DZ Bank Initiates Coverage on First Solar (NASDAQ:FSLR)

DZ Bank assumed coverage on shares of First Solar (NASDAQ:FSLR) in a research report issued to clients and investors on Wednesday, MarketBeat reports. The firm set a “buy” rating and a $205.00 price target on the solar cell manufacturer’s stock. DZ Bank’s price target indicates a potential upside of 17.62% from the company’s previous close.

A number of other equities analysts have also issued reports on FSLR. Wells Fargo & Company lowered First Solar from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $215.00 to $187.00 in a research note on Monday, January 8th. Mizuho increased their price objective on First Solar from $188.00 to $196.00 and gave the company a “buy” rating in a research report on Wednesday, January 3rd. Oppenheimer increased their price objective on First Solar from $268.00 to $269.00 and gave the company an “outperform” rating in a research report on Wednesday, February 28th. Janney Montgomery Scott initiated coverage on First Solar in a research report on Friday, April 12th. They set a “buy” rating and a $236.00 price objective for the company. Finally, Bank of America increased their price objective on First Solar from $187.00 to $194.00 and gave the company a “buy” rating in a research report on Wednesday, April 10th. Four research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $227.04.

First Solar Stock Performance

Shares of FSLR stock opened at $174.29 on Wednesday. First Solar has a 12-month low of $129.21 and a 12-month high of $232.00. The firm has a market capitalization of $18.66 billion, a price-to-earnings ratio of 22.52, a price-to-earnings-growth ratio of 0.30 and a beta of 1.41. The business has a 50 day simple moving average of $160.86 and a 200 day simple moving average of $156.05. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.55 and a quick ratio of 2.92.

First Solar (NASDAQ:FSLR) last issued its quarterly earnings data on Tuesday, February 27th. The solar cell manufacturer reported $3.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.19 by $0.06. The business had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.31 billion. First Solar had a return on equity of 13.80% and a net margin of 25.03%. The business’s revenue for the quarter was up 15.5% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.07) EPS. On average, equities research analysts anticipate that First Solar will post 13.55 EPS for the current year.

Insider Buying and Selling

In related news, insider Kuntal Kumar Verma sold 250 shares of the stock in a transaction on Monday, March 18th. The stock was sold at an average price of $148.34, for a total transaction of $37,085.00. Following the completion of the sale, the insider now directly owns 5,170 shares in the company, valued at $766,917.80. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other First Solar news, insider Georges Antoun sold 16,667 shares of the stock in a transaction on Monday, March 4th. The shares were sold at an average price of $155.55, for a total transaction of $2,592,551.85. Following the transaction, the insider now directly owns 42,041 shares of the company’s stock, valued at $6,539,477.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Kuntal Kumar Verma sold 250 shares of the stock in a transaction on Monday, March 18th. The stock was sold at an average price of $148.34, for a total transaction of $37,085.00. Following the transaction, the insider now directly owns 5,170 shares in the company, valued at $766,917.80. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 26,620 shares of company stock worth $4,269,540. Corporate insiders own 0.58% of the company’s stock.

Hedge Funds Weigh In On First Solar

Hedge funds have recently bought and sold shares of the business. Dixon Mitchell Investment Counsel Inc. acquired a new position in First Solar during the first quarter worth $25,000. University of Texas Texas AM Investment Managment Co. acquired a new position in First Solar during the fourth quarter worth $27,000. Baystate Wealth Management LLC acquired a new position in First Solar during the fourth quarter worth $29,000. First Pacific Financial acquired a new position in First Solar during the third quarter worth $27,000. Finally, Estabrook Capital Management acquired a new position in First Solar during the third quarter worth $29,000. 92.08% of the stock is owned by institutional investors and hedge funds.

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.