First Solar (NASDAQ:FSLR) Given New $335.00 Price Target at Guggenheim

First Solar (NASDAQ:FSLR) had its price target decreased by research analysts at Guggenheim from $368.00 to $335.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the solar cell manufacturer’s stock. Guggenheim’s target price would indicate a potential upside of 68.52% from the company’s previous close.

Other equities research analysts have also issued reports about the company. Roth Mkm decreased their price objective on First Solar from $320.00 to $280.00 and set a “buy” rating for the company in a research report on Tuesday, October 15th. Hsbc Global Res upgraded First Solar to a “strong-buy” rating in a research report on Wednesday, October 9th. Royal Bank of Canada decreased their price objective on First Solar from $315.00 to $280.00 and set an “outperform” rating for the company in a research report on Wednesday. Truist Financial started coverage on First Solar in a report on Thursday, September 26th. They set a “buy” rating and a $300.00 price target for the company. Finally, Citigroup upgraded First Solar from a “neutral” rating to a “buy” rating and lifted their price target for the company from $200.00 to $254.00 in a report on Tuesday, October 22nd. Two 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’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $281.83.

First Solar Trading Down 0.4 %

FSLR traded down $0.88 during trading on Wednesday, reaching $198.79. The company had a trading volume of 5,917,364 shares, compared to its average volume of 2,417,890. The firm’s 50-day simple moving average is $223.18 and its 200 day simple moving average is $224.11. The company has a market cap of $21.28 billion, a price-to-earnings ratio of 20.84, a PEG 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 debt-to-equity ratio of 0.06, a quick ratio of 1.65 and a current ratio of 2.23.

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

Insider Activity

In other news, insider Patrick James Buehler sold 8,619 shares of the business’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 sale, the insider now directly owns 3,468 shares in the company, valued at approximately $769,896. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, insider Patrick James Buehler sold 8,619 shares of the business’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 sale, the insider now directly owns 3,468 shares in the company, valued at approximately $769,896. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Byron Michael Jeffers sold 500 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $220.00, for a total value of $110,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 10,885 shares of company stock worth $2,405,757. Company insiders own 0.58% of the company’s stock.

Institutional Trading of First Solar

Several institutional investors have recently bought and sold shares of FSLR. Brookstone Capital Management acquired a new stake in First Solar in the 1st quarter valued at $244,000. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in First Solar by 6.3% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 259,177 shares of the solar cell manufacturer’s stock valued at $43,749,000 after buying an additional 15,430 shares in the last quarter. First Trust Direct Indexing L.P. acquired a new stake in First Solar in the 1st quarter valued at $215,000. Everett Harris & Co. CA acquired a new stake in First Solar in the 1st quarter valued at $219,000. Finally, Van ECK Associates Corp boosted its stake in First Solar by 3.2% in the first quarter. Van ECK Associates Corp now owns 48,926 shares of the solar cell manufacturer’s stock worth $8,259,000 after purchasing an additional 1,524 shares in the last quarter. Institutional investors and hedge funds 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.