JPMorgan Chase & Co. Increases First Solar (NASDAQ:FSLR) Price Target to $240.00

First Solar (NASDAQ:FSLR) had its price objective upped by JPMorgan Chase & Co. from $237.00 to $240.00 in a research report released on Thursday, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the solar cell manufacturer’s stock.

Other equities research analysts have also issued reports about the stock. Susquehanna reiterated a positive rating and set a $258.00 target price on shares of First Solar in a research note on Friday, April 5th. DZ Bank assumed coverage on shares of First Solar in a research report on Wednesday, April 17th. They set a buy rating and a $205.00 price target for the company. Royal Bank of Canada reissued an outperform rating and issued a $195.00 price objective on shares of First Solar in a report on Wednesday, February 28th. Roth Mkm reiterated a buy rating and issued a $230.00 price target on shares of First Solar in a research report on Thursday, April 18th. Finally, Morgan Stanley boosted their price objective on shares of First Solar from $245.00 to $248.00 and gave the company an overweight rating in a research report on Thursday. Three equities research analysts have rated the stock with a hold rating and twenty-three 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 an average target price of $238.16.

First Solar Trading Up 6.1 %

NASDAQ:FSLR opened at $191.55 on Thursday. The stock has a market cap of $20.50 billion, a price-to-earnings ratio of 20.08, a PEG ratio of 0.33 and a beta of 1.37. The company has a quick ratio of 1.86, a current ratio of 2.41 and a debt-to-equity ratio of 0.06. The company’s 50 day moving average price is $166.57 and its 200-day moving average price is $158.31. First Solar has a 52 week low of $129.21 and a 52 week high of $232.00.

First Solar (NASDAQ:FSLR) last announced its quarterly earnings results on Wednesday, May 1st. The solar cell manufacturer reported $2.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.90 by $0.30. First Solar had a return on equity of 16.24% and a net margin of 28.75%. The firm had revenue of $794.10 million for the quarter, compared to the consensus estimate of $718.19 million. During the same period in the prior year, the company posted $0.40 earnings per share. The company’s quarterly revenue was up 44.8% on a year-over-year basis. On average, equities research analysts forecast that First Solar will post 13.55 earnings per share for the current fiscal year.

Insider Activity

In other First Solar news, Director R Craig Kennedy sold 1,500 shares of the business’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $157.76, for a total value of $236,640.00. Following the completion of the transaction, the director now directly owns 15,641 shares in the company, valued at $2,467,524.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other First Solar news, Director R Craig Kennedy sold 1,500 shares of First Solar stock in a transaction on Friday, March 1st. The shares were sold at an average price of $157.76, for a total value of $236,640.00. Following the transaction, the director now directly owns 15,641 shares of the company’s stock, valued at $2,467,524.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Markus Gloeckler sold 679 shares of the stock in a transaction on 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 owns 14,473 shares of the company’s stock, valued at approximately $2,315,680. The disclosure for this sale can be found here. In the last three months, insiders have sold 26,620 shares of company stock worth $4,269,540. 0.58% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On First Solar

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in First Solar by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 12,151,817 shares of the solar cell manufacturer’s stock worth $2,093,515,000 after purchasing an additional 111,786 shares during the period. Schroder Investment Management Group raised its holdings 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 valued at $422,861,000 after acquiring an additional 351,540 shares during the last quarter. Wellington Management Group LLP lifted its holdings in First Solar by 10.2% in the 3rd quarter. Wellington Management Group LLP now owns 2,283,705 shares of the solar cell manufacturer’s stock valued at $369,024,000 after purchasing an additional 211,755 shares in the last quarter. Norges Bank acquired a new stake in shares of First Solar in the fourth quarter valued at about $298,123,000. Finally, Clean Energy Transition LLP lifted its stake 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 worth $191,750,000 after buying an additional 1,073,500 shares in 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.