Wells Fargo & Company Cuts First Solar (NASDAQ:FSLR) Price Target to $209.00

First Solar (NASDAQ:FSLR) had its price objective trimmed by Wells Fargo & Company from $240.00 to $209.00 in a research report released on Wednesday morning,Benzinga reports. The firm currently has an overweight rating on the solar cell manufacturer’s stock.

Several other equities analysts have also recently issued reports on the company. Jefferies Financial Group lowered 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. Robert W. Baird reduced their price objective on First Solar from $307.00 to $267.00 and set an “outperform” rating for the company in a report on Wednesday, December 18th. The Goldman Sachs Group lowered their target price on shares of First Solar from $311.00 to $279.00 and set a “buy” rating on the stock in a research note on Wednesday, October 30th. Susquehanna reduced their price target on shares of First Solar from $280.00 to $252.00 and set a “positive” rating for the company in a research note on Wednesday, October 30th. Finally, Truist Financial initiated coverage on shares of First Solar in a research report on Thursday, September 26th. They set a “buy” rating and a $300.00 price objective on the stock. Four equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $277.75.

First Solar Stock Performance

First Solar stock opened at $189.24 on Wednesday. The stock’s 50 day moving average is $191.96 and its 200 day moving average is $212.16. The company has a market capitalization of $20.26 billion, a P/E ratio of 16.30, a PEG ratio of 0.35 and a beta of 1.49. First Solar has a twelve month low of $135.88 and a twelve month high of $306.77. 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 (NASDAQ:FSLR) last announced its quarterly earnings results 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 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 business’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 EPS. On average, equities research analysts predict that First Solar will post 13.15 earnings per share for the current fiscal year.

Hedge Funds Weigh In On First Solar

Several institutional investors have recently bought and sold shares of the business. Electron Capital Partners LLC lifted its stake in shares of First Solar by 81,947.0% in the 2nd quarter. Electron Capital Partners LLC now owns 7,669,757 shares of the solar cell manufacturer’s stock valued at $1,729,223,000 after purchasing an additional 7,660,409 shares during the last quarter. Wellington Management Group LLP raised its holdings in First Solar by 75.8% during the 3rd quarter. Wellington Management Group LLP now owns 2,097,364 shares of the solar cell manufacturer’s stock valued at $523,166,000 after buying an additional 904,498 shares during the period. Robeco Institutional Asset Management B.V. lifted its position in First Solar by 1,757.2% in the third quarter. Robeco Institutional Asset Management B.V. now owns 546,193 shares of the solar cell manufacturer’s stock worth $136,242,000 after buying an additional 516,783 shares during the last quarter. Merewether Investment Management LP boosted its stake in First Solar by 993.4% during the third quarter. Merewether Investment Management LP now owns 322,936 shares of the solar cell manufacturer’s stock worth $80,553,000 after buying an additional 293,400 shares during the period. Finally, Erste Asset Management GmbH purchased a new stake in shares of First Solar in the third quarter valued at $67,652,000. 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.