Wells Fargo & Company Has Lowered Expectations for First Solar (NASDAQ:FSLR) Stock Price

First Solar (NASDAQ:FSLR) had its target price reduced by Wells Fargo & Company from $250.00 to $240.00 in a report published on Wednesday, Benzinga reports. They currently have an overweight rating on the solar cell manufacturer’s stock.

A number of other research analysts also recently commented on the stock. Robert W. Baird reduced their price objective on shares of First Solar from $344.00 to $307.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 2nd. UBS Group lifted their price target on First Solar from $350.00 to $360.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Oppenheimer boosted their price objective on First Solar from $325.00 to $326.00 and gave the company an “outperform” rating in a report on Wednesday, July 31st. Citigroup raised First Solar from a “neutral” rating to a “buy” rating and increased their target price for the stock from $200.00 to $254.00 in a report on Tuesday, October 22nd. Finally, DZ Bank upgraded First Solar from a “hold” rating to a “buy” rating and set a $280.00 price target for the company in a report on Thursday, August 1st. Two analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, First Solar currently has an average rating of “Moderate Buy” and an average price target of $281.83.

First Solar Stock Down 1.1 %

Shares of NASDAQ FSLR opened at $197.50 on Wednesday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.65 and a current ratio of 2.23. First Solar has a 1 year low of $129.21 and a 1 year high of $306.77. The stock’s 50-day simple moving average is $222.68 and its 200-day simple moving average is $223.93. The firm has a market cap of $21.14 billion, a price-to-earnings ratio of 20.70, a PEG ratio of 0.34 and a beta of 1.44.

First Solar (NASDAQ:FSLR) last posted its quarterly earnings data on Tuesday, October 29th. The solar cell manufacturer reported $2.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.10 by ($0.19). The business had revenue of $887.70 million for the quarter, compared to analysts’ expectations of $1.07 billion. First Solar had a return on equity of 17.73% and a net margin of 31.98%. First Solar’s revenue for the quarter was up 10.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.50 earnings per share. As a group, equities analysts anticipate that First Solar will post 13.39 earnings per share for the current fiscal year.

Insider Activity

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 completion of the sale, the insider now directly owns 3,468 shares in the company, valued at $769,896. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other First Solar news, insider Patrick James Buehler sold 8,619 shares of the business’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $222.00, for a total value of $1,913,418.00. Following the sale, the insider now directly owns 3,468 shares in the company, valued at approximately $769,896. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Byron Michael Jeffers sold 500 shares of the firm’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $220.00, for a total transaction of $110,000.00. The disclosure for this sale can be found here. Insiders sold 10,885 shares of company stock worth $2,405,757 over the last three months. Corporate insiders own 0.58% of the company’s stock.

Institutional Investors Weigh In On First Solar

Institutional investors and hedge funds have recently modified their holdings of the stock. Brookstone Capital Management acquired a new stake in shares of First Solar during the first quarter worth $244,000. Sumitomo Mitsui Trust Holdings Inc. increased its stake in First Solar by 6.3% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 259,177 shares of the solar cell manufacturer’s stock worth $43,749,000 after purchasing an additional 15,430 shares in the last quarter. First Trust Direct Indexing L.P. purchased a new position in First Solar in the 1st quarter worth about $215,000. Everett Harris & Co. CA acquired a new stake in First Solar during the 1st quarter worth about $219,000. Finally, Van ECK Associates Corp boosted its holdings in shares of First Solar by 3.2% in the first quarter. Van ECK Associates Corp now owns 48,926 shares of the solar cell manufacturer’s stock worth $8,259,000 after buying an additional 1,524 shares during the period. Institutional investors and hedge funds 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.