First Solar (NASDAQ:FSLR) Now Covered by Analysts at Redburn Atlantic
Research analysts at Redburn Atlantic have initiated coverage on the shares of First Solar (NASDAQ:FSLR) as per a new report released on Monday. The brokerage has assigned a “neutral” rating to the solar cell manufacturer’s stock.
A number of equity research analysts have recently released reports on FSLR. Guggenheim revised their price objective for First Solar, lowering it from $335.00 to $304.00, yet maintained a “buy” rating. Similarly, Seaport Res Ptn upgraded the shares from a “hold” to a “strong-buy” rating in a research note issued previously. In a contrasting move, Wells Fargo & Company reduced their price target from $240.00 to $209.00 but categorized the stock as “overweight.”
Truist Financial has reiterated a “buy” rating with a revised price objective of $285.00, down from the earlier $300.00. This was part of a report from late February. Furthermore, JPMorgan Chase & Co. adjusted their target price downward from $282.00 to $268.00 while maintaining an “overweight” rating. The overall sentiment among analysts is positive, with data indicating four hold ratings, twenty-three buy ratings, and two strong buy ratings for the stock. First Solar’s average rating translates to a “Moderate Buy” with an anticipated average price target of $262.08.
Shares of FSLR opened at $136.18 on Monday. In terms of financial metrics, the company sports a debt-to-equity ratio of 0.05, a current ratio of 2.14, and a quick ratio of 1.44. Over the past year, First Solar’s stock has fluctuated, touching a low of $133.90 and peaking at a high of $306.77. The stock’s fifty-day moving average is $172.38, while its 200-day moving average stands at $197.69. The company currently has a market capitalization of $14.58 billion, a price-to-earnings (P/E) ratio of 11.73, a PEG ratio of 0.19, and a beta value of 1.47.
In its most recent quarterly financial disclosure on February 25th, First Solar reported earnings per share (EPS) of $3.65, falling short of analysts’ consensus estimates of $4.81 by $1.16. However, the company recorded a return on equity of 17.56% and a net margin of 32.41%. First Solar’s revenue for that quarter reached $1.51 billion, slightly surpassing the analysts’ expectation of $1.48 billion. Analysts predict that First Solar will achieve an EPS of 13.05 for the current fiscal year.
Several hedge funds and institutional investors have been active in buying and selling shares of the company. Strengthening Families & Communities LLC acquired a new position in First Solar during the third quarter. Kennebec Savings Bank also invested in First Solar during the same period. Meanwhile, Larson Financial Group LLC significantly increased its holdings, and Smartleaf Asset Management LLC enhanced its position during the fourth quarter. Crews Bank & Trust also entered with a new stake during this period. In total, hedge funds and institutional investors together own approximately 92.08% of First Solar’s stock.
First Solar, Inc specializes in providing photovoltaic (PV) solar energy solutions across the United States and internationally. With operations in countries like France, Japan, and Chile, the company manufactures and sells PV solar modules using a thin-film semiconductor technology. This technology offers a more environmentally friendly alternative to conventional crystalline silicon PV solar modules, thus aligning with global sustainability goals.
In conclusion, while First Solar continues to enjoy favorable ratings from several analysts, ongoing evaluations and market dynamics suggest there are varying perspectives on its potential as an investment opportunity.
