First Solar (NASDAQ:FSLR) Price Target Cut to $269.00 by Analysts at Guggenheim

First Solar (NASDAQ:FSLR) had its price target dropped by equities researchers at Guggenheim from $312.00 to $269.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the solar cell manufacturer’s stock. Guggenheim’s price objective would indicate a potential upside of 34.47% from the company’s current price.

FSLR has been the subject of a number of other reports. Argus dropped their target price on shares of First Solar from $300.00 to $250.00 and set a “buy” rating for the company in a research note on Tuesday, March 3rd. Needham & Company LLC raised their price objective on shares of First Solar from $286.00 to $303.00 and gave the company a “buy” rating in a research note on Monday, February 23rd. Barclays dropped their target price on shares of First Solar from $279.00 to $228.00 and set an “overweight” rating for the company in a research report on Monday, March 2nd. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of First Solar in a research note on Monday, December 29th. Finally, TD Cowen cut their target price on First Solar from $320.00 to $253.00 and set a “buy” rating on the stock in a research note on Wednesday, February 25th. Twenty equities research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $248.17.

First Solar Trading Up 0.3%

Shares of FSLR opened at $200.05 on Tuesday. The company has a current ratio of 2.67, a quick ratio of 2.35 and a debt-to-equity ratio of 0.03. The stock has a market cap of $21.47 billion, a PE ratio of 14.05, a PEG ratio of 0.32 and a beta of 1.65. First Solar has a 1 year low of $116.56 and a 1 year high of $285.99. The stock has a 50 day simple moving average of $225.79 and a 200-day simple moving average of $236.47.

First Solar (NASDAQ:FSLR) last announced its quarterly earnings results on Tuesday, February 24th. The solar cell manufacturer reported $4.84 earnings per share for the quarter, missing analysts’ consensus estimates of $5.22 by ($0.38). First Solar had a net margin of 29.28% and a return on equity of 17.32%. The company had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.59 billion. During the same quarter last year, the company earned $3.65 earnings per share. The business’s revenue was up 11.1% on a year-over-year basis. On average, sell-side analysts predict that First Solar will post 13.05 EPS for the current fiscal year.

Insider Activity at First Solar

In other First Solar news, CAO Nathan B. Theurer sold 324 shares of the stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $195.70, for a total transaction of $63,406.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Georges Antoun sold 791 shares of the business’s stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $190.36, for a total value of $150,574.76. Following the completion of the sale, the insider owned 18,784 shares in the company, valued at approximately $3,575,722.24. This trade represents a 4.04% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 47,761 shares of company stock valued at $9,276,424 over the last three months. Insiders own 0.48% of the company’s stock.

Institutional Investors Weigh In On First Solar

Several institutional investors have recently bought and sold shares of FSLR. Woodline Partners LP raised its holdings in shares of First Solar by 40.7% in the first quarter. Woodline Partners LP now owns 9,044 shares of the solar cell manufacturer’s stock valued at $1,143,000 after purchasing an additional 2,615 shares during the last quarter. Allworth Financial LP grew its position in First Solar by 33.4% in the second quarter. Allworth Financial LP now owns 903 shares of the solar cell manufacturer’s stock valued at $149,000 after purchasing an additional 226 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in First Solar by 40.1% in the 2nd quarter. PNC Financial Services Group Inc. now owns 20,441 shares of the solar cell manufacturer’s stock valued at $3,384,000 after buying an additional 5,850 shares during the last quarter. Banco Bilbao Vizcaya Argentaria S.A. lifted its position in First Solar by 72.7% during the 2nd quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 6,268 shares of the solar cell manufacturer’s stock worth $1,044,000 after buying an additional 2,639 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in First Solar by 7.4% during the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 26,302 shares of the solar cell manufacturer’s stock worth $4,354,000 after buying an additional 1,819 shares in the last quarter. Institutional investors 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.