First Solar (NASDAQ:FSLR) Given New $235.00 Price Target at UBS Group

First Solar (NASDAQ:FSLR) had its price target lowered by UBS Group from $240.00 to $235.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the solar cell manufacturer’s stock. UBS Group’s price target suggests a potential upside of 85.67% from the stock’s previous close.

FSLR has been the subject of several other research reports. KeyCorp lowered First Solar from a “sector weight” rating to an “underweight” rating and set a $100.00 price objective for the company. in a report on Wednesday. Redburn Atlantic initiated coverage on First Solar in a research note on Monday, March 3rd. They set a “neutral” rating for the company. Oppenheimer downgraded First Solar from an “outperform” rating to a “market perform” rating in a research report on Wednesday. Truist Financial reiterated a “buy” rating and set a $245.00 price target (down from $285.00) on shares of First Solar in a research report on Wednesday, April 2nd. Finally, Citigroup lowered their price objective on shares of First Solar from $254.00 to $236.00 and set a “neutral” rating for the company in a report on Wednesday, February 26th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, twenty-three have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, First Solar has a consensus rating of “Moderate Buy” and a consensus price target of $223.87.

First Solar Price Performance

NASDAQ FSLR opened at $126.57 on Wednesday. The company has a market cap of $13.57 billion, a PE ratio of 10.90, a price-to-earnings-growth ratio of 0.19 and a beta of 1.48. 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 firm’s 50-day simple moving average is $131.37 and its two-hundred day simple moving average is $166.87. First Solar has a 52 week low of $116.56 and a 52 week high of $306.77.

First Solar (NASDAQ:FSLR) last issued its quarterly earnings data on Tuesday, April 29th. The solar cell manufacturer reported $1.95 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.50 by ($0.55). The company had revenue of $844.57 million for the quarter, compared to analysts’ expectations of $863.11 million. First Solar had a return on equity of 17.56% and a net margin of 32.41%. The business’s revenue for the quarter was up 6.4% on a year-over-year basis. During the same period last year, the company posted $2.20 EPS. Research analysts predict that First Solar will post 13.05 earnings per share for the current year.

Insiders Place Their Bets

In other First Solar news, insider Georges Antoun sold 229 shares of the firm’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 $30,628.75. Following the completion of the transaction, the insider now owns 52,836 shares of the company’s stock, valued at approximately $7,066,815. This trade represents a 0.43 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Kuntal Kumar Verma sold 7,475 shares of the business’s stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $136.60, for a total value of $1,021,085.00. Following the completion of the sale, the insider now directly owns 3,549 shares in the company, valued at approximately $484,793.40. This represents a 67.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 34,311 shares of company stock worth $4,767,158. 0.48% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On First Solar

Several hedge funds have recently added to or reduced their stakes in FSLR. Vanguard Group Inc. raised its position in shares of First Solar by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 12,821,701 shares of the solar cell manufacturer’s stock worth $2,259,697,000 after purchasing an additional 120,289 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of First Solar by 2.4% in the fourth quarter. Geode Capital Management LLC now owns 2,666,242 shares of the solar cell manufacturer’s stock worth $469,154,000 after buying an additional 63,739 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of First Solar by 12.5% during the fourth quarter. Wellington Management Group LLP now owns 2,359,846 shares of the solar cell manufacturer’s stock valued at $415,899,000 after buying an additional 262,482 shares during the last quarter. Invesco Ltd. grew its holdings in shares of First Solar by 13.9% during the fourth quarter. Invesco Ltd. now owns 1,835,056 shares of the solar cell manufacturer’s stock valued at $323,410,000 after buying an additional 223,933 shares during the last quarter. Finally, Amundi raised its holdings in First Solar by 31.0% in the 4th quarter. Amundi now owns 1,805,244 shares of the solar cell manufacturer’s stock worth $336,871,000 after acquiring an additional 426,797 shares during the last quarter. 92.08% of the stock is owned by institutional investors.

First Solar Company Profile

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.