Bank of America Has Lowered Expectations for First Solar (NASDAQ:FSLR) Stock Price

First Solar (NASDAQ:FSLR) had its price target cut by analysts at Bank of America from $321.00 to $269.00 in a research note issued on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the solar cell manufacturer’s stock. Bank of America‘s target price points to a potential upside of 38.32% from the stock’s current price.

Several other equities analysts have also recently issued reports on the company. Janney Montgomery Scott raised First Solar from a “neutral” rating to a “buy” rating and set a $260.00 price objective for the company in a report on Tuesday. Roth Mkm cut their price target on First Solar from $320.00 to $280.00 and set a “buy” rating for the company in a research note on Tuesday, October 15th. Clarkson Capital assumed coverage on shares of First Solar in a report on Wednesday, August 14th. They set a “buy” rating and a $270.00 target price for the company. JPMorgan Chase & Co. lifted their target price on shares of First Solar from $262.00 to $282.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 16th. Finally, Truist Financial started coverage on shares of First Solar in a research report on Thursday, September 26th. They issued a “buy” rating and a $300.00 price target on the stock. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $281.13.

First Solar Price Performance

First Solar stock opened at $194.48 on Wednesday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.65 and a current ratio of 2.14. First Solar has a one year low of $129.21 and a one year high of $306.77. The company has a market cap of $20.82 billion, a P/E ratio of 16.75, a price-to-earnings-growth ratio of 0.34 and a beta of 1.44. The business has a fifty day moving average of $222.68 and a two-hundred day moving average of $223.93.

First Solar (NASDAQ:FSLR) last released its quarterly earnings data 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). First Solar had a return on equity of 17.56% and a net margin of 32.41%. The company had revenue of $887.70 million for the quarter, compared to analysts’ expectations of $1.07 billion. During the same period in the prior year, the firm posted $2.50 EPS. The firm’s quarterly revenue was up 10.7% on a year-over-year basis. As a group, analysts predict that First Solar will post 13.18 earnings per share for the current fiscal year.

Insider Transactions at First Solar

In related news, insider Patrick James Buehler sold 8,619 shares of First Solar stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $222.00, for a total value of $1,913,418.00. Following the transaction, the insider now owns 3,468 shares in the company, valued at approximately $769,896. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CAO Byron Michael Jeffers sold 500 shares of the stock in a transaction on Monday, August 12th. The shares were sold at an average price of $220.00, for a total value of $110,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Patrick James Buehler sold 8,619 shares of the firm’s stock in a transaction on 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 completion of 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 disclosure for this sale can be found here. Insiders sold a total of 10,885 shares of company stock worth $2,405,757 in the last ninety days. Insiders own 0.58% of the company’s stock.

Institutional Trading of First Solar

Several large investors have recently added to or reduced their stakes in the stock. Stiles Financial Services Inc lifted its stake in shares of First Solar by 7.4% during the third quarter. Stiles Financial Services Inc now owns 1,745 shares of the solar cell manufacturer’s stock worth $435,000 after purchasing an additional 120 shares in the last quarter. JNBA Financial Advisors raised its holdings in shares of First Solar by 6.0% during the 3rd quarter. JNBA Financial Advisors now owns 3,086 shares of the solar cell manufacturer’s stock valued at $770,000 after buying an additional 175 shares during the period. Moloney Securities Asset Management LLC acquired a new position in First Solar during the 3rd quarter worth approximately $216,000. Quintet Private Bank Europe S.A. purchased a new position in First Solar in the 3rd quarter worth approximately $312,000. Finally, QRG Capital Management Inc. boosted its holdings in First Solar by 29.2% in the 3rd quarter. QRG Capital Management Inc. now owns 2,307 shares of the solar cell manufacturer’s stock worth $576,000 after acquiring an additional 522 shares during the period. 92.08% of the stock is currently owned by institutional investors and hedge funds.

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.