Evercore ISI Lowers First Solar (NASDAQ:FSLR) Price Target to $278.00

First Solar (NASDAQ:FSLR) had its price target dropped by analysts at Evercore ISI from $281.00 to $278.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has an “outperform” rating on the solar cell manufacturer’s stock. Evercore ISI’s price objective would suggest a potential upside of 42.95% from the company’s current price.

Several other research firms have also recently commented on FSLR. 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 upped their price target on shares of First Solar from $350.00 to $360.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. William Blair began coverage on shares of First Solar in a research note on Thursday, August 29th. They set a “market perform” rating on the stock. Hsbc Global Res raised shares of First Solar to a “strong-buy” rating in a research note on Wednesday, October 9th. Finally, Barclays increased their target price on First Solar from $280.00 to $290.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. One analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $281.13.

First Solar Stock Performance

Shares of FSLR opened at $194.48 on Wednesday. First Solar has a 1 year low of $129.21 and a 1 year high of $306.77. The company’s 50 day simple moving average is $222.68 and its 200 day simple moving average is $223.93. The company has a market capitalization of $20.82 billion, a price-to-earnings ratio of 16.75, a PEG ratio of 0.34 and a beta of 1.44. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.65 and a current ratio of 2.23.

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

Insiders Place Their Bets

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

Institutional Investors Weigh In On First Solar

A number of institutional investors have recently modified their holdings of FSLR. Massmutual Trust Co. FSB ADV raised its position in shares of First Solar by 14.5% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 356 shares of the solar cell manufacturer’s stock valued at $89,000 after acquiring an additional 45 shares in the last quarter. Davis Investment Partners LLC raised its holdings in shares of First Solar by 0.6% during the third quarter. Davis Investment Partners LLC now owns 7,698 shares of the solar cell manufacturer’s stock worth $1,805,000 after purchasing an additional 46 shares during the period. Oregon Public Employees Retirement Fund raised its holdings in shares of First Solar by 0.5% during the second quarter. Oregon Public Employees Retirement Fund now owns 9,172 shares of the solar cell manufacturer’s stock worth $2,068,000 after purchasing an additional 49 shares during the period. Cambridge Trust Co. lifted its position in shares of First Solar by 1.6% in the 1st quarter. Cambridge Trust Co. now owns 3,232 shares of the solar cell manufacturer’s stock worth $546,000 after buying an additional 50 shares during the last quarter. Finally, Gilman Hill Asset Management LLC boosted its holdings in shares of First Solar by 2.8% in the 3rd quarter. Gilman Hill Asset Management LLC now owns 1,825 shares of the solar cell manufacturer’s stock valued at $455,000 after buying an additional 50 shares during the period. Institutional investors and hedge funds own 92.08% of the company’s stock.

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.