Morgan Stanley Has Lowered Expectations for First Solar (NASDAQ:FSLR) Stock Price

First Solar (NASDAQ:FSLR) had its price target cut by Morgan Stanley from $329.00 to $297.00 in a research note issued to investors on Wednesday morning, Benzinga reports. They currently have an overweight rating on the solar cell manufacturer’s stock.

Several other brokerages have also recently commented on FSLR. Bank of America reduced their target price on First Solar from $343.00 to $321.00 and set a “buy” rating for the company in a research report on Tuesday, October 8th. Royal Bank of Canada reissued an “outperform” rating and issued a $315.00 target price on shares of First Solar in a report on Wednesday, July 31st. Hsbc Global Res upgraded First Solar to a “strong-buy” rating in a research report on Wednesday, October 9th. Piper Sandler upped their price target on shares of First Solar from $219.00 to $250.00 and gave the stock an “overweight” rating in a research report on Monday, July 22nd. Finally, Jefferies Financial Group decreased their price objective on First Solar from $271.00 to $266.00 and set a “buy” rating on the stock in a research report on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $281.13.

First Solar Trading Up 5.4 %

Shares of NASDAQ:FSLR opened at $204.94 on Wednesday. The firm has a market capitalization of $21.94 billion, a P/E ratio of 17.65, a price-to-earnings-growth ratio of 0.34 and a beta of 1.44. First Solar has a 12-month low of $129.21 and a 12-month high of $306.77. The company has a quick ratio of 1.65, a current ratio of 2.14 and a debt-to-equity ratio of 0.05. The firm has a fifty day moving average of $221.68 and a two-hundred day moving average of $223.93.

First Solar (NASDAQ:FSLR) last issued its quarterly earnings data on Tuesday, October 29th. The solar cell manufacturer reported $2.91 EPS for the quarter, missing analysts’ consensus estimates of $3.10 by ($0.19). The company had revenue of $887.70 million for the quarter, compared to analyst estimates of $1.07 billion. First Solar had a net margin of 32.41% and a return on equity of 17.56%. The business’s revenue was up 10.7% on a year-over-year basis. During the same period in the prior year, the company posted $2.50 EPS. On average, equities analysts expect that First Solar will post 13.18 EPS for the current fiscal year.

Insider Buying and Selling

In other First Solar news, insider Patrick James Buehler sold 8,619 shares of the company’s stock in a transaction 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 transaction, the insider now directly owns 3,468 shares of the company’s stock, valued at $769,896. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 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 value of $1,913,418.00. Following the completion of the sale, the insider now owns 3,468 shares of the company’s stock, 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 SEC, which can be accessed through this link. Also, CAO Byron Michael Jeffers sold 500 shares of the company’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. In the last ninety days, insiders sold 10,885 shares of company stock valued at $2,405,757. Insiders own 0.58% of the company’s stock.

Institutional Investors Weigh In On First Solar

Institutional investors have recently made changes to their positions in the stock. Western Financial Corp CA bought a new position in First Solar during the 3rd quarter worth $1,209,000. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of First Solar by 6.3% during 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. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of First Solar by 20.3% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 121,055 shares of the solar cell manufacturer’s stock worth $20,434,000 after purchasing an additional 20,465 shares during the period. Harbour Capital Advisors LLC raised its stake in First Solar by 224.0% in the third quarter. Harbour Capital Advisors LLC now owns 5,217 shares of the solar cell manufacturer’s stock valued at $1,301,000 after purchasing an additional 3,607 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in First Solar by 0.9% during the first quarter. Vanguard Group Inc. now owns 12,257,053 shares of the solar cell manufacturer’s stock worth $2,068,991,000 after purchasing an additional 105,236 shares during the period. 92.08% of the stock is currently owned by institutional investors.

First Solar Company Profile

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.