First Solar (NASDAQ:FSLR) Price Target Cut to $267.00 by Analysts at Robert W. Baird

First Solar (NASDAQ:FSLR) had its target price cut by Robert W. Baird from $307.00 to $267.00 in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have an outperform rating on the solar cell manufacturer’s stock.

FSLR has been the subject of a number of other reports. Wells Fargo & Company reduced their target price on shares of First Solar from $250.00 to $240.00 and set an “overweight” rating for the company in a research report on Wednesday, October 30th. Citigroup raised First Solar from a “neutral” rating to a “buy” rating and raised their target price for the stock from $200.00 to $254.00 in a research report on Tuesday, October 22nd. Piper Sandler upped their price target on First Solar from $210.00 to $250.00 and gave the company an “overweight” rating in a research report on Monday, December 2nd. Truist Financial initiated coverage on First Solar in a research note on Thursday, September 26th. They set a “buy” rating and a $300.00 price target for the company. Finally, Roth Mkm lowered their price objective on First Solar from $320.00 to $280.00 and set a “buy” rating on the stock in a research note on Tuesday, October 15th. Four investment 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 stock. According to MarketBeat, First Solar has an average rating of “Moderate Buy” and an average price target of $279.04.

First Solar Stock Performance

First Solar stock traded down $4.40 during mid-day trading on Wednesday, reaching $179.87. 634,858 shares of the company’s stock were exchanged, compared to its average volume of 2,495,150. The business’s fifty day simple moving average is $197.18 and its 200 day simple moving average is $221.61. The company has a quick ratio of 1.44, a current ratio of 2.14 and a debt-to-equity ratio of 0.05. First Solar has a one year low of $135.88 and a one year high of $306.77. The firm has a market capitalization of $19.26 billion, a PE ratio of 15.49, a P/E/G ratio of 0.35 and a beta of 1.46.

First Solar (NASDAQ:FSLR) last released its earnings results 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 business had revenue of $887.70 million for the quarter, compared to the consensus estimate of $1.07 billion. First Solar had a return on equity of 17.56% and a net margin of 32.41%. The company’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.50 earnings per share. On average, sell-side analysts expect that First Solar will post 13.15 earnings per share for the current year.

Institutional Investors Weigh In On First Solar

A number of institutional investors and hedge funds have recently bought and sold shares of FSLR. Western Financial Corp CA bought a new position in shares of First Solar in the 3rd quarter worth $1,209,000. Stifel Financial Corp increased its stake in First Solar by 36.9% in the third quarter. Stifel Financial Corp now owns 21,446 shares of the solar cell manufacturer’s stock valued at $5,350,000 after acquiring an additional 5,780 shares during the last quarter. Harbour Capital Advisors LLC raised its position in First Solar by 224.0% during 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. Sumitomo Mitsui Trust Group Inc. lifted its stake in First Solar by 6.4% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 244,140 shares of the solar cell manufacturer’s stock worth $60,898,000 after purchasing an additional 14,597 shares during the last quarter. Finally, Mivtachim The Workers Social Insurance Fund Ltd. Under Special Management purchased a new position in shares of First Solar in the 3rd quarter worth about $17,635,000. 92.08% of the stock is owned by hedge funds and other 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.