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

First Solar (NASDAQ:FSLR) had its price target dropped by equities research analysts at Wells Fargo & Company from $250.00 to $240.00 in a note issued to 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 would suggest a potential upside of 23.41% from the stock’s previous close.

Several other research firms have also commented on FSLR. William Blair began coverage on shares of First Solar in a research report on Thursday, August 29th. They set a “market perform” rating for the company. Royal Bank of Canada restated an “outperform” rating and issued a $315.00 target price on shares of First Solar in a research note on Wednesday, July 31st. Bank of America reduced their price target on First Solar from $321.00 to $269.00 and set a “buy” rating on the stock in a research report on Wednesday. Robert W. Baird lowered their price objective on First Solar from $344.00 to $307.00 and set an “outperform” rating for the company in a research report on Tuesday, July 2nd. Finally, DZ Bank raised First Solar from a “hold” rating to a “buy” rating and set a $280.00 target price on the stock in a research report on Thursday, August 1st. 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 issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $281.13.

First Solar Stock Performance

Shares of FSLR stock opened at $194.48 on Wednesday. The firm has a market cap of $20.82 billion, a price-to-earnings ratio of 16.75, a PEG ratio of 0.34 and a beta of 1.44. First Solar has a 52-week low of $129.21 and a 52-week high of $306.77. The company has a quick ratio of 1.65, a current ratio of 2.23 and a debt-to-equity ratio of 0.06. The company’s 50 day moving average is $222.68 and its 200 day moving average is $223.93.

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 company had revenue of $887.70 million during the quarter, compared to analysts’ expectations of $1.07 billion. First Solar had a net margin of 31.98% and a return on equity of 17.73%. The company’s revenue was up 10.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.50 earnings per share. On average, sell-side analysts anticipate that First Solar will post 13.39 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Byron Michael Jeffers sold 500 shares of the company’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $220.00, for a total value of $110,000.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CAO Byron Michael Jeffers sold 500 shares of the firm’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 transaction of $110,000.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Patrick James Buehler sold 8,619 shares of the business’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 owns 3,468 shares of the company’s stock, valued at approximately $769,896. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 10,885 shares of company stock valued at $2,405,757. Company insiders own 0.58% of the company’s stock.

Institutional Investors Weigh In On First Solar

Hedge funds have recently modified their holdings of the company. AlphaMark Advisors LLC purchased a new stake in First Solar in the 3rd quarter worth $25,000. Atlas Capital Advisors LLC increased 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 worth $31,000 after purchasing an additional 111 shares in the last quarter. Summit Securities Group LLC purchased a new stake in shares of First Solar during the second quarter worth about $36,000. Itau Unibanco Holding S.A. acquired a new position in shares of First Solar during the 2nd quarter worth about $38,000. Finally, Alta Advisers Ltd purchased a new position in First Solar in the 2nd quarter valued at about $45,000. 92.08% of the stock is owned by hedge funds and other institutional investors.

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.