HSBC Forecasts Strong Price Appreciation for First Solar (NASDAQ:FSLR) Stock

First Solar (NASDAQ:FSLR) had its price objective hoisted by HSBC from $211.00 to $231.00 in a note issued to investors on Tuesday,MarketScreener reports. The firm presently has a “hold” rating on the solar cell manufacturer’s stock. HSBC’s price objective would suggest a potential upside of 6.93% from the company’s current price.

Several other equities analysts have also issued reports on the company. DZ Bank upgraded First Solar to a “strong sell” rating in a research report on Thursday, February 26th. Robert W. Baird reaffirmed a “neutral” rating and issued a $205.00 price target (down from $264.00) on shares of First Solar in a research note on Wednesday, February 25th. Bank of America reduced their price target on shares of First Solar from $291.00 to $271.00 and set a “buy” rating for the company in a report on Thursday, January 22nd. Weiss Ratings reissued a “hold (c+)” rating on shares of First Solar in a research report on Friday, March 27th. Finally, Zacks Research upgraded shares of First Solar from a “strong sell” rating to a “hold” rating in a report on Monday, April 27th. Eighteen research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $246.10.

First Solar Stock Performance

Shares of First Solar stock opened at $216.03 on Tuesday. The stock’s fifty day simple moving average is $198.46 and its 200 day simple moving average is $231.85. The company has a current ratio of 2.56, a quick ratio of 2.15 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $23.21 billion, a PE ratio of 13.92, a PEG ratio of 0.48 and a beta of 1.57. First Solar has a 12 month low of $125.80 and a 12 month high of $285.99.

First Solar (NASDAQ:FSLR) last posted its earnings results on Thursday, April 30th. The solar cell manufacturer reported $3.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.87 by $0.35. The firm had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.03 billion. First Solar had a return on equity of 18.01% and a net margin of 30.73%.The company’s revenue was up 23.6% on a year-over-year basis. During the same period in the previous year, the firm earned $1.95 earnings per share. On average, research analysts predict that First Solar will post 17.33 EPS for the current year.

Insiders Place Their Bets

In other news, insider Caroline Stockdale sold 335 shares of First Solar stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $200.80, for a total value of $67,268.00. Following the sale, the insider directly owned 34,060 shares in the company, valued at $6,839,248. This trade represents a 0.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Alexander R. Bradley sold 14,106 shares of the business’s stock in a transaction on Tuesday, March 17th. The stock was sold at an average price of $199.97, for a total transaction of $2,820,776.82. Following the completion of the sale, the chief financial officer directly owned 30,000 shares in the company, valued at approximately $5,999,100. This represents a 31.98% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 76,562 shares of company stock worth $15,042,232 in the last 90 days. Company insiders own 0.39% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Aventura Private Wealth LLC bought a new stake in First Solar during the 4th quarter worth about $25,000. Commonwealth Retirement Investments LLC bought a new position in shares of First Solar in the 4th quarter valued at about $26,000. Reflection Asset Management bought a new position in shares of First Solar in the 4th quarter valued at about $26,000. Strategic Wealth Investment Group LLC acquired a new stake in shares of First Solar in the second quarter valued at about $26,000. Finally, Larson Financial Group LLC increased its position in shares of First Solar by 117.0% in the fourth quarter. Larson Financial Group LLC now owns 102 shares of the solar cell manufacturer’s stock valued at $27,000 after acquiring an additional 55 shares during the last quarter. Institutional investors own 92.08% of the company’s stock.

First Solar Company Profile

First Solar, Inc (NASDAQ: FSLR) is a United States–based solar technology company best known for designing and manufacturing thin‑film photovoltaic (PV) modules that use cadmium telluride (CdTe) semiconductor technology. The company supplies PV modules and delivers integrated solar power solutions for utility‑scale projects, positioning itself as a provider of both components and complete solar energy systems rather than solely a parts supplier. First Solar was founded in 1999 and is headquartered in Tempe, Arizona.

Beyond module manufacturing, First Solar offers a range of project services including development support, engineering, procurement and construction (EPC) services, and operations and maintenance (O&M) for large-scale solar installations.