Royal Bank of Canada Lowers First Solar (NASDAQ:FSLR) Price Target to $251.00

First Solar (NASDAQ:FSLR) had its target price reduced by equities researchers at Royal Bank of Canada from $280.00 to $251.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the solar cell manufacturer’s stock. Royal Bank of Canada’s target price indicates a potential upside of 52.76% from the company’s previous close.

FSLR has been the subject of a number of other reports. Citigroup decreased their price target on First Solar from $254.00 to $236.00 and set a “neutral” rating for the company in a report on Wednesday. Mizuho upgraded shares of First Solar from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $218.00 to $259.00 in a research note on Tuesday, February 11th. Morgan Stanley reduced their price target on First Solar from $329.00 to $297.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 30th. Guggenheim reissued a “buy” rating and set a $335.00 target price on shares of First Solar in a report on Wednesday, January 22nd. Finally, Truist Financial reaffirmed a “buy” rating and issued a $285.00 price objective (down previously from $300.00) on shares of First Solar in a report on Wednesday. Three analysts have rated the stock with a hold rating, twenty-three have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $271.96.

First Solar Price Performance

NASDAQ FSLR traded up $16.85 during trading hours on Wednesday, hitting $164.31. The company had a trading volume of 4,463,554 shares, compared to its average volume of 2,397,359. The firm has a 50 day simple moving average of $174.55 and a 200 day simple moving average of $199.38. The firm has a market capitalization of $17.59 billion, a price-to-earnings ratio of 14.11, a PEG ratio of 0.19 and a beta of 1.47. First Solar has a 52 week low of $144.28 and a 52 week high of $306.77. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.44 and a current ratio of 2.14.

First Solar (NASDAQ:FSLR) last posted its quarterly earnings data on Tuesday, February 25th. The solar cell manufacturer reported $3.65 EPS for the quarter, missing analysts’ consensus estimates of $4.81 by ($1.16). First Solar had a net margin of 32.41% and a return on equity of 17.56%. The firm had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.48 billion. Equities research analysts expect that First Solar will post 13.05 earnings per share for the current year.

Institutional Trading of First Solar

A number of institutional investors have recently made changes to their positions in FSLR. Norges Bank acquired a new stake in shares of First Solar in the 4th quarter valued at approximately $317,399,000. Wellington Management Group LLP grew its holdings in shares of First Solar by 75.8% during the 3rd quarter. Wellington Management Group LLP now owns 2,097,364 shares of the solar cell manufacturer’s stock valued at $523,166,000 after purchasing an additional 904,498 shares during the last quarter. Demars Financial Group LLC increased its stake in shares of First Solar by 17,404.5% in the fourth quarter. Demars Financial Group LLC now owns 722,760 shares of the solar cell manufacturer’s stock valued at $127,379,000 after buying an additional 718,631 shares during the period. Mirova US LLC increased its stake in shares of First Solar by 961.0% in the fourth quarter. Mirova US LLC now owns 646,310 shares of the solar cell manufacturer’s stock valued at $113,906,000 after buying an additional 585,394 shares during the period. Finally, Robeco Institutional Asset Management B.V. raised its holdings in shares of First Solar by 1,757.2% in the third quarter. Robeco Institutional Asset Management B.V. now owns 546,193 shares of the solar cell manufacturer’s stock valued at $136,242,000 after purchasing an additional 516,783 shares during the last quarter. 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.