First Solar (NASDAQ:FSLR) Stock Gets Price Target Cut from Piper Sandler

by · The Cerbat Gem

First Solar (NASDAQ:FSLR – Free Report) had its price target cut by Piper Sandler from $251.00 to $222.00 in a research report sent to investors on Monday morning,Benzinga reports. They currently have an overweight rating on the solar cell manufacturer’s stock.

A number of other research analysts also recently issued reports on the stock. Wells Fargo & Company dropped their price target on shares of First Solar from $313.00 to $260.00 and set an “overweight” rating on the stock in a research report on Friday, October 30th. HSBC upgraded First Solar from a “hold” rating to a “buy” rating in a research note on Friday, August 7th. Truist Financial upgraded shares of First Solar from a “hold” rating to a “buy” rating and boosted their target price for the company from $229.00 to $270.00 in a research note on Monday, October 12th. Argus reaffirmed a “buy” rating and set a $275.00 target price on shares of First Solar in a report on Wednesday, August 26th. Finally, BNP Paribas Exane began coverage on shares of First Solar in a research report on Friday, October 30th. They set a “strong-buy” rating on the stock. Three investment analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $255.17.

Read Our Latest Report on FSLR

First Solar Stock Down 1.6%

FSLR opened at $178.11 on Monday. The stock has a market cap of $19.14 billion, a P/E ratio of 10.31, a P/E/G ratio of 0.49 and a beta of 1.73. First Solar has a 12 month low of $165.86 and a 12 month high of $320.95. The company has a fifty day simple moving average of $185.89 and a 200 day simple moving average of $214.08.

First Solar (NASDAQ:FSLR – Get Free Report) last released its earnings results on Thursday, October 29th. The solar cell manufacturer reported $5.30 earnings per share for the quarter, beating analysts’ consensus estimates of $4.67 by $0.63. First Solar had a net margin of 37.12% and a return on equity of 18.33%. The business had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.29 billion. During the same quarter last year, the firm earned $4.24 earnings per share. The firm’s revenue for the quarter was down 22.8% compared to the same quarter last year. On average, equities research analysts expect that First Solar will post 17.70 earnings per share for the current fiscal year.

Insider Transactions at First Solar

In other news, EVP Samantha Sloan sold 127 shares of the company’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $222.95, for a total transaction of $28,314.65. Following the sale, the executive vice president directly owned 2,018 shares in the company, valued at approximately $449,913.10. This represents a 5.92% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Markus Gloeckler sold 800 shares of the stock in a transaction dated Thursday, October 1st. The stock was 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 $877,308. This trade represents a 13.69% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 1,727 shares of company stock worth $327,515 over the last quarter. 0.39% of the stock is owned by company insiders.

Institutional Trading of First Solar

Several hedge funds and other institutional investors have recently bought and sold shares of FSLR. Clearstead Trust LLC acquired a new stake in First Solar during the 2nd quarter worth about $34,000. Vega Investment Solutions purchased a new position in shares of First Solar during the 2nd quarter valued at approximately $40,000. Gen Wealth Partners Inc acquired a new position in shares of First Solar during the 3rd quarter worth about $30,000. Toth Financial Advisory Corp purchased a new position in First Solar in the 3rd quarter valued at about $32,000. Finally, Rakuten Securities Inc. purchased a new position in First Solar in the 2nd quarter valued at about $44,000. Institutional investors own 92.08% of the company’s stock.

First Solar Company Profile

(Get Free Report)

First Solar, Inc. is a U.S.-based solar technology company that designs and manufactures photovoltaic modules for utility-scale solar power projects. Its products use thin-film cadmium telluride (CdTe) technology, an alternative to the crystalline-silicon cells commonly used in solar panels. Founded in 1999, the company also provides services related to its modules, including recycling designed to recover and reuse materials at the end of a product’s useful life. First Solar serves customers in markets across the Americas, Europe, and Asia-Pacific.

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