First Solar (NASDAQ:FSLR) Given New $252.00 Price Target at JPMorgan Chase & Co.

First Solar (NASDAQ:FSLR) had its price objective dropped by equities researchers at JPMorgan Chase & Co. from $256.00 to $252.00 in a research note issued on Monday, Benzinga reports. The brokerage presently has an “overweight” rating on the solar cell manufacturer’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 46.68% from the company’s previous close.

Several other brokerages also recently weighed in on FSLR. Weiss Ratings upgraded First Solar from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, October 8th. Roth Capital reiterated a “buy” rating and issued a $300.00 target price on shares of First Solar in a research report on Friday, July 24th. Citigroup cut shares of First Solar from a “buy” rating to a “hold” rating in a report on Thursday, August 27th. Oppenheimer reissued a “market perform” rating on shares of First Solar in a report on Friday, July 31st. Finally, Raymond James Financial assumed coverage on shares of First Solar in a research note on Thursday, August 27th. They issued a “market perform” rating on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, ten have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $265.73.

First Solar Stock Down 0.5%

Shares of NASDAQ:FSLR traded down $0.84 during trading on Monday, reaching $171.80. 1,914,258 shares of the company traded hands, compared to its average volume of 2,362,125. First Solar has a 52 week low of $168.60 and a 52 week high of $320.95. The firm has a market capitalization of $18.46 billion, a PE ratio of 10.59, a PEG ratio of 0.47 and a beta of 1.80. The company’s 50 day moving average is $198.70 and its two-hundred day moving average is $219.21.

First Solar (NASDAQ:FSLR) last posted its quarterly earnings data on Thursday, July 30th. The solar cell manufacturer reported $3.92 earnings per share for the quarter, topping the consensus estimate of $2.90 by $1.02. The business had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.06 billion. First Solar had a net margin of 32.47% and a return on equity of 18.02%. First Solar’s revenue was down 3.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.18 earnings per share. As a group, research analysts anticipate that First Solar will post 17.63 EPS for the current year.

Insider Buying and Selling

In other news, insider Michael Koralewski sold 7,000 shares of the firm’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $221.51, for a total transaction of $1,550,570.00. Following the completion of the transaction, the insider directly owned 7,642 shares in the company, valued at $1,692,779.42. This trade represents a 47.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Markus Gloeckler sold 800 shares of the company’s stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $174.00, for a total transaction of $139,200.00. Following the completion of the sale, the chief technology officer directly owned 5,042 shares in the company, valued at approximately $877,308. This represents a 13.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 16,681 shares of company stock valued at $3,756,286. Company insiders own 0.39% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. BlackRock Inc. purchased a new stake in First Solar in the second quarter worth approximately $3,310,298,000. Hill City Capital LP purchased a new position in First Solar during the 2nd quarter valued at about $620,133,555. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in First Solar by 7.0% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,535,836 shares of the solar cell manufacturer’s stock worth $362,396,000 after acquiring an additional 100,694 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of First Solar by 4.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,305,471 shares of the solar cell manufacturer’s stock valued at $257,441,000 after purchasing an additional 56,300 shares in the last quarter. Finally, Pictet Asset Management Holding SA raised its stake in First Solar by 29.3% in the first quarter. Pictet Asset Management Holding SA now owns 1,138,473 shares of the solar cell manufacturer’s stock worth $224,540,000 after buying an additional 258,204 shares in the last quarter. Institutional investors and hedge funds own 92.08% of the company’s stock.

First Solar Company Profile

First Solar, Inc is a vertically integrated solar technology and manufacturing company that designs, manufactures and sells photovoltaic (PV) solar modules. Its modules use advanced thin-film semiconductor technology based on cadmium telluride (CdTe), rather than the crystalline-silicon technology used by most solar manufacturers. The company serves utility-scale solar developers, commercial and industrial customers, and other large-scale energy users.

Founded in 1999 and headquartered in Tempe, Arizona, First Solar operates research and development, manufacturing and recycling facilities in the United States and internationally.