasing an additional 262,482 shares during the period. Finally, Invesco Ltd. raised its position in shares of First Solar by 13.9% in the fourth quarter. Invesco Ltd. now owns 1,835,056 shares of the solar cell manufacturer’s stock valued at $323,410,000 after purchasing an additional 223,933 shares during the period. 92.08% of the stock is owned by institutional investors and hedge funds.

First Solar Company Profile

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.