Barclays Cuts First Solar (NASDAQ:FSLR) Price Target to $236.00

First Solar (NASDAQ:FSLR) had its price target cut by Barclays from $273.00 to $236.00 in a report released on Friday,Benzinga reports. The firm presently has an “overweight” rating on the solar cell manufacturer’s stock. Barclays‘s price objective indicates a potential upside of 73.30% from the stock’s previous close.

FSLR has been the subject of several other reports. Morgan Stanley lowered their price target on First Solar from $297.00 to $238.00 and set an “overweight” rating for the company in a research report on Thursday. Robert W. Baird dropped their target price on First Solar from $307.00 to $267.00 and set an “outperform” rating for the company in a research report on Wednesday, December 18th. Truist Financial reissued a “buy” rating and issued a $285.00 price objective (down previously from $300.00) on shares of First Solar in a research note on Wednesday. JPMorgan Chase & Co. dropped their price objective on shares of First Solar from $282.00 to $268.00 and set an “overweight” rating for the company in a report on Wednesday. Finally, Seaport Res Ptn upgraded shares of First Solar from a “hold” rating to a “strong-buy” rating in a report on Wednesday, January 15th. Three investment analysts have rated the stock with a hold rating, twenty-three have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $262.08.

First Solar Trading Down 3.5 %

Shares of NASDAQ:FSLR traded down $5.00 during midday trading on Friday, reaching $136.18. 5,775,244 shares of the company’s stock were exchanged, compared to its average volume of 2,608,842. The stock has a market cap of $14.58 billion, a price-to-earnings ratio of 11.73, a P/E/G ratio of 0.19 and a beta of 1.47. First Solar has a fifty-two week low of $133.90 and a fifty-two week high of $306.77. The firm’s 50 day simple moving average is $173.30 and its two-hundred day simple moving average is $198.68. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.14 and a quick ratio of 1.44.

First Solar (NASDAQ:FSLR) last announced its quarterly earnings results 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 company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.48 billion. As a group, sell-side analysts forecast that First Solar will post 13.05 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Strengthening Families & Communities LLC purchased a new position in shares of First Solar during the third quarter worth approximately $25,000. Kennebec Savings Bank acquired a new stake in First Solar during the 3rd quarter worth $29,000. Larson Financial Group LLC grew its position 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 purchasing an additional 107 shares during the last quarter. Smartleaf Asset Management LLC increased its stake in First Solar by 31.7% in 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 during the period. Finally, Crews Bank & Trust acquired a new stake in shares of First Solar during the fourth quarter worth about $53,000. Hedge funds and other institutional investors own 92.08% of the company’s stock.

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.