First Solar (NASDAQ:FSLR) Price Target Cut to $230.00 by Analysts at Piper Sandler

First Solar (NASDAQ:FSLR) had its price target reduced by Piper Sandler from $250.00 to $230.00 in a research note released on Wednesday,Benzinga reports. Piper Sandler currently has an overweight rating on the solar cell manufacturer’s stock.

Several other equities analysts have also issued reports on FSLR. Wells Fargo & Company lowered their price target on First Solar from $240.00 to $209.00 and set an “overweight” rating for the company in a research report on Wednesday, January 8th. JPMorgan Chase & Co. decreased their target price on shares of First Solar from $282.00 to $268.00 and set an “overweight” rating for the company in a report on Wednesday. BMO Capital Markets reiterated an “outperform” rating and set a $230.00 price target (down previously from $260.00) on shares of First Solar in a report on Wednesday. Robert W. Baird decreased their price objective on shares of First Solar from $307.00 to $267.00 and set an “outperform” rating for the company in a report on Wednesday, December 18th. Finally, Barclays lowered their price objective on First Solar from $275.00 to $273.00 and set an “overweight” rating on the stock in a research report on Monday, January 27th. Three research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $268.00.

First Solar Price Performance

Shares of FSLR opened at $156.84 on Wednesday. The firm’s 50-day simple moving average is $174.00 and its two-hundred day simple moving average is $199.08. First Solar has a fifty-two week low of $144.28 and a fifty-two week high of $306.77. The stock has a market cap of $16.79 billion, a PE ratio of 13.51, a price-to-earnings-growth ratio of 0.19 and a beta of 1.47. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.44 and a current ratio of 2.14.

First Solar (NASDAQ:FSLR) last posted its quarterly earnings data on Tuesday, February 25th. The solar cell manufacturer reported $3.65 earnings per share for the quarter, missing analysts’ consensus estimates of $4.81 by ($1.16). The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.48 billion. First Solar had a net margin of 32.41% and a return on equity of 17.56%. Analysts anticipate that First Solar will post 13.05 earnings per share for the current fiscal year.

Hedge Funds Weigh In On First Solar

Institutional investors and hedge funds have recently bought and sold shares of the stock. Strengthening Families & Communities LLC bought a new position in shares of First Solar in the third quarter worth about $25,000. Kennebec Savings Bank purchased a new stake in First Solar in the 3rd quarter worth approximately $29,000. Larson Financial Group LLC raised its stake in First Solar by 214.0% during the 3rd quarter. Larson Financial Group LLC now owns 157 shares of the solar cell manufacturer’s stock worth $39,000 after acquiring an additional 107 shares during the period. Smartleaf Asset Management LLC lifted its holdings in First Solar by 31.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 262 shares of the solar cell manufacturer’s stock valued at $47,000 after purchasing an additional 63 shares in the last quarter. Finally, Crews Bank & Trust bought a new position in shares of First Solar in the fourth quarter worth approximately $53,000. 92.08% of the stock is currently 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.