Robert W. Baird Has Lowered Expectations for First Solar (NASDAQ:FSLR) Stock Price

First Solar (NASDAQ:FSLR) had its target price cut by equities researchers at Robert W. Baird from $318.00 to $290.00 in a research note issued to investors on Tuesday. The firm currently has an “outperform” rating on the solar cell manufacturer’s stock. Robert W. Baird’s price target suggests a potential upside of 54.54% from the company’s previous close.

Several other analysts also recently issued reports on the stock. Morgan Stanley upped their price objective on shares of First Solar from $245.00 to $323.00 and gave the stock an “overweight” rating in a report on Tuesday, August 18th. Mizuho set a $324.00 target price on shares of First Solar in a research report on Thursday, August 13th. Deutsche Bank Aktiengesellschaft cut shares of First Solar from a “buy” rating to a “hold” rating in a report on Thursday, August 27th. Guggenheim raised their price target on First Solar from $279.00 to $282.00 and gave the company a “buy” rating in a research report on Monday, August 3rd. Finally, TD Cowen reiterated a “buy” rating on shares of First Solar in a research note on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $266.53.

First Solar Stock Performance

Shares of FSLR stock opened at $187.66 on Tuesday. The stock’s 50 day simple moving average is $212.17 and its 200 day simple moving average is $221.27. First Solar has a twelve month low of $182.99 and a twelve month high of $320.95. The company has a market capitalization of $20.16 billion, a price-to-earnings ratio of 11.72, a PEG ratio of 0.53 and a beta of 1.74.

First Solar (NASDAQ:FSLR) last announced its earnings results on Thursday, July 30th. The solar cell manufacturer reported $3.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.90 by $1.02. First Solar had a return on equity of 18.02% and a net margin of 32.47%.The firm had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.06 billion. During the same quarter in the prior year, the business earned $3.18 earnings per share. The company’s revenue was down 3.4% on a year-over-year basis. On average, analysts forecast that First Solar will post 17.78 EPS for the current fiscal year.

Insider Activity at First Solar

In other news, CTO Markus Gloeckler sold 3,425 shares of the company’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $218.95, for a total transaction of $749,903.75. Following the completion of the transaction, the chief technology officer owned 7,471 shares of the company’s stock, valued at approximately $1,635,775.45. This represents a 31.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Samantha Sloan sold 127 shares of the 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 completion of the sale, the executive vice president owned 2,018 shares of the company’s stock, valued at approximately $449,913.10. The trade was a 5.92% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 15,881 shares of company stock worth $3,617,086. 0.39% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of FSLR. Root Financial Partners LLC boosted its holdings in shares of First Solar by 18.2% in the 4th quarter. Root Financial Partners LLC now owns 292 shares of the solar cell manufacturer’s stock valued at $76,000 after purchasing an additional 45 shares during the last quarter. Fiduciary Financial Group LLC raised its position in shares of First Solar by 2.3% in the 2nd quarter. Fiduciary Financial Group LLC now owns 2,026 shares of the solar cell manufacturer’s stock worth $478,000 after buying an additional 45 shares during the period. Fielder Capital Group LLC boosted its holdings in First Solar by 4.1% in the fourth quarter. Fielder Capital Group LLC now owns 1,196 shares of the solar cell manufacturer’s stock valued at $312,000 after acquiring an additional 47 shares during the last quarter. Burford Brothers Inc. grew its position in First Solar by 0.3% during the first quarter. Burford Brothers Inc. now owns 19,131 shares of the solar cell manufacturer’s stock valued at $3,774,000 after acquiring an additional 51 shares during the period. Finally, Huntington National Bank increased its stake in First Solar by 7.0% during the fourth quarter. Huntington National Bank now owns 806 shares of the solar cell manufacturer’s stock worth $211,000 after acquiring an additional 53 shares during the last quarter. 92.08% of the stock is owned by institutional investors.

About First Solar

First Solar, Inc is a renewable energy technology company that designs and manufactures photovoltaic (PV) solar modules. Unlike conventional crystalline-silicon panels, its modules use thin-film semiconductor technology based on cadmium telluride (CdTe). The company also provides supporting services, including project development, engineering, procurement and construction support, operations and maintenance, and module recycling.

First Solar primarily serves utility-scale solar developers, system owners and operators, commercial customers, and government entities.