First Solar, Inc. (FSLR) Stock Upgraded, Shares Reach New 52-Week High in Pre-Market


Shares of First Solar, Inc. (NASDAQ:FSLR) are up big in pre-market trading this morning after Goldman Sachs has upgraded the stock to a ‘buy’ from a ‘neutral’ rating, along with an increase in their price target from $61 to $100. Brian Lee, an analysts at Goldman, gave numerous reasons for this upgrade, including the fact that California has decided to increase their mandate for renewable energy to 50%.

The stock is trading at $70.15, up by $3.43 or 5.14% in the pre-maket this morning, and has just surpassed its previous 52-week high of $67.80. The stock increased 1.11% or $0.73 during the last trading session, hitting $66.72. About 22,370 shares traded hands. FSLR has risen 33.71% since June 1, 2015 and is uptrending. It has outperformed the S&P500 by 36.72%.

From a total of 13 analysts covering First Solar Inc. (NASDAQ:FSLR) stock, 8 rate it a “Buy”, 1 a “Sell”, and 4 a “Hold”. This means that 62% of the ratings are positive. The highest target price is $87 while the lowest target price is $4.49. The mean of all analyst targets is $56.62 which is -15.14% below today’s ($66.72) stock price. First Solar Inc. was the topic of 19 analyst reports since August 5, 2015 according to the firm StockzIntelligence Inc. Oppenheimer maintained shares on December 10 with a “Outperform” rating. Avondale initiated shares with a”Market Perform” rating and a $50 target share price in their report from an October 1. Standpoint Research downgraded FSLR stock in a recent report from December 9 to a “Hold” rating. Barclays Capital initiated the rating on September 1. Barclays Capital has a “Overweight” rating and a $71 price target on shares. Finally, Macquarie Research initiated the stock with a “Outperform” rating in a report they issued on a November 6.

The institutional sentiment increased to 1.5 in Q2 2015. It’s up 0.42, from 1.08 in 2015Q2. The ratio is positive, as 39 funds sold all their First Solar, Inc. shares they owned while 92 reduced their positions. 55 funds bought stakes while 141 increased their total positions. Institutions now own 60.66 million shares which is 14.06% more than the previous share count of 53.18 million in 2015Q2.

Ecofin Ltd holds 8.13% of its total portfolio in First Solar, Inc., equating to 989,738 shares. Lorem Ipsum Management Llc owns 350,000 shares representing 6.83% of their total US portfolio. Moreover, Domini Social Investments Llc has 6.73% of their total portfolio invested in the company, equating to 9,632 shares. The Isle Of Man-based Oceanic Investment Management Ltd has a total of 4.95% of their portfolio invested in the stock. Zevin Asset Management Llc, a Massachusetts-based fund reported 182,301 shares owned.

Since March 17, 2015, the stock had 0 insider buys, and 1 sale for a total of $156,360 in net activity. Hughes James Alton sold 3,000 shares worth $156,360. Antoun Georges sold 9,497 shares worth $420,432. Presby J Thomas sold 3,498 shares worth $200,086.

First Solar, Inc. is a global provider of solar energy solutions. The company has a market cap of $6.66 billion. The Firm designs, makes and sells photovoltaic solar modules, and also develops, designs, constructs and sells PV solar power solutions. It has 11.85 P/E ratio. The Firm operates through two divisions: components and systems.