Bank of America Cuts First Solar (NASDAQ:FSLR) Price Target to $269.00

First Solar (NASDAQ:FSLR) had its price target decreased by Bank of America from $321.00 to $269.00 in a research report sent to investors on Wednesday, Benzinga reports. Bank of America currently has a buy rating on the solar cell manufacturer’s stock.

A number of other analysts have also weighed in on FSLR. Oppenheimer upped their target price on shares of First Solar from $325.00 to $326.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 31st. BMO Capital Markets dropped their price objective on shares of First Solar from $311.00 to $286.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 31st. Truist Financial began coverage on shares of First Solar in a research report on Thursday, September 26th. They set a “buy” rating and a $300.00 price objective for the company. Susquehanna lowered their target price on shares of First Solar from $285.00 to $280.00 and set a “positive” rating for the company in a research note on Wednesday, October 16th. Finally, Morgan Stanley cut their price target on First Solar from $329.00 to $297.00 and set an “overweight” rating on the stock in a research note on Wednesday. Two equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $281.83.

First Solar Stock Down 1.1 %

Shares of FSLR opened at $197.50 on Wednesday. The company’s 50-day simple moving average is $222.68 and its 200-day simple moving average is $223.93. 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 has a market capitalization of $21.14 billion, a PE ratio of 20.70, a P/E/G ratio of 0.34 and a beta of 1.44.

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

Insiders Place Their Bets

In other 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 transaction of $1,913,418.00. Following the completion of the sale, the insider now 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 Securities & Exchange Commission, which is available through this link. In other 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 transaction of $1,913,418.00. Following the transaction, the insider now directly owns 3,468 shares in the company, valued at $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 SEC, which is available through this link. Also, CAO Byron Michael Jeffers sold 500 shares of the stock in a transaction dated Monday, August 12th. The stock was 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. In the last ninety days, insiders sold 10,885 shares of company stock valued at $2,405,757. 0.58% of the stock is owned by company insiders.

Institutional Trading of First Solar

Institutional investors have recently modified their holdings of the business. AlphaMark Advisors LLC purchased a new position in First Solar in the third quarter worth $25,000. Atlas Capital Advisors LLC lifted its stake in shares of First Solar by 411.1% in the second quarter. Atlas Capital Advisors LLC now owns 138 shares of the solar cell manufacturer’s stock valued at $31,000 after purchasing an additional 111 shares during the period. Summit Securities Group LLC purchased a new stake in First Solar during the second quarter worth about $36,000. Itau Unibanco Holding S.A. acquired a new position in First Solar during the second quarter worth about $38,000. Finally, Alta Advisers Ltd purchased a new position in First Solar in the second quarter valued at about $45,000. 92.08% of the stock is currently owned by hedge funds and other institutional investors.

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.