JPMorgan Chase & Co. Cuts First Solar (NASDAQ:FSLR) Price Target to $268.00

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

A number of other research firms have also recently commented on FSLR. Wells Fargo & Company decreased their price target on First Solar from $240.00 to $209.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 8th. Piper Sandler upped their price target on First Solar from $210.00 to $250.00 and gave the stock an “overweight” rating in a research note on Monday, December 2nd. Robert W. Baird reduced their price objective on First Solar from $307.00 to $267.00 and set an “outperform” rating on the stock in a research note on Wednesday, December 18th. Janney Montgomery Scott upgraded First Solar from a “neutral” rating to a “buy” rating and set a $260.00 price objective on the stock in a research note on Tuesday, October 29th. Finally, Roth Mkm reiterated a “buy” rating and issued a $280.00 price objective on shares of First Solar in a research note on Wednesday. Three equities research 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 stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $262.08.

First Solar Stock Down 3.5 %

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. The stock’s fifty day moving average is $172.38 and its two-hundred day moving average is $198.11. First Solar has a 52 week low of $133.90 and a 52 week high of $306.77. The stock has a market capitalization of $14.58 billion, a price-to-earnings ratio of 11.73, a price-to-earnings-growth ratio of 0.19 and a beta of 1.47.

First Solar (NASDAQ:FSLR) last released its quarterly earnings results on Tuesday, February 25th. The solar cell manufacturer reported $3.65 EPS for the quarter, missing analysts’ consensus estimates of $4.81 by ($1.16). First Solar had a return on equity of 17.56% and a net margin of 32.41%. The firm had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.48 billion. Research analysts anticipate that First Solar will post 13.05 EPS for the current year.

Hedge Funds Weigh In On First Solar

Several hedge funds have recently made changes to their positions in FSLR. Raymond James & Associates grew its holdings in shares of First Solar by 10.1% during the third quarter. Raymond James & Associates now owns 13,040 shares of the solar cell manufacturer’s stock worth $3,253,000 after purchasing an additional 1,197 shares during the last quarter. Private Advisor Group LLC grew its holdings in shares of First Solar by 4.9% during the third quarter. Private Advisor Group LLC now owns 3,877 shares of the solar cell manufacturer’s stock worth $967,000 after purchasing an additional 180 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in shares of First Solar by 12.1% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 5,912 shares of the solar cell manufacturer’s stock worth $1,475,000 after purchasing an additional 636 shares during the last quarter. State of Alaska Department of Revenue grew its holdings in shares of First Solar by 6.8% during the third quarter. State of Alaska Department of Revenue now owns 12,434 shares of the solar cell manufacturer’s stock worth $3,101,000 after purchasing an additional 795 shares during the last quarter. Finally, Integrated Advisors Network LLC grew its holdings in shares of First Solar by 23.4% during the third quarter. Integrated Advisors Network LLC now owns 7,239 shares of the solar cell manufacturer’s stock worth $1,806,000 after purchasing an additional 1,372 shares during the last quarter. 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.