JPMorgan Chase & Co. Increases First Solar (NASDAQ:FSLR) Price Target to $262.00

First Solar (NASDAQ:FSLR) had its price target raised by stock analysts at JPMorgan Chase & Co. from $240.00 to $262.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has an “overweight” rating on the solar cell manufacturer’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential downside of 5.33% from the stock’s current price.

A number of other research analysts have also recently weighed in on FSLR. Evercore ISI upgraded shares of First Solar from an “in-line” rating to an “outperform” rating and set a $227.00 target price on the stock in a research note on Tuesday, April 23rd. Barclays increased their price target on shares of First Solar from $227.00 to $228.00 and gave the stock an “overweight” rating in a report on Wednesday, May 15th. Janney Montgomery Scott initiated coverage on shares of First Solar in a research note on Friday, April 12th. They issued a “buy” rating and a $236.00 price target for the company. Piper Sandler raised their price target on shares of First Solar from $195.00 to $219.00 and gave the stock an “overweight” rating in a report on Tuesday. Finally, Bank of America increased their price target on shares of First Solar from $187.00 to $194.00 and gave the stock a “buy” rating in a research note on Wednesday, April 10th. Two research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $239.16.

First Solar Trading Up 10.8 %

Shares of FSLR stock opened at $276.74 on Thursday. First Solar has a fifty-two week low of $129.21 and a fifty-two week high of $278.80. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.86 and a current ratio of 2.41. The stock’s fifty day moving average price is $182.34 and its two-hundred day moving average price is $164.36. The company has a market cap of $29.62 billion, a PE ratio of 29.01, a P/E/G ratio of 0.33 and a beta of 1.37.

First Solar (NASDAQ:FSLR) last announced its earnings results on Wednesday, May 1st. The solar cell manufacturer reported $2.20 EPS for the quarter, beating the consensus estimate of $1.90 by $0.30. First Solar had a return on equity of 16.24% and a net margin of 28.75%. The business had revenue of $794.10 million for the quarter, compared to analysts’ expectations of $718.19 million. During the same period in the prior year, the business posted $0.40 earnings per share. The firm’s revenue was up 44.8% on a year-over-year basis. Equities analysts predict that First Solar will post 13.56 EPS for the current fiscal year.

Insider Activity at First Solar

In related news, CTO Markus Gloeckler sold 679 shares of First Solar stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $160.00, for a total transaction of $108,640.00. Following the sale, the chief technology officer now owns 14,473 shares of the company’s stock, valued at approximately $2,315,680. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CTO Markus Gloeckler sold 679 shares of the business’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $160.00, for a total value of $108,640.00. Following the sale, the chief technology officer now directly owns 14,473 shares in the company, valued at approximately $2,315,680. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Richard D. Chapman sold 3,165 shares of the firm’s stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $190.48, for a total value of $602,869.20. Following the completion of the sale, the director now directly owns 1,045 shares of the company’s stock, valued at $199,051.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 51,455 shares of company stock worth $9,617,472. 0.58% of the stock is owned by company insiders.

Hedge Funds Weigh In On First Solar

A number of large investors have recently bought and sold shares of the business. Norges Bank bought a new position in First Solar in the fourth quarter worth approximately $298,123,000. Clean Energy Transition LLP lifted its position in shares of First Solar by 948.8% in the third quarter. Clean Energy Transition LLP now owns 1,186,646 shares of the solar cell manufacturer’s stock valued at $191,750,000 after acquiring an additional 1,073,500 shares in the last quarter. Barclays PLC boosted its stake in shares of First Solar by 125.5% in the third quarter. Barclays PLC now owns 848,623 shares of the solar cell manufacturer’s stock worth $137,130,000 after acquiring an additional 472,327 shares during the last quarter. Schroder Investment Management Group increased its position in shares of First Solar by 16.7% during the fourth quarter. Schroder Investment Management Group now owns 2,454,499 shares of the solar cell manufacturer’s stock worth $422,861,000 after purchasing an additional 351,540 shares in the last quarter. Finally, Covalis Capital LLP raised its stake in First Solar by 615.6% in the 3rd quarter. Covalis Capital LLP now owns 408,012 shares of the solar cell manufacturer’s stock valued at $65,931,000 after purchasing an additional 350,996 shares during the last quarter. Hedge funds and other institutional investors own 92.08% of the company’s stock.

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.