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

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

Several other research analysts also recently commented on the company. Truist Financial started coverage on First Solar in a report on Thursday, September 26th. They issued a “buy” rating and a $300.00 price objective on the stock. Susquehanna dropped their price objective on First Solar from $285.00 to $280.00 and set a “positive” rating for the company in a research note on Wednesday, October 16th. Morgan Stanley cut their target price on shares of First Solar from $329.00 to $297.00 and set an “overweight” rating on the stock in a report on Wednesday. Citigroup upgraded shares of First Solar from a “neutral” rating to a “buy” rating and upped their price target for the company from $200.00 to $254.00 in a report on Tuesday, October 22nd. Finally, Clarkson Capital began coverage on shares of First Solar in a research note on Wednesday, August 14th. They set a “buy” rating and a $270.00 price objective for the company. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-three have assigned 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 a consensus target price of $281.13.

First Solar Stock Up 5.4 %

Shares of FSLR opened at $204.94 on Wednesday. First Solar has a 1 year low of $129.21 and a 1 year high of $306.77. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.14 and a quick ratio of 1.65. The stock has a 50 day simple moving average of $221.68 and a two-hundred day simple moving average of $223.93. The firm has a market cap of $21.94 billion, a P/E ratio of 17.65, a P/E/G ratio of 0.34 and a beta of 1.44.

First Solar (NASDAQ:FSLR) last announced its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $1.07 billion. First Solar had a net margin of 32.41% and a return on equity of 17.56%. First Solar’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same period last year, the company posted $2.50 EPS. On average, analysts forecast that First Solar will post 13.18 earnings per share for the current fiscal year.

Insider Transactions at First Solar

In related news, CAO Byron Michael Jeffers sold 1,766 shares of the firm’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $216.50, for a total value of $382,339.00. Following the completion of the sale, the chief accounting officer now directly owns 500 shares in the company, valued at $108,250. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Patrick James Buehler sold 8,619 shares of the company’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 approximately $769,896. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Byron Michael Jeffers sold 1,766 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $216.50, for a total transaction of $382,339.00. Following the completion of the sale, the chief accounting officer now directly owns 500 shares of the company’s stock, valued at approximately $108,250. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 10,885 shares of company stock worth $2,405,757. 0.58% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. AlphaMark Advisors LLC bought a new position in First Solar in the 3rd quarter valued at $25,000. Atlas Capital Advisors LLC boosted its stake in shares of First Solar by 411.1% during 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 bought a new position in shares of First Solar in the second quarter worth about $36,000. Itau Unibanco Holding S.A. purchased a new position in First Solar in the 2nd quarter worth about $38,000. Finally, Alta Advisers Ltd bought a new stake in First Solar during the 2nd quarter valued at about $45,000. Institutional investors own 92.08% of the company’s stock.

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.