First Solar (NASDAQ:FSLR) Given New $243.00 Price Target at Citigroup

First Solar (NASDAQ:FSLR) had its price target reduced by research analysts at Citigroup from $300.00 to $243.00 in a research report issued to clients and investors on Tuesday,MarketScreener reports. The firm currently has a “buy” rating on the solar cell manufacturer’s stock. Citigroup’s target price would suggest a potential upside of 26.64% from the stock’s previous close.

A number of other brokerages have also recently weighed in on FSLR. DZ Bank upgraded First Solar to a “strong sell” rating in a research note on Thursday, February 26th. JPMorgan Chase & Co. decreased their price objective on First Solar from $303.00 to $256.00 and set an “overweight” rating for the company in a research note on Wednesday, February 25th. Raymond James Financial began coverage on First Solar in a research note on Monday, January 12th. They set a “market perform” rating for the company. Glj Research cut First Solar from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $314.43 to $207.82 in a research note on Wednesday, March 4th. Finally, Needham & Company LLC upped their price objective on First Solar from $286.00 to $303.00 and gave the stock a “buy” rating in a research note on Monday, February 23rd. Nineteen equities research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, First Solar currently has an average rating of “Moderate Buy” and a consensus price target of $244.49.

First Solar Stock Down 0.3%

Shares of FSLR stock traded down $0.62 during mid-day trading on Tuesday, hitting $191.88. The stock had a trading volume of 206,106 shares, compared to its average volume of 2,315,889. First Solar has a 12-month low of $119.09 and a 12-month high of $285.99. The firm has a market capitalization of $20.62 billion, a P/E ratio of 13.55, a price-to-earnings-growth ratio of 0.41 and a beta of 1.61. The firm’s 50-day moving average is $203.92 and its two-hundred day moving average is $233.81. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.67 and a quick ratio of 2.35.

First Solar (NASDAQ:FSLR) last issued its earnings results on Tuesday, February 24th. The solar cell manufacturer reported $4.84 earnings per share for the quarter, missing the consensus estimate of $5.22 by ($0.38). First Solar had a return on equity of 17.32% and a net margin of 29.28%.The firm had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.59 billion. During the same quarter in the prior year, the company posted $3.65 earnings per share. First Solar’s quarterly revenue was up 11.1% compared to the same quarter last year. On average, analysts predict that First Solar will post 17.4 earnings per share for the current fiscal year.

Insider Buying and Selling

In other First Solar news, General Counsel Jason E. Dymbort sold 9,022 shares of the stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $199.62, for a total value of $1,800,971.64. Following the completion of the sale, the general counsel directly owned 9,850 shares in the company, valued at approximately $1,966,257. This trade represents a 47.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Alexander R. Bradley sold 14,106 shares of the stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $199.97, for a total value of $2,820,776.82. Following the completion of the sale, the chief financial officer owned 30,000 shares of the company’s stock, valued at approximately $5,999,100. This trade represents a 31.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 76,562 shares of company stock valued at $15,042,232 in the last 90 days. 0.39% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of First Solar by 3.5% in the third quarter. Vanguard Group Inc. now owns 13,721,979 shares of the solar cell manufacturer’s stock valued at $3,026,108,000 after purchasing an additional 464,130 shares during the period. Geode Capital Management LLC increased its holdings in shares of First Solar by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 2,919,991 shares of the solar cell manufacturer’s stock valued at $761,396,000 after purchasing an additional 24,206 shares during the period. Viking Global Investors LP increased its holdings in shares of First Solar by 60.6% in the second quarter. Viking Global Investors LP now owns 2,266,050 shares of the solar cell manufacturer’s stock valued at $375,122,000 after purchasing an additional 854,919 shares during the period. Amundi increased its holdings in shares of First Solar by 9.4% in the fourth quarter. Amundi now owns 2,215,461 shares of the solar cell manufacturer’s stock valued at $578,791,000 after purchasing an additional 189,626 shares during the period. Finally, Norges Bank acquired a new position in shares of First Solar in the fourth quarter valued at about $392,040,000. 92.08% of the stock is owned by institutional investors and hedge funds.

First Solar Company Profile

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.