First Solar’s stock rises 2.8% following analyst’s upgrade.

By Oliver Townsend May 22, 2024
First Solar (NASDAQ:FSLR) Shares Up 2.8% After Analyst Upgrade.jpegOrginal image from: https://www.defenseworld.net/2024/05/22/first-solar-nasdaqfslr-shares-up-2-8-after-analyst-upgrade.html

First Solar (NASDAQ:FSLR) shares experienced a 2.8% increase following an analyst upgrade by UBS Group, raising their price target from $252.00 to $270.00. With a buy rating on the stock, First Solar traded at $201.84, reaching as high as $203.21. The mid-day trading saw 553,957 shares exchanged, marking a 73% decline from the average session volume of 2,038,379 shares.

Analyst Reports and Ratings

Barclays, Mizuho, Morgan Stanley, Oppenheimer, and Jefferies Financial Group have all issued reports and ratings on First Solar. Barclays raised their target price to $228.00, while Mizuho and Morgan Stanley increased their price targets to $209.00 and $248.00, respectively. Oppenheimer and Jefferies Financial Group also raised their price objectives on the stock. MarketBeat.com data shows that First Solar has a consensus rating of “Moderate Buy” with an average price target of $238.28.

Insider Activities

In recent news, Director R Craig Kennedy and insider Georges Antoun have sold shares of First Solar. Kennedy sold 1,500 shares at an average price of $157.76, while Antoun sold 16,667 shares at an average price of $155.55. Insiders have collectively sold 31,785 shares totaling $5,265,869 in the last 90 days, representing 0.58% of the company’s stock ownership.

Institutional Investors’ Impact

Vanguard Group Inc., BNP PARIBAS ASSET MANAGEMENT Holding S.A., Schroder Investment Management Group, Wellington Management Group LLP, and Norges Bank are among the large investors who have adjusted their holdings of First Solar. Institutional investors now own 92.08% of the stock, with Vanguard Group Inc. leading the way with 12,257,053 shares.

First Solar’s Financial Performance

First Solar reported earnings of $2.20 per share for the quarter, surpassing analysts’ estimates by $0.30. The company achieved a return on equity of 16.24% with a net margin of 28.75%. With revenue of $794.10 million, a 44.8% increase from the previous year, First Solar is expected to post 13.56 EPS for the current year.

About First Solar

First Solar, Inc. is a solar technology company that offers PV solar energy solutions globally. With a focus on providing lower-carbon alternatives through thin film semiconductor technology, First Solar serves markets in the United States, France, Japan, and Chile. The company’s innovative approach to PV solar modules positions them as a leader in sustainable energy solutions.

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