First Solar (NASDAQ:FSLR) Given New $335.00 Price Target at Guggenheim

First Solar (NASDAQ:FSLR) had its target price lowered by analysts at Guggenheim from $368.00 to $335.00 in a report released on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the solar cell manufacturer’s stock. Guggenheim’s price target indicates a potential upside of 68.52% from the company’s previous close.

Other analysts have also recently issued research reports about the company. Bank of America lowered their price target on First Solar from $321.00 to $269.00 and set a “buy” rating for the company in a report on Wednesday. William Blair started coverage on First Solar in a report on Thursday, August 29th. They issued a “market perform” rating for the company. Roth Mkm lowered their price target on First Solar from $320.00 to $280.00 and set a “buy” rating for the company in a report on Tuesday, October 15th. UBS Group lifted their price target on First Solar from $350.00 to $360.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. Finally, Susquehanna lowered their price target on First Solar from $280.00 to $252.00 and set a “positive” rating for the company in a report on Wednesday. Two investment analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $281.83.

First Solar Price Performance

Shares of NASDAQ FSLR traded down $0.88 during trading on Wednesday, hitting $198.79. 5,917,364 shares of the company were exchanged, compared to its average volume of 2,417,890. The company has a market cap of $21.28 billion, a price-to-earnings ratio of 20.84, a PEG ratio of 0.34 and a beta of 1.44. First Solar has a 1 year low of $129.21 and a 1 year high of $306.77. The firm’s fifty day moving average price is $223.18 and its 200 day moving average price is $224.11. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.23 and a quick ratio of 1.65.

First Solar (NASDAQ:FSLR) last released its quarterly earnings results on Tuesday, October 29th. The solar cell manufacturer reported $2.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.10 by ($0.19). First Solar had a return on equity of 17.73% and a net margin of 31.98%. The firm had revenue of $887.70 million for the quarter, compared to analyst estimates of $1.07 billion. During the same period last year, the firm earned $2.50 EPS. The company’s quarterly revenue was up 10.7% compared to the same quarter last year. On average, sell-side analysts expect that First Solar will post 13.39 earnings per share for the current fiscal year.

Insider Activity at First Solar

In related news, insider Patrick James Buehler sold 8,619 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $222.00, for a total transaction of $1,913,418.00. Following the sale, the insider now directly owns 3,468 shares of the company’s stock, valued at approximately $769,896. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other First Solar news, CAO Byron Michael Jeffers sold 500 shares of the stock in a transaction on Monday, August 12th. The stock was sold at an average price of $220.00, for a total value of $110,000.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Patrick James Buehler sold 8,619 shares of the stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $222.00, for a total value of $1,913,418.00. Following the completion of the sale, the insider now directly owns 3,468 shares in the company, valued at $769,896. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 10,885 shares of company stock valued at $2,405,757. Corporate insiders own 0.58% of the company’s stock.

Institutional Investors Weigh In On First Solar

Several large investors have recently added to or reduced their stakes in FSLR. Moloney Securities Asset Management LLC acquired a new position in shares of First Solar during the third quarter valued at $216,000. Quintet Private Bank Europe S.A. acquired a new position in shares of First Solar during the third quarter valued at $312,000. QRG Capital Management Inc. increased its holdings in shares of First Solar by 29.2% during the third quarter. QRG Capital Management Inc. now owns 2,307 shares of the solar cell manufacturer’s stock valued at $576,000 after purchasing an additional 522 shares during the period. Asset Management One Co. Ltd. increased its holdings in shares of First Solar by 2.2% during the third quarter. Asset Management One Co. Ltd. now owns 41,934 shares of the solar cell manufacturer’s stock valued at $10,460,000 after purchasing an additional 904 shares during the period. Finally, National Pension Service increased its holdings in shares of First Solar by 6.7% during the third quarter. National Pension Service now owns 185,883 shares of the solar cell manufacturer’s stock valued at $46,367,000 after purchasing an additional 11,683 shares during the period. 92.08% of the stock is owned by institutional investors and hedge funds.

About First Solar

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.