Wells Fargo & Company Lowers First Solar (NASDAQ:FSLR) Price Target to $209.00

First Solar (NASDAQ:FSLR) had its price target trimmed by Wells Fargo & Company from $240.00 to $209.00 in a report published on Wednesday,Benzinga reports. The firm currently has an overweight rating on the solar cell manufacturer’s stock.

Other analysts also recently issued research reports about the company. Seaport Res Ptn upgraded First Solar to a “hold” rating in a research note on Tuesday, November 5th. The Goldman Sachs Group cut their price target on First Solar from $311.00 to $279.00 and set a “buy” rating for the company in a report on Wednesday, October 30th. Evercore ISI cut their price target on First Solar from $281.00 to $278.00 and set an “outperform” rating for the company in a report on Wednesday, October 30th. Truist Financial initiated coverage on First Solar in a report on Thursday, September 26th. They issued a “buy” rating and a $300.00 price target for the company. Finally, Royal Bank of Canada cut their price target on First Solar from $315.00 to $280.00 and set an “outperform” rating for the company in a report on Wednesday, October 30th. Four research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $277.75.

First Solar Stock Performance

FSLR opened at $191.13 on Wednesday. The company has a market cap of $20.46 billion, a PE ratio of 16.46, a price-to-earnings-growth ratio of 0.35 and a beta of 1.49. The stock has a 50-day moving average of $192.02 and a 200-day moving average of $212.30. First Solar has a 52-week low of $135.88 and a 52-week high of $306.77. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.44 and a current ratio of 2.14.

First Solar (NASDAQ:FSLR) last announced 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 business had revenue of $887.70 million for the quarter, compared to the consensus estimate of $1.07 billion. During the same quarter in the previous year, the company earned $2.50 EPS. First Solar’s revenue for the quarter was up 10.7% compared to the same quarter last year. As a group, equities research analysts forecast that First Solar will post 13.15 earnings per share for the current fiscal year.

Institutional Investors Weigh In On First Solar

Several hedge funds and other institutional investors have recently made changes to their positions in the company. First Hawaiian Bank increased its stake in shares of First Solar by 22.7% in the 4th quarter. First Hawaiian Bank now owns 4,926 shares of the solar cell manufacturer’s stock valued at $868,000 after buying an additional 910 shares during the period. Legend Financial Advisors Inc. grew its stake in shares of First Solar by 2.8% during the fourth quarter. Legend Financial Advisors Inc. now owns 4,662 shares of the solar cell manufacturer’s stock worth $822,000 after purchasing an additional 125 shares during the period. Doliver Advisors LP grew its stake in shares of First Solar by 1.2% during the fourth quarter. Doliver Advisors LP now owns 4,713 shares of the solar cell manufacturer’s stock worth $831,000 after purchasing an additional 56 shares during the period. GAMMA Investing LLC grew its stake in shares of First Solar by 21.2% during the fourth quarter. GAMMA Investing LLC now owns 2,254 shares of the solar cell manufacturer’s stock worth $397,000 after purchasing an additional 395 shares during the period. Finally, Oddo BHF Asset Management Sas acquired a new stake in shares of First Solar during the third quarter worth $18,406,000. 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.