First Solar (NASDAQ:FSLR) Price Target Cut to $280.00 by Analysts at Susquehanna

First Solar (NASDAQ:FSLR) had its price objective lowered by Susquehanna from $285.00 to $280.00 in a report released on Wednesday morning, Benzinga reports. Susquehanna currently has a positive rating on the solar cell manufacturer’s stock.

Several other brokerages have also weighed in on FSLR. Truist Financial began coverage on shares of First Solar in a report on Thursday, September 26th. They set a “buy” rating and a $300.00 price objective on the stock. Robert W. Baird decreased their price target on shares of First Solar from $344.00 to $307.00 and set an “outperform” rating on the stock in a report on Tuesday, July 2nd. BMO Capital Markets dropped their price objective on First Solar from $311.00 to $286.00 and set an “outperform” rating for the company in a report on Wednesday, July 31st. William Blair initiated coverage on shares of First Solar in a report on Thursday, August 29th. They issued a “market perform” rating on the stock. Finally, Jefferies Financial Group cut their price objective on First Solar from $271.00 to $266.00 and set a “buy” rating on the stock in a research report on Thursday, October 10th. Four research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $283.64.

First Solar Stock Performance

NASDAQ:FSLR opened at $205.62 on Wednesday. The firm has a 50 day simple moving average of $227.39 and a 200-day simple moving average of $222.37. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.23 and a quick ratio of 1.65. The firm has a market cap of $22.01 billion, a PE ratio of 21.55, a P/E/G ratio of 0.38 and a beta of 1.44. First Solar has a 1-year low of $129.21 and a 1-year high of $306.77.

First Solar (NASDAQ:FSLR) last announced its quarterly earnings data on Tuesday, July 30th. The solar cell manufacturer reported $3.25 EPS for the quarter, beating analysts’ consensus estimates of $2.69 by $0.56. First Solar had a return on equity of 17.73% and a net margin of 31.98%. The business had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $939.71 million. During the same quarter in the previous year, the business earned $1.85 earnings per share. The business’s revenue for the quarter was up 24.6% on a year-over-year basis. On average, equities analysts expect that First Solar will post 13.53 EPS for the current year.

Insider Buying and Selling at First Solar

In other news, insider Patrick James Buehler sold 8,619 shares of First Solar stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $222.00, for a total value of $1,913,418.00. Following the completion of the transaction, the insider now directly owns 3,468 shares of the company’s stock, valued at approximately $769,896. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CAO Byron Michael Jeffers sold 500 shares of the company’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $220.00, for a total transaction of $110,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Patrick James Buehler sold 8,619 shares of the business’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $222.00, for a total transaction of $1,913,418.00. Following the transaction, the insider now directly owns 3,468 shares of the company’s stock, valued at $769,896. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 10,885 shares of company stock worth $2,405,757 over the last 90 days. Insiders own 0.58% of the company’s stock.

Hedge Funds Weigh In On First Solar

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Dixon Mitchell Investment Counsel Inc. bought a new stake in shares of First Solar during the first quarter valued at about $25,000. AlphaMark Advisors LLC bought a new stake in First Solar in the third quarter worth about $25,000. Atlas Capital Advisors LLC lifted its holdings in First Solar by 411.1% in the 2nd quarter. Atlas Capital Advisors LLC now owns 138 shares of the solar cell manufacturer’s stock valued at $31,000 after acquiring an additional 111 shares during the last quarter. Riverview Trust Co bought a new position in shares of First Solar during the 1st quarter valued at about $32,000. Finally, Summit Securities Group LLC acquired a new position in shares of First Solar in the 2nd quarter worth approximately $36,000. 92.08% of the stock is currently owned by institutional investors and hedge funds.

First Solar Company Profile

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.