Barclays reaffirmed their overweight rating on shares of First Solar, Inc. (NASDAQ:FSLR) in a report released on Friday morning, Market Beat reports. The brokerage currently has a $90.00 price target on the solar cell manufacturer’s stock, up from their previous price target of $71.00.

First Solar (NASDAQ:FSLR) traded down 2.56% during trading on Friday, hitting $64.74. 1,320,497 shares of the stock were exchanged. The stock has a market cap of $6.53 billion and a P/E ratio of 11.42. The stock has a 50 day moving average of $63.51 and a 200-day moving average of $52.67. First Solar has a 52 week low of $40.25 and a 52 week high of $72.12.

First Solar (NASDAQ:FSLR) last posted its quarterly earnings data on Thursday, October 29th. The solar cell manufacturer reported $3.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.55 by $1.83. The company had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $1.11 billion. The business’s revenue was up 42.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.87 earnings per share. Equities analysts expect that First Solar will post $4.45 EPS for the current fiscal year.

Other equities analysts have also recently issued research reports about the stock. Vetr upgraded shares of First Solar from a sell rating to a hold rating and set a $71.03 target price on the stock in a research report on Tuesday, January 5th. Goldman Sachs upgraded shares of First Solar from a neutral rating to a buy rating and lifted their target price for the stock from $61.00 to $100.00 in a research report on Tuesday, January 5th. Oppenheimer lifted their target price on shares of First Solar from $66.00 to $76.00 and gave the stock an outperform rating in a research report on Tuesday, January 5th. Cowen and Company reiterated an outperform rating and issued a $75.00 target price (up previously from $70.00) on shares of First Solar in a research report on Wednesday, December 30th. Finally, S&P Equity Research upgraded shares of First Solar to a buy rating in a research report on Thursday, December 17th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of Buy and an average price target of $68.01.

In related news, SVP Christopher Bueter sold 16,667 shares of the stock in a transaction that occurred on Thursday, November 12th. The shares were sold at an average price of $55.02, for a total transaction of $917,018.34. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Georges Antoun sold 88,333 shares of the stock in a transaction that occurred on Wednesday, November 11th. The shares were sold at an average price of $55.29, for a total transaction of $4,883,931.57. Following the transaction, the insider now owns 10,987 shares in the company, valued at approximately $607,471.23. The disclosure for this sale can be found here.

A number of hedge funds and institutional investors recently modified their holdings of FSLR. Detwiler Fenton Investment Management bought a new position in shares of First Solar during the fourth quarter worth $240,000. ID Management A bought a new position in shares of First Solar during the fourth quarter worth $254,000. Baker Avenue Asset Management increased its position in shares of First Solar by 5.8% in the third quarter. Baker Avenue Asset Management now owns 8,960 shares of the solar cell manufacturer’s stock worth $383,000 after buying an additional 490 shares during the period. Simplex Trading increased its position in shares of First Solar by 219.9% in the fourth quarter. Simplex Trading now owns 1,091 shares of the solar cell manufacturer’s stock worth $518,000 after buying an additional 750 shares during the period. Finally, Coastline Trust Company increased its position in shares of First Solar by 40.8% in the fourth quarter. Coastline Trust Company now owns 10,460 shares of the solar cell manufacturer’s stock worth $691,000 after buying an additional 3,030 shares during the period.

First Solar, Inc. is a global provider of solar energy solutions. The Company designs, manufactures and sells photovoltaic (NASDAQ:FSLR) solar modules, and also develops, designs, constructs and sells PV solar power solutions. The Company operates through two segments: components and systems. The Company’s components segment involves the design, manufacture and sale of solar modules, which convert sunlight into electricity. The systems segment provides turn-key PV solar power systems or solar solutions for systems primarily using its solar modules. The Company also manufactures crystalline silicon solar modules and single-axis mounting systems with tracking capabilities. The Company offers its products and services for residential, commercial and industrial applications, including solar power system project developers, system integrators and solar plant operators, throughout the Americas, Asia, Australia, the Middle East and Africa.

12 Month Chart for NASDAQ:FSLR

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