Seaport Res Ptn Upgrades First Solar (NASDAQ:FSLR) to Strong-Buy

First Solar (NASDAQ:FSLR - Get Free Report) was upgraded by equities research analysts at Seaport Res Ptn from a "hold" rating to a "strong-buy" rating in a research note issued on Wednesday,Zacks.com reports. Seaport Res Ptn also issued estimates for First Solar's Q4 2024 earnings at $4.87 EPS and FY2024 earnings at $13.23 EPS.

Several other research firms have also recently weighed in on FSLR. Barclays cut their price target on shares of First Solar from $290.00 to $275.00 and set an "overweight" rating on the stock in a report on Wednesday, November 13th. Jefferies Financial Group cut their target price on shares of First Solar from $271.00 to $266.00 and set a "buy" rating on the stock in a research note on Thursday, October 10th. The Goldman Sachs Group decreased their price target 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. Janney Montgomery Scott raised First Solar from a "neutral" rating to a "buy" rating and set a $260.00 price objective on the stock in a research report on Tuesday, October 29th. Finally, Bank of America decreased their target price on First Solar from $321.00 to $269.00 and set a "buy" rating for the company in a research report on Wednesday, October 30th. Three equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $277.75.

First Solar Price Performance

NASDAQ FSLR traded up $1.99 on Wednesday, reaching $192.88. 1,538,842 shares of the company's stock traded hands, compared to its average volume of 1,638,984. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.14 and a quick ratio of 1.44. First Solar has a 12 month low of $135.88 and a 12 month high of $306.77. The stock has a 50-day simple moving average of $190.20 and a 200 day simple moving average of $210.03. The stock has a market cap of $20.65 billion, a PE ratio of 16.61, a P/E/G ratio of 0.21 and a beta of 1.49.

First Solar (NASDAQ:FSLR - Get Free Report) last posted 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). The firm had revenue of $887.70 million for the quarter, compared to the consensus estimate of $1.07 billion. First Solar had a net margin of 32.41% and a return on equity of 17.56%. The company's quarterly revenue was up 10.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.50 earnings per share. As a group, research analysts predict that First Solar will post 13.09 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Western Financial Corp CA bought a new position in First Solar in the 3rd quarter worth $1,209,000. Stifel Financial Corp increased its position in First Solar by 36.9% in the third quarter. Stifel Financial Corp now owns 21,446 shares of the solar cell manufacturer's stock worth $5,350,000 after buying an additional 5,780 shares in the last quarter. Harbour Capital Advisors LLC raised its stake in shares of First Solar by 224.0% in the third quarter. Harbour Capital Advisors LLC now owns 5,217 shares of the solar cell manufacturer's stock worth $1,301,000 after buying an additional 3,607 shares during the period. iA Global Asset Management Inc. raised its stake in shares of First Solar by 802.1% in the third quarter. iA Global Asset Management Inc. now owns 20,460 shares of the solar cell manufacturer's stock worth $5,104,000 after buying an additional 18,192 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. lifted its position in shares of First Solar by 6.4% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 244,140 shares of the solar cell manufacturer's stock valued at $60,898,000 after buying an additional 14,597 shares in the last quarter. Hedge funds and other institutional investors own 92.08% of the company's stock.

First Solar Company Profile

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.