First Solar (NASDAQ:FSLR) Price Target Cut to $240.00 by Analysts at Wells Fargo & Company

First Solar (NASDAQ:FSLR) had its price objective trimmed by Wells Fargo & Company from $250.00 to $240.00 in a research report released on Wednesday, Benzinga reports. The brokerage currently has an overweight rating on the solar cell manufacturer’s stock.

A number of other research firms also recently weighed in on FSLR. Citigroup raised shares of First Solar from a “neutral” rating to a “buy” rating and increased their target price for the company from $200.00 to $254.00 in a research report on Tuesday, October 22nd. William Blair started coverage on shares of First Solar in a research report on Thursday, August 29th. They set a “market perform” rating for the company. Oppenheimer increased their target price on shares of First Solar from $325.00 to $326.00 and gave the company an “outperform” rating in a research report on Wednesday, July 31st. Susquehanna reduced their target price on shares of First Solar from $280.00 to $252.00 and set a “positive” rating for the company in a research report on Wednesday. Finally, Piper Sandler increased their target price on shares of First Solar from $219.00 to $250.00 and gave the company an “overweight” rating in a research report on Monday, July 22nd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $281.13.

First Solar Trading Up 5.4 %

Shares of FSLR stock opened at $204.94 on Wednesday. First Solar has a 52-week low of $129.21 and a 52-week high of $306.77. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.65 and a current ratio of 2.14. The company has a 50-day simple moving average of $221.68 and a two-hundred day simple moving average of $223.93. The company has a market capitalization of $21.94 billion, a price-to-earnings ratio of 17.65, a PEG ratio of 0.34 and a beta of 1.48.

First Solar (NASDAQ:FSLR) last issued its quarterly earnings data on Tuesday, October 29th. The solar cell manufacturer reported $2.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.10 by ($0.19). First Solar had a return on equity of 17.56% and a net margin of 32.41%. The firm had revenue of $887.70 million during the quarter, compared to the consensus estimate of $1.07 billion. During the same period in the previous year, the company posted $2.50 earnings per share. The company’s revenue for the quarter was up 10.7% on a year-over-year basis. Research analysts anticipate that First Solar will post 13.12 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Patrick James Buehler sold 8,619 shares of the firm’s stock in a transaction on 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 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 position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CAO Byron Michael Jeffers sold 1,766 shares of the firm’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $216.50, for a total transaction of $382,339.00. Following the sale, the chief accounting officer now owns 500 shares in the company, valued at approximately $108,250. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Patrick James Buehler sold 8,619 shares of the firm’s stock in a transaction on 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 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 position. The disclosure for this sale can be found here. Insiders have sold 10,885 shares of company stock worth $2,405,757 in the last three months. 0.58% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On First Solar

Institutional investors and hedge funds have recently made changes to their positions in the business. AlphaMark Advisors LLC bought a new position in shares of First Solar during the 3rd quarter valued at $25,000. Atlas Capital Advisors LLC grew its holdings in shares of First Solar by 411.1% during the 2nd quarter. Atlas Capital Advisors LLC now owns 138 shares of the solar cell manufacturer’s stock valued at $31,000 after purchasing an additional 111 shares during the last quarter. Summit Securities Group LLC bought a new position in shares of First Solar during the 2nd quarter valued at $36,000. Itau Unibanco Holding S.A. bought a new position in shares of First Solar during the 2nd quarter valued at $38,000. Finally, Alta Advisers Ltd bought a new position in shares of First Solar during the 2nd quarter valued at $45,000. 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.