Bank of America Lowers First Solar (NASDAQ:FSLR) Price Target to $321.00

First Solar (NASDAQ:FSLR) had its price target cut by Bank of America from $343.00 to $321.00 in a research note published on Tuesday, Benzinga reports. They currently have a buy rating on the solar cell manufacturer’s stock.

A number of other equities research analysts have also recently weighed in on the company. DZ Bank upgraded First Solar from a hold rating to a buy rating and set a $280.00 price objective for the company in a research note on Thursday, August 1st. Clarkson Capital started coverage on shares of First Solar in a research report on Wednesday, August 14th. They issued a buy rating and a $270.00 price objective on the stock. Janney Montgomery Scott cut shares of First Solar from a buy rating to a neutral rating in a research report on Tuesday, June 18th. Piper Sandler lifted their price target on shares of First Solar from $219.00 to $250.00 and gave the stock an overweight rating in a report on Monday, July 22nd. Finally, Susquehanna increased their price objective on First Solar from $258.00 to $285.00 and gave the company a positive rating in a report on Wednesday, July 3rd. Four equities research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, First Solar presently has an average rating of Moderate Buy and an average target price of $285.44.

First Solar Trading Down 9.3 %

Shares of NASDAQ FSLR opened at $205.04 on Tuesday. First Solar has a twelve month low of $129.21 and a twelve month high of $306.77. The firm has a market cap of $21.95 billion, a PE ratio of 18.31, a price-to-earnings-growth ratio of 0.38 and a beta of 1.44. The business has a fifty day simple moving average of $227.59 and a two-hundred day simple moving average of $220.72. The company has a quick ratio of 1.65, a current ratio of 2.23 and a debt-to-equity ratio of 0.06.

First Solar (NASDAQ:FSLR) last released its quarterly earnings data on Tuesday, July 30th. The solar cell manufacturer reported $3.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.69 by $0.56. The firm had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $939.71 million. First Solar had a net margin of 31.98% and a return on equity of 17.73%. The company’s quarterly revenue was up 24.6% on a year-over-year basis. During the same period last year, the firm earned $1.85 earnings per share. Analysts expect that First Solar will post 13.53 earnings per share for the current fiscal year.

Insider Buying and Selling at First Solar

In other First Solar news, insider Patrick James Buehler sold 8,619 shares of First Solar stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $222.00, for a total transaction of $1,913,418.00. Following the completion of the transaction, 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 is accessible through this link. In other First Solar news, insider Patrick James Buehler sold 8,619 shares of the company’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 sale, the insider now owns 3,468 shares in the company, valued at approximately $769,896. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Byron Michael Jeffers sold 1,766 shares of First Solar 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 transaction, the chief accounting officer now directly owns 500 shares of the company’s stock, valued at approximately $108,250. 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 three months, insiders have sold 10,885 shares of company stock valued at $2,405,757. 0.58% of the stock is owned by insiders.

Institutional Investors Weigh In On First Solar

Several hedge funds have recently modified their holdings of FSLR. Electron Capital Partners LLC increased its stake in shares of First Solar by 81,947.0% during the second quarter. Electron Capital Partners LLC now owns 7,669,757 shares of the solar cell manufacturer’s stock worth $1,729,223,000 after purchasing an additional 7,660,409 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its holdings in First Solar by 11.1% in the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 2,801,916 shares of the solar cell manufacturer’s stock valued at $472,963,000 after purchasing an additional 279,719 shares in the last quarter. Anomaly Capital Management LP acquired a new stake in First Solar during the 2nd quarter worth $53,752,000. Canada Pension Plan Investment Board grew its holdings in shares of First Solar by 2,429.1% during the second quarter. Canada Pension Plan Investment Board now owns 174,530 shares of the solar cell manufacturer’s stock worth $39,350,000 after buying an additional 167,629 shares in the last quarter. Finally, Park West Asset Management LLC acquired a new stake in shares of First Solar in the fourth quarter valued at about $26,359,000. 92.08% of the stock is owned by hedge funds and other institutional investors.

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.