Guggenheim Has Lowered Expectations for First Solar (NASDAQ:FSLR) Stock Price

First Solar (NASDAQ:FSLR) had its price target dropped by investment analysts at Guggenheim from $304.00 to $253.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the solar cell manufacturer’s stock. Guggenheim’s price target suggests a potential upside of 110.17% from the stock’s previous close.

Several other equities research analysts have also issued reports on the stock. Redburn Atlantic started coverage on shares of First Solar in a report on Monday, March 3rd. They issued a “neutral” rating for the company. Truist Financial restated a “buy” rating and set a $245.00 target price (down previously from $285.00) on shares of First Solar in a research report on Wednesday, April 2nd. Barclays decreased their price target on First Solar from $273.00 to $236.00 and set an “overweight” rating for the company in a research note on Friday, February 28th. Morgan Stanley cut their price objective on First Solar from $297.00 to $238.00 and set an “overweight” rating on the stock in a research report on Thursday, February 27th. Finally, Robert W. Baird lowered their target price on shares of First Solar from $307.00 to $267.00 and set an “outperform” rating for the company in a research note on Wednesday, December 18th. Four analysts have rated the stock with a hold rating, twenty-three have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $257.42.

First Solar Stock Performance

First Solar stock opened at $120.38 on Monday. The company’s 50-day moving average price is $143.05 and its 200-day moving average price is $179.01. The company has a quick ratio of 1.44, a current ratio of 2.14 and a debt-to-equity ratio of 0.05. The company has a market cap of $12.89 billion, a PE ratio of 10.37, a price-to-earnings-growth ratio of 0.19 and a beta of 1.48. First Solar has a twelve month low of $118.57 and a twelve month high of $306.77.

First Solar (NASDAQ:FSLR) last issued its quarterly earnings data on Tuesday, February 25th. The solar cell manufacturer reported $3.65 earnings per share for the quarter, missing the consensus estimate of $4.81 by ($1.16). The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.48 billion. First Solar had a return on equity of 17.56% and a net margin of 32.41%. On average, equities research analysts forecast that First Solar will post 13.05 EPS for the current fiscal year.

Insiders Place Their Bets

In other First Solar news, insider Kuntal Kumar Verma sold 7,475 shares of First Solar stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $136.60, for a total transaction of $1,021,085.00. Following the completion of the sale, the insider now directly owns 3,549 shares in the company, valued at $484,793.40. This trade represents a 67.81 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Mark R. Widmar sold 1,966 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $133.75, for a total transaction of $262,952.50. Following the completion of the sale, the chief executive officer now directly owns 111,890 shares in the company, valued at $14,965,287.50. This trade represents a 1.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 34,311 shares of company stock valued at $4,767,158 over the last quarter. 0.58% of the stock is owned by insiders.

Institutional Trading of First Solar

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Benjamin Edwards Inc. purchased a new stake in shares of First Solar in the 3rd quarter valued at $229,000. Quantinno Capital Management LP increased its stake in First Solar by 20.6% during the third quarter. Quantinno Capital Management LP now owns 2,177 shares of the solar cell manufacturer’s stock worth $543,000 after purchasing an additional 372 shares during the period. Stifel Financial Corp lifted its position in shares of First Solar by 36.9% during the third quarter. Stifel Financial Corp now owns 21,446 shares of the solar cell manufacturer’s stock worth $5,350,000 after purchasing an additional 5,780 shares in the last quarter. Kovitz Investment Group Partners LLC purchased a new position in shares of First Solar in the third quarter valued at approximately $913,000. Finally, National Bank of Canada FI grew its holdings in shares of First Solar by 33.3% in the third quarter. National Bank of Canada FI now owns 112,675 shares of the solar cell manufacturer’s stock valued at $28,106,000 after purchasing an additional 28,153 shares in the last quarter. Hedge funds and other institutional investors own 92.08% of the company’s stock.

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.