Mizuho Cuts First Solar (NASDAQ:FSLR) Price Target to $257.00

First Solar (NASDAQ:FSLR) had its price target reduced by analysts at Mizuho from $274.00 to $257.00 in a report released on Thursday, Benzinga reports. The firm currently has a “neutral” rating on the solar cell manufacturer’s stock. Mizuho’s price target would indicate a potential upside of 29.77% from the company’s current price.

Other research analysts have also issued research reports about the stock. Oppenheimer raised their price target on shares of First Solar from $325.00 to $326.00 and gave the stock an “outperform” rating in a report on Wednesday, July 31st. Hsbc Global Res raised shares of First Solar to a “strong-buy” rating in a research report on Wednesday, October 9th. Truist Financial assumed 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. Piper Sandler lowered their target price on First Solar from $250.00 to $245.00 and set an “overweight” rating on the stock in a research note on Wednesday. Finally, Morgan Stanley reduced their price objective on First Solar from $329.00 to $297.00 and set an “overweight” rating for the company in a report on Wednesday. Two research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $281.13.

First Solar Stock Performance

NASDAQ:FSLR traded up $0.55 during mid-day trading on Thursday, hitting $198.05. The stock had a trading volume of 456,329 shares, compared to its average volume of 2,414,092. The stock has a market cap of $21.20 billion, a price-to-earnings ratio of 20.98, a PEG ratio of 0.34 and a beta of 1.44. The company’s 50 day simple moving average is $222.68 and its 200 day simple moving average is $223.93. First Solar has a twelve month low of $129.21 and a twelve month high of $306.77. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.65 and a current ratio of 2.23.

First Solar (NASDAQ:FSLR) last released its earnings results on Tuesday, October 29th. The solar cell manufacturer reported $2.91 EPS for the quarter, missing the consensus estimate of $3.10 by ($0.19). The firm had revenue of $887.70 million during the quarter, compared to the consensus estimate of $1.07 billion. First Solar had a net margin of 31.98% and a return on equity of 17.73%. First Solar’s quarterly revenue was up 10.7% compared to the same quarter last year. During the same period in the prior year, the business earned $2.50 earnings per share. On average, equities research analysts forecast that First Solar will post 13.39 earnings per share for the current year.

Insider Activity at First Solar

In related news, insider Patrick James Buehler sold 8,619 shares of the business’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 completion of the sale, the insider now directly owns 3,468 shares in the company, valued at approximately $769,896. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other First Solar news, CAO Byron Michael Jeffers sold 1,766 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $216.50, for a total value of $382,339.00. Following the transaction, the chief accounting officer now directly owns 500 shares of the company’s stock, valued at $108,250. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Patrick James Buehler sold 8,619 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $222.00, for a total value of $1,913,418.00. Following the transaction, the insider now directly 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. Over the last ninety days, insiders sold 10,885 shares of company stock worth $2,405,757. 0.58% of the stock is currently owned by insiders.

Institutional Trading of First Solar

Hedge funds and other institutional investors have recently modified their holdings of the business. Western Financial Corp CA purchased a new position in shares of First Solar during the 3rd quarter valued at approximately $1,209,000. Sumitomo Mitsui Trust Holdings Inc. grew its stake in First Solar by 6.3% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 259,177 shares of the solar cell manufacturer’s stock worth $43,749,000 after purchasing an additional 15,430 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of First Solar by 20.3% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 121,055 shares of the solar cell manufacturer’s stock valued at $20,434,000 after acquiring an additional 20,465 shares during the last quarter. Harbour Capital Advisors LLC lifted its stake in First Solar by 224.0% during the third quarter. Harbour Capital Advisors LLC now owns 5,217 shares of the solar cell manufacturer’s stock worth $1,301,000 after purchasing an additional 3,607 shares during the last quarter. Finally, Vanguard Group Inc. raised its holdings in shares of First Solar by 0.9% during the first quarter. Vanguard Group Inc. now owns 12,257,053 shares of the solar cell manufacturer’s stock worth $2,068,991,000 after purchasing an additional 105,236 shares during the period. 92.08% of the stock is owned by hedge funds and other institutional investors.

About First Solar

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.