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

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

Several other equities analysts have also issued reports on FSLR. Piper Sandler increased their target price on First Solar from $219.00 to $250.00 and gave the stock an “overweight” rating in a research note on Monday, July 22nd. Robert W. Baird reduced their price target on shares of First Solar from $344.00 to $307.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 2nd. Jefferies Financial Group lowered their price objective on shares of First Solar from $271.00 to $266.00 and set a “buy” rating for the company in a research note on Thursday, October 10th. Morgan Stanley cut their target price on shares of First Solar from $329.00 to $297.00 and set an “overweight” rating on the stock in a research note on Wednesday. Finally, Oppenheimer increased their target price 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. One research analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $281.13.

First Solar Price Performance

Shares of FSLR opened at $204.94 on Wednesday. The firm has a 50-day simple moving average of $221.68 and a two-hundred day simple moving average of $223.93. The stock has a market cap of $21.94 billion, a PE ratio of 17.65, a P/E/G ratio of 0.34 and a beta of 1.44. First Solar has a 1-year low of $129.21 and a 1-year high of $306.77. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.14 and a quick ratio of 1.65.

First Solar (NASDAQ:FSLR) last posted its earnings results on Tuesday, October 29th. The solar cell manufacturer reported $2.91 earnings per share for the quarter, missing the consensus estimate of $3.10 by ($0.19). First Solar had a net margin of 32.41% and a return on equity of 17.56%. The company had revenue of $887.70 million during the quarter, compared to analyst estimates of $1.07 billion. During the same quarter last year, the business posted $2.50 EPS. The firm’s revenue for the quarter was up 10.7% on a year-over-year basis. As a group, analysts forecast that First Solar will post 13.18 EPS for the current year.

Insider Buying and Selling at First Solar

In other news, CAO Byron Michael Jeffers sold 1,766 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief accounting officer now owns 500 shares in the company, valued at approximately $108,250. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CAO Byron Michael Jeffers sold 1,766 shares of the stock in a transaction on Wednesday, August 7th. The shares were 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 position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Patrick James Buehler sold 8,619 shares of the business’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 completion of the sale, the insider now directly owns 3,468 shares of the company’s stock, valued at approximately $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 have sold 10,885 shares of company stock worth $2,405,757 over the last three months. Insiders own 0.58% of the company’s stock.

Institutional Trading of First Solar

Large investors have recently made changes to their positions in the company. AlphaMark Advisors LLC acquired a new position in First Solar during the third quarter worth approximately $25,000. Atlas Capital Advisors LLC grew its position in shares of First Solar by 411.1% during the second quarter. Atlas Capital Advisors LLC now owns 138 shares of the solar cell manufacturer’s stock worth $31,000 after acquiring an additional 111 shares during the last quarter. Summit Securities Group LLC acquired a new position in shares of First Solar in the 2nd quarter valued at $36,000. Itau Unibanco Holding S.A. purchased a new stake in First Solar in the 2nd quarter valued at $38,000. Finally, Alta Advisers Ltd acquired a new stake in First Solar during the 2nd quarter worth $45,000. 92.08% of the stock is owned by institutional investors and hedge funds.

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.