First Solar (NASDAQ:FSLR) Price Target Cut to $356.00

First Solar (NASDAQ:FSLR) had its price objective trimmed by Guggenheim from $359.00 to $356.00 in a report published on Thursday morning, Benzinga reports. The firm currently has a buy rating on the solar cell manufacturer’s stock.

A number of other analysts also recently commented on the stock. Roth Mkm restated a buy rating and set a $230.00 price target on shares of First Solar in a research report on Thursday, April 18th. UBS Group boosted their target price on First Solar from $250.00 to $252.00 and gave the stock a buy rating in a report on Thursday. Morgan Stanley increased their price target on First Solar from $245.00 to $248.00 and gave the company an overweight rating in a research note on Thursday. Bank of America upped their price objective on First Solar from $187.00 to $194.00 and gave the company a buy rating in a report on Wednesday, April 10th. Finally, JPMorgan Chase & Co. lifted their target price on First Solar from $237.00 to $240.00 and gave the stock an overweight rating in a report on Thursday. Three analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus target price of $238.16.

First Solar Stock Performance

First Solar stock traded up $11.04 during midday trading on Thursday, reaching $191.55. 3,008,268 shares of the stock traded hands, compared to its average volume of 2,074,836. First Solar has a fifty-two week low of $129.21 and a fifty-two week high of $232.00. The company has a current ratio of 2.41, a quick ratio of 2.92 and a debt-to-equity ratio of 0.06. The firm has a market cap of $20.50 billion, a price-to-earnings ratio of 20.08, a PEG ratio of 0.31 and a beta of 1.37. The firm has a fifty day moving average price of $166.57 and a two-hundred day moving average price of $158.28.

First Solar (NASDAQ:FSLR) last issued its quarterly earnings data on Wednesday, May 1st. The solar cell manufacturer reported $2.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.90 by $0.30. First Solar had a return on equity of 16.24% and a net margin of 28.75%. The business had revenue of $794.10 million during the quarter, compared to the consensus estimate of $718.19 million. During the same period in the previous year, the firm posted $0.40 earnings per share. The business’s revenue was up 44.8% on a year-over-year basis. On average, equities research analysts forecast that First Solar will post 13.55 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Kuntal Kumar Verma sold 250 shares of First Solar stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $148.34, for a total transaction of $37,085.00. Following the completion of the sale, the insider now directly owns 5,170 shares in the company, valued at approximately $766,917.80. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, insider Kuntal Kumar Verma sold 250 shares of the company’s stock in a transaction on Monday, March 18th. The shares were sold at an average price of $148.34, for a total value of $37,085.00. Following the completion of the sale, the insider now directly owns 5,170 shares in the company, valued at $766,917.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Markus Gloeckler sold 679 shares of the stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $160.00, for a total transaction of $108,640.00. Following the transaction, the chief technology officer now directly owns 14,473 shares in the company, valued at $2,315,680. The disclosure for this sale can be found here. Insiders have sold a total of 26,620 shares of company stock valued at $4,269,540 in the last three months. Insiders own 0.58% of the company’s stock.

Institutional Investors Weigh In On First Solar

Large investors have recently added to or reduced their stakes in the stock. Norges Bank bought a new position in shares of First Solar in the fourth quarter valued at approximately $298,123,000. Clean Energy Transition LLP raised its holdings in First Solar by 948.8% in the 3rd quarter. Clean Energy Transition LLP now owns 1,186,646 shares of the solar cell manufacturer’s stock worth $191,750,000 after acquiring an additional 1,073,500 shares during the period. Barclays PLC lifted its position in First Solar by 125.5% during the 3rd quarter. Barclays PLC now owns 848,623 shares of the solar cell manufacturer’s stock worth $137,130,000 after acquiring an additional 472,327 shares during the last quarter. Schroder Investment Management Group boosted its holdings in First Solar by 16.7% during the fourth quarter. Schroder Investment Management Group now owns 2,454,499 shares of the solar cell manufacturer’s stock valued at $422,861,000 after acquiring an additional 351,540 shares during the period. Finally, Covalis Capital LLP grew its position in shares of First Solar by 615.6% in the third quarter. Covalis Capital LLP now owns 408,012 shares of the solar cell manufacturer’s stock valued at $65,931,000 after purchasing an additional 350,996 shares during the last quarter. 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.