First Solar (NASDAQ:FSLR) Price Target Cut to $268.00 by Analysts at JPMorgan Chase & Co.

First Solar (NASDAQ:FSLR) had its target price decreased by JPMorgan Chase & Co. from $282.00 to $268.00 in a report issued on Wednesday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the solar cell manufacturer’s stock.

A number of other equities research analysts have also weighed in on the company. Roth Mkm reaffirmed a “buy” rating and issued a $280.00 price objective on shares of First Solar in a report on Wednesday. BMO Capital Markets reaffirmed an “outperform” rating and issued a $230.00 price objective (down previously from $260.00) on shares of First Solar in a report on Wednesday. Evercore ISI lowered their price objective on First Solar from $281.00 to $278.00 and set an “outperform” rating on the stock in a report on Wednesday, October 30th. Royal Bank of Canada lowered their price objective on First Solar from $280.00 to $251.00 and set an “outperform” rating on the stock in a report on Wednesday. Finally, Piper Sandler lifted their price target on shares of First Solar from $210.00 to $250.00 and gave the company an “overweight” rating in a research report on Monday, December 2nd. Three research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, First Solar presently has a consensus rating of “Moderate Buy” and an average target price of $262.08.

First Solar Stock Performance

NASDAQ FSLR opened at $136.18 on Wednesday. The company has a quick ratio of 1.44, a current ratio of 2.14 and a debt-to-equity ratio of 0.05. First Solar has a 52-week low of $133.90 and a 52-week high of $306.77. The business’s 50-day moving average price is $172.38 and its 200 day moving average price is $198.11. The firm has a market cap of $14.58 billion, a P/E ratio of 11.73, a P/E/G ratio of 0.19 and a beta of 1.47.

First Solar (NASDAQ:FSLR) last announced 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). First Solar had a net margin of 32.41% and a return on equity of 17.56%. The business had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.48 billion. On average, equities research analysts expect that First Solar will post 13.05 earnings per share for the current year.

Institutional Trading of First Solar

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in First Solar by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 12,821,701 shares of the solar cell manufacturer’s stock worth $2,259,697,000 after acquiring an additional 120,289 shares during the period. State Street Corp grew its stake in First Solar by 2.2% in the 3rd quarter. State Street Corp now owns 4,956,633 shares of the solar cell manufacturer’s stock worth $1,236,383,000 after acquiring an additional 108,984 shares during the period. Geode Capital Management LLC grew its stake in First Solar by 2.4% in the 4th quarter. Geode Capital Management LLC now owns 2,666,242 shares of the solar cell manufacturer’s stock worth $469,154,000 after acquiring an additional 63,739 shares during the period. Wellington Management Group LLP grew its stake in First Solar by 12.5% in the 4th quarter. Wellington Management Group LLP now owns 2,359,846 shares of the solar cell manufacturer’s stock worth $415,899,000 after acquiring an additional 262,482 shares during the period. Finally, Invesco Ltd. grew its stake in First Solar by 13.9% in the 4th quarter. Invesco Ltd. now owns 1,835,056 shares of the solar cell manufacturer’s stock worth $323,410,000 after acquiring an additional 223,933 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.