First Solar (NASDAQ:FSLR) Price Target Cut to $205.00 by Analysts at Piper Sandler

First Solar (NASDAQ:FSLR) had its price objective decreased by Piper Sandler from $230.00 to $205.00 in a research note published on Monday,Benzinga reports. Piper Sandler currently has an overweight rating on the solar cell manufacturer’s stock.

Several other equities research analysts have also recently issued reports on FSLR. Morgan Stanley dropped their target price on shares of First Solar from $297.00 to $238.00 and set an “overweight” rating on the stock in a report on Thursday, February 27th. Royal Bank of Canada reduced their price objective on First Solar from $280.00 to $251.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 26th. Deutsche Bank Aktiengesellschaft set a $265.00 target price on First Solar in a research note on Thursday, February 27th. Truist Financial restated a “buy” rating and issued a $245.00 target price (down from $285.00) on shares of First Solar in a research note on Wednesday, April 2nd. Finally, BMO Capital Markets restated an “outperform” rating and issued a $230.00 price objective (down from $260.00) on shares of First Solar in a report on Wednesday, February 26th. Four equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $250.58.

First Solar Price Performance

Shares of NASDAQ FSLR opened at $122.45 on Monday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.44 and a current ratio of 2.14. The company has a market capitalization of $13.11 billion, a price-to-earnings ratio of 10.55, a P/E/G ratio of 0.19 and a beta of 1.48. The company has a 50 day simple moving average of $135.41 and a two-hundred day simple moving average of $170.83. First Solar has a fifty-two week low of $116.56 and a fifty-two week high of $306.77.

First Solar (NASDAQ:FSLR) last announced its quarterly earnings results on Tuesday, February 25th. The solar cell manufacturer reported $3.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.81 by ($1.16). First Solar had a return on equity of 17.56% and a net margin of 32.41%. The firm had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.48 billion. Analysts expect that First Solar will post 13.05 EPS for the current fiscal year.

Insider Transactions at First Solar

In other First Solar news, CEO Mark R. Widmar sold 21,542 shares of the company’s stock in a transaction on Friday, February 28th. The shares were sold at an average price of $141.09, for a total transaction of $3,039,360.78. Following the completion of the transaction, the chief executive officer now directly owns 103,403 shares in the company, valued at approximately $14,589,129.27. This represents a 17.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Kuntal Kumar Verma sold 7,475 shares of the business’s stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $136.60, for a total value of $1,021,085.00. Following the sale, the insider now owns 3,549 shares of the company’s stock, valued at approximately $484,793.40. This trade represents a 67.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 34,311 shares of company stock worth $4,767,158 over the last 90 days. 0.48% of the stock is currently owned by company insiders.

Institutional Trading of First Solar

Hedge funds and other institutional investors have recently modified their holdings of the stock. Lumbard & Kellner LLC grew its position in First Solar by 71.0% in the first quarter. Lumbard & Kellner LLC now owns 46,393 shares of the solar cell manufacturer’s stock worth $5,865,000 after acquiring an additional 19,266 shares during the period. State of Alaska Department of Revenue grew its stake in First Solar by 2.6% during the 1st quarter. State of Alaska Department of Revenue now owns 12,529 shares of the solar cell manufacturer’s stock worth $1,584,000 after purchasing an additional 320 shares in the last quarter. Rakuten Securities Inc. increased its stake in shares of First Solar by 116.3% during the first quarter. Rakuten Securities Inc. now owns 465 shares of the solar cell manufacturer’s stock worth $59,000 after buying an additional 250 shares during the period. QRG Capital Management Inc. increased its holdings in First Solar by 375.9% in the first quarter. QRG Capital Management Inc. now owns 8,048 shares of the solar cell manufacturer’s stock valued at $1,017,000 after buying an additional 6,357 shares during the last quarter. Finally, Janney Montgomery Scott LLC raised its position in shares of First Solar by 226.5% during the 1st quarter. Janney Montgomery Scott LLC now owns 21,264 shares of the solar cell manufacturer’s stock worth $2,688,000 after acquiring an additional 14,751 shares in the last quarter. 92.08% of the stock is owned by institutional investors and hedge funds.

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.