Bank of America Trims First Solar (NASDAQ:FSLR) Target Price to $321.00

First Solar (NASDAQ:FSLR) had its price target cut by Bank of America from $343.00 to $321.00 in a research report sent to investors on Tuesday, Benzinga reports. They currently have a buy rating on the solar cell manufacturer’s stock.

Other research analysts have also issued research reports about the company. BMO Capital Markets lowered their price target on First Solar from $311.00 to $286.00 and set an outperform rating for the company in a research report on Wednesday, July 31st. Oppenheimer upped their target price on First Solar from $325.00 to $326.00 and gave the stock an outperform rating in a report on Wednesday, July 31st. Robert W. Baird decreased their target price on First Solar from $344.00 to $307.00 and set an outperform rating for the company in a research report on Tuesday, July 2nd. Janney Montgomery Scott lowered First Solar from a buy rating to a neutral rating in a research report on Tuesday, June 18th. Finally, Piper Sandler increased their price objective on First Solar from $219.00 to $250.00 and gave the stock an overweight rating in a report on Monday, July 22nd. Four investment analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, First Solar has a consensus rating of Moderate Buy and a consensus target price of $285.44.

First Solar Trading Down 9.3 %

NASDAQ FSLR opened at $205.04 on Tuesday. First Solar has a 1-year low of $129.21 and a 1-year high of $306.77. The company has a current ratio of 2.23, a quick ratio of 1.65 and a debt-to-equity ratio of 0.06. The stock has a 50-day moving average of $227.59 and a 200-day moving average of $220.72. The firm has a market cap of $21.95 billion, a PE ratio of 18.31, a price-to-earnings-growth ratio of 0.38 and a beta of 1.44.

First Solar (NASDAQ:FSLR) last released its quarterly earnings results 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. The business had revenue of $1.01 billion during the quarter, compared to analyst estimates of $939.71 million. First Solar had a return on equity of 17.73% and a net margin of 31.98%. First Solar’s quarterly revenue was up 24.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.85 EPS. As a group, sell-side analysts forecast that First Solar will post 13.53 EPS for the current year.

Insider Transactions at First Solar

In related news, insider Patrick James Buehler sold 8,619 shares of the firm’s stock in a transaction that occurred on 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 sale, the insider now owns 3,468 shares in the company, valued at approximately $769,896. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CAO Byron Michael Jeffers sold 500 shares of First Solar stock in a transaction on Monday, August 12th. The shares were sold at an average price of $220.00, for a total transaction of $110,000.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Patrick James Buehler sold 8,619 shares of First Solar stock in a transaction on 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 transaction, the insider now owns 3,468 shares in the company, valued at $769,896. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 10,885 shares of company stock worth $2,405,757 over the last quarter. 0.58% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of FSLR. Massmutual Trust Co. FSB ADV lifted its position in shares of First Solar by 14.5% in the third quarter. Massmutual Trust Co. FSB ADV now owns 356 shares of the solar cell manufacturer’s stock valued at $89,000 after acquiring an additional 45 shares in the last quarter. Davis Investment Partners LLC lifted its holdings in First Solar by 0.6% in the 3rd quarter. Davis Investment Partners LLC now owns 7,698 shares of the solar cell manufacturer’s stock worth $1,805,000 after purchasing an additional 46 shares in the last quarter. Oregon Public Employees Retirement Fund lifted its holdings in First Solar by 0.5% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 9,172 shares of the solar cell manufacturer’s stock worth $2,068,000 after purchasing an additional 49 shares in the last quarter. Cambridge Trust Co. boosted its stake in First Solar by 1.6% in the 1st quarter. Cambridge Trust Co. now owns 3,232 shares of the solar cell manufacturer’s stock worth $546,000 after purchasing an additional 50 shares during the period. Finally, Gilman Hill Asset Management LLC grew its holdings in First Solar by 2.8% during the 3rd quarter. Gilman Hill Asset Management LLC now owns 1,825 shares of the solar cell manufacturer’s stock valued at $455,000 after buying an additional 50 shares in the last quarter. Institutional investors own 92.08% of the company’s stock.

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.