Wells Fargo & Company Issues Pessimistic Forecast for First Solar (NASDAQ:FSLR) Stock Price

First Solar (NASDAQ:FSLR) had its price objective reduced by stock analysts at Wells Fargo & Company from $240.00 to $209.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the solar cell manufacturer’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 8.80% from the stock’s previous close.

Several other research firms have also commented on FSLR. Jefferies Financial Group lowered their price objective on shares of First Solar from $271.00 to $266.00 and set a “buy” rating for the company in a research report on Thursday, October 10th. BMO Capital Markets reissued an “outperform” rating and set a $260.00 target price (down previously from $286.00) on shares of First Solar in a research report on Wednesday, October 30th. Janney Montgomery Scott upgraded shares of First Solar from a “neutral” rating to a “buy” rating and set a $260.00 price objective on the stock in a research report on Tuesday, October 29th. Bank of America decreased their price objective on First Solar from $321.00 to $269.00 and set a “buy” rating for the company in a report on Wednesday, October 30th. Finally, Roth Mkm cut their price target on First Solar from $320.00 to $280.00 and set a “buy” rating on the stock in a report on Tuesday, October 15th. Four research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $277.75.

First Solar Price Performance

Shares of NASDAQ:FSLR traded down $5.63 during midday trading on Wednesday, reaching $192.10. 382,172 shares of the company were exchanged, compared to its average volume of 1,526,629. The company has a current ratio of 2.14, a quick ratio of 1.44 and a debt-to-equity ratio of 0.05. The stock has a market cap of $20.57 billion, a PE ratio of 16.55, a price-to-earnings-growth ratio of 0.35 and a beta of 1.49. The business’s fifty day moving average is $192.15 and its two-hundred day moving average is $212.45. First Solar has a one year low of $135.88 and a one year high of $306.77.

First Solar (NASDAQ:FSLR) last issued its earnings results on Tuesday, October 29th. The solar cell manufacturer reported $2.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.10 by ($0.19). The firm had revenue of $887.70 million during 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% compared to the same quarter last year. During the same period last year, the firm posted $2.50 earnings per share. As a group, analysts predict that First Solar will post 13.15 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Legend Financial Advisors Inc. increased its stake in shares of First Solar by 2.8% in the 4th quarter. Legend Financial Advisors Inc. now owns 4,662 shares of the solar cell manufacturer’s stock valued at $822,000 after purchasing an additional 125 shares in the last quarter. Doliver Advisors LP lifted its holdings in First Solar by 1.2% in the 4th quarter. Doliver Advisors LP now owns 4,713 shares of the solar cell manufacturer’s stock valued at $831,000 after purchasing an additional 56 shares in the last quarter. GAMMA Investing LLC raised its position in First Solar by 21.2% in the fourth quarter. GAMMA Investing LLC now owns 2,254 shares of the solar cell manufacturer’s stock valued at $397,000 after purchasing an additional 395 shares during the period. Oddo BHF Asset Management Sas acquired a new position in First Solar in the third quarter valued at about $18,406,000. Finally, Franklin Resources Inc. lifted its holdings in shares of First Solar by 10.4% in the 3rd quarter. Franklin Resources Inc. now owns 131,634 shares of the solar cell manufacturer’s stock worth $32,835,000 after acquiring an additional 12,439 shares during the last quarter. Hedge funds and other 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.