First Solar (FSLR) Price Target Raised to $66.00 at Argus

First Solar (NASDAQ:FSLR) had its price objective increased by Argus to $66.00 in a report issued on Friday, The Fly reports. They currently have an average rating on the solar cell manufacturer’s stock.

Several other brokerages have also recently commented on FSLR. Zacks Investment Research cut First Solar from a hold rating to a sell rating in a research note on Monday, April 29th. ValuEngine raised First Solar from a hold rating to a buy rating in a research note on Wednesday, May 1st. BidaskClub raised First Solar from a hold rating to a buy rating in a research note on Thursday, April 18th. Roth Capital set a $75.00 price target on First Solar and gave the company a buy rating in a research note on Monday, April 22nd. Finally, Goldman Sachs Group set a $75.00 target price on First Solar and gave the stock a buy rating in a research report on Wednesday, April 10th. One research analyst has rated the stock with a sell rating, five have given a hold rating and twelve have assigned a buy rating to the company’s stock. The company currently has an average rating of Buy and an average target price of $63.85.

Shares of NASDAQ FSLR opened at $60.29 on Friday. First Solar has a 52 week low of $36.51 and a 52 week high of $75.75. The company has a current ratio of 4.38, a quick ratio of 3.83 and a debt-to-equity ratio of 0.11.

First Solar (NASDAQ:FSLR) last announced its quarterly earnings results on Thursday, May 2nd. The solar cell manufacturer reported ($0.64) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.12) by ($0.52). The firm had revenue of $532.00 million during the quarter, compared to the consensus estimate of $596.32 million. First Solar had a negative net margin of 0.28% and a negative return on equity of 0.12%. The company’s quarterly revenue was down 6.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.78 EPS. On average, analysts predict that First Solar will post 2.43 EPS for the current fiscal year.

In other First Solar news, CFO Alexander R. Bradley sold 6,427 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $53.65, for a total transaction of $344,808.55. Following the completion of the sale, the chief financial officer now owns 6,427 shares of the company’s stock, valued at $344,808.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Mark R. Widmar sold 33,371 shares of the company’s stock in a transaction that occurred on Wednesday, April 10th. The stock was sold at an average price of $60.00, for a total value of $2,002,260.00. Following the sale, the chief executive officer now directly owns 152,510 shares of the company’s stock, valued at approximately $9,150,600. The disclosure for this sale can be found here. Insiders have sold 42,033 shares of company stock valued at $2,461,122 in the last ninety days. Company insiders own 0.72% of the company’s stock.

Several hedge funds have recently modified their holdings of FSLR. Park West Asset Management LLC acquired a new position in shares of First Solar during the fourth quarter worth approximately $77,966,000. Millennium Management LLC lifted its holdings in shares of First Solar by 523.0% during the fourth quarter. Millennium Management LLC now owns 2,065,760 shares of the solar cell manufacturer’s stock worth $87,702,000 after buying an additional 1,734,171 shares during the last quarter. Norges Bank acquired a new position in shares of First Solar during the fourth quarter worth approximately $54,251,000. Oregon Public Employees Retirement Fund lifted its holdings in shares of First Solar by 3,850.9% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,267,749 shares of the solar cell manufacturer’s stock worth $30,000 after buying an additional 1,235,661 shares during the last quarter. Finally, BlackRock Inc. lifted its holdings in shares of First Solar by 8.4% during the fourth quarter. BlackRock Inc. now owns 7,576,706 shares of the solar cell manufacturer’s stock worth $321,670,000 after buying an additional 587,389 shares during the last quarter. Institutional investors own 60.89% of the company’s stock.

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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