Guggenheim Reiterates Buy Rating for First Solar (NASDAQ:FSLR)

Guggenheim reiterated their buy rating on shares of First Solar (NASDAQ:FSLR) in a research note issued to investors on Wednesday morning,Benzinga reports. The brokerage currently has a $335.00 target price on the solar cell manufacturer’s stock.

Several other research firms also recently weighed in on FSLR. The Goldman Sachs Group reduced their target price on shares of First Solar from $311.00 to $279.00 and set a “buy” rating for the company in a research note on Wednesday, October 30th. Wells Fargo & Company lowered their target price on shares of First Solar from $240.00 to $209.00 and set an “overweight” rating on the stock in a report on Wednesday, January 8th. Evercore ISI cut their price target on First Solar from $281.00 to $278.00 and set an “outperform” rating for the company in a report on Wednesday, October 30th. Piper Sandler boosted their price objective on First Solar from $210.00 to $250.00 and gave the company an “overweight” rating in a research note on Monday, December 2nd. Finally, StockNews.com upgraded First Solar from a “sell” rating to a “hold” rating in a research note on Thursday, January 2nd. Three investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $277.75.

First Solar Trading Down 6.3 %

NASDAQ:FSLR opened at $171.90 on Wednesday. First Solar has a 12 month low of $135.88 and a 12 month 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 firm’s 50 day moving average is $189.98 and its 200 day moving average is $208.83. The stock has a market capitalization of $18.40 billion, a PE ratio of 14.81, a price-to-earnings-growth ratio of 0.22 and a beta of 1.49.

First Solar (NASDAQ:FSLR) last issued its quarterly earnings results on Tuesday, October 29th. The solar cell manufacturer reported $2.91 EPS for the quarter, missing analysts’ consensus estimates of $3.10 by ($0.19). First Solar had a net margin of 32.41% and a return on equity of 17.56%. The firm had revenue of $887.70 million for the quarter, compared to analysts’ expectations of $1.07 billion. During the same period in the prior year, the company earned $2.50 EPS. The firm’s quarterly revenue was up 10.7% on a year-over-year basis. Sell-side analysts expect that First Solar will post 13.07 earnings per share for the current year.

Hedge Funds Weigh In On First Solar

Several institutional investors and hedge funds have recently made changes to their positions in FSLR. AlphaMark Advisors LLC purchased a new stake in First Solar during the third quarter valued at about $25,000. Strengthening Families & Communities LLC purchased a new stake in First Solar during the 3rd quarter valued at about $25,000. Kennebec Savings Bank bought a new position in First Solar during the 3rd quarter worth approximately $29,000. Larson Financial Group LLC increased its stake in First Solar by 214.0% in the 3rd quarter. Larson Financial Group LLC now owns 157 shares of the solar cell manufacturer’s stock worth $39,000 after purchasing an additional 107 shares during the period. Finally, Sound Income Strategies LLC lifted its position in First Solar by 555.6% in the third quarter. Sound Income Strategies LLC now owns 236 shares of the solar cell manufacturer’s stock valued at $59,000 after purchasing an additional 200 shares during the last quarter. 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.