Brokerages Set First Solar, Inc. (NASDAQ:FSLR) Price Target at $277.75

Shares of First Solar, Inc. (NASDAQ:FSLR) have earned a consensus rating of “Buy” from the twenty-seven research firms that are currently covering the company, Marketbeat.com reports. Two analysts have rated the stock with a hold recommendation, twenty-three have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $277.75.

FSLR has been the topic of a number of research reports. Janney Montgomery Scott raised shares of First Solar from a “neutral” rating to a “buy” rating and set a $260.00 target price on the stock in a research report on Tuesday, October 29th. Morgan Stanley reduced their price objective on shares of First Solar from $329.00 to $297.00 and set an “overweight” rating for the company in a research note on Wednesday, October 30th. BMO Capital Markets reaffirmed 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. Mizuho reduced their price target on First Solar from $274.00 to $257.00 and set a “neutral” rating for the company in a research report on Thursday, October 31st. Finally, Bank of America dropped their price objective on First Solar from $321.00 to $269.00 and set a “buy” rating on the stock in a research report on Wednesday, October 30th.

First Solar Stock Performance

Shares of NASDAQ:FSLR opened at $192.88 on Monday. The firm’s 50 day simple moving average is $190.18 and its 200-day simple moving average is $209.63. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.44 and a current ratio of 2.14. First Solar has a one year low of $135.88 and a one year high of $306.77. The firm has a market cap of $20.65 billion, a PE ratio of 16.61, a price-to-earnings-growth ratio of 0.21 and a beta of 1.49.

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 the consensus estimate of $3.10 by ($0.19). First Solar had a return on equity of 17.56% and a net margin of 32.41%. The firm had revenue of $887.70 million for the quarter, compared to analysts’ expectations of $1.07 billion. During the same quarter in the previous year, the business earned $2.50 earnings per share. The company’s revenue for the quarter was up 10.7% compared to the same quarter last year. As a group, equities analysts predict that First Solar will post 13.09 EPS for the current year.

Institutional Investors Weigh In On First Solar

Several hedge funds have recently added to or reduced their stakes in the business. Western Financial Corp CA acquired a new position in shares of First Solar in the 3rd quarter valued at $1,209,000. Stifel Financial Corp boosted its stake in shares of First Solar by 36.9% during the 3rd quarter. Stifel Financial Corp now owns 21,446 shares of the solar cell manufacturer’s stock worth $5,350,000 after acquiring an additional 5,780 shares in the last quarter. iA Global Asset Management Inc. grew its position in shares of First Solar by 802.1% during the 3rd quarter. iA Global Asset Management Inc. now owns 20,460 shares of the solar cell manufacturer’s stock valued at $5,104,000 after acquiring an additional 18,192 shares during the period. Harbour Capital Advisors LLC increased its stake in shares of First Solar by 224.0% in the 3rd quarter. Harbour Capital Advisors LLC now owns 5,217 shares of the solar cell manufacturer’s stock valued at $1,301,000 after purchasing an additional 3,607 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. raised its holdings in First Solar by 6.4% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 244,140 shares of the solar cell manufacturer’s stock worth $60,898,000 after purchasing an additional 14,597 shares during the period. 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.