First Solar (NASDAQ:FSLR) Price Target Cut to $237.00 by Analysts at BMO Capital Markets

First Solar (NASDAQ:FSLR) had its price objective reduced by BMO Capital Markets from $252.00 to $237.00 in a report published on Monday morning,MarketScreener reports. They currently have a market perform rating on the solar cell manufacturer’s stock.

FSLR has been the topic of several other research reports. Morgan Stanley cut their price target on First Solar from $275.00 to $230.00 and set an “overweight” rating on the stock in a report on Monday, March 2nd. Guggenheim dropped their target price on First Solar from $312.00 to $269.00 and set a “buy” rating on the stock in a research report on Tuesday, March 17th. UBS Group cut their target price on First Solar from $330.00 to $300.00 and set a “buy” rating on the stock in a research note on Wednesday, February 25th. Susquehanna reduced their price target on shares of First Solar from $280.00 to $250.00 and set a “positive” rating for the company in a report on Thursday, April 9th. Finally, The Goldman Sachs Group lowered their price target on shares of First Solar from $316.00 to $300.00 and set a “buy” rating for the company in a research report on Wednesday, February 25th. Nineteen investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $246.53.

First Solar Price Performance

Shares of NASDAQ:FSLR opened at $192.49 on Monday. The company has a market cap of $20.68 billion, a PE ratio of 13.55, a P/E/G ratio of 0.41 and a beta of 1.61. First Solar has a fifty-two week low of $119.09 and a fifty-two week high of $285.99. The firm has a 50-day simple moving average of $203.92 and a 200 day simple moving average of $233.81. The company has a quick ratio of 2.35, a current ratio of 2.67 and a debt-to-equity ratio of 0.03.

First Solar (NASDAQ:FSLR) last issued its earnings results on Tuesday, February 24th. The solar cell manufacturer reported $4.84 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.22 by ($0.38). The business had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.59 billion. First Solar had a return on equity of 17.32% and a net margin of 29.28%.The business’s revenue was up 11.1% on a year-over-year basis. During the same period in the prior year, the business earned $3.65 EPS. On average, sell-side analysts anticipate that First Solar will post 17.4 EPS for the current year.

Insider Activity

In other First Solar news, CFO Alexander R. Bradley sold 14,106 shares of the business’s stock in a transaction on Tuesday, March 17th. The stock was sold at an average price of $199.97, for a total transaction of $2,820,776.82. Following the completion of the transaction, the chief financial officer owned 30,000 shares in the company, valued at approximately $5,999,100. The trade was a 31.98% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Mark R. Widmar sold 1,937 shares of the stock in a transaction on Monday, March 16th. The stock was sold at an average price of $200.80, for a total value of $388,949.60. Following the completion of the transaction, the chief executive officer directly owned 102,798 shares of the company’s stock, valued at approximately $20,641,838.40. The trade was a 1.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 76,562 shares of company stock worth $15,042,232 over the last ninety days. 0.39% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On First Solar

Several large investors have recently bought and sold shares of FSLR. Norges Bank acquired a new stake in shares of First Solar in the 4th quarter worth approximately $392,040,000. Viking Global Investors LP increased its stake in shares of First Solar by 60.6% during the second quarter. Viking Global Investors LP now owns 2,266,050 shares of the solar cell manufacturer’s stock valued at $375,122,000 after acquiring an additional 854,919 shares during the period. Polar Capital Holdings Plc bought a new stake in First Solar during the fourth quarter worth approximately $200,109,000. Lightrock Netherlands B.V. raised its holdings in First Solar by 2,663.8% during the fourth quarter. Lightrock Netherlands B.V. now owns 666,307 shares of the solar cell manufacturer’s stock worth $174,059,000 after purchasing an additional 642,199 shares in the last quarter. Finally, Amundi lifted its position in First Solar by 38.6% in the third quarter. Amundi now owns 2,025,835 shares of the solar cell manufacturer’s stock worth $459,917,000 after purchasing an additional 564,032 shares during the period. Institutional investors and hedge funds own 92.08% of the company’s stock.

About First Solar

First Solar, Inc (NASDAQ: FSLR) is a United States–based solar technology company best known for designing and manufacturing thin‑film photovoltaic (PV) modules that use cadmium telluride (CdTe) semiconductor technology. The company supplies PV modules and delivers integrated solar power solutions for utility‑scale projects, positioning itself as a provider of both components and complete solar energy systems rather than solely a parts supplier. First Solar was founded in 1999 and is headquartered in Tempe, Arizona.

Beyond module manufacturing, First Solar offers a range of project services including development support, engineering, procurement and construction (EPC) services, and operations and maintenance (O&M) for large-scale solar installations.