First Solar (NASDAQ:FSLR) Given New $320.00 Price Target at Wells Fargo & Company

First Solar (NASDAQ:FSLR) had its target price hoisted by stock analysts at Wells Fargo & Company from $255.00 to $320.00 in a research report issued to clients and investors on Monday, MarketBeat reports. The firm currently has an “overweight” rating on the solar cell manufacturer’s stock. Wells Fargo & Company‘s target price would suggest a potential upside of 42.49% from the stock’s current price.

A number of other equities analysts have also recently commented on the company. The Goldman Sachs Group boosted their price target on First Solar from $300.00 to $310.00 in a report on Friday, May 1st. Zacks Research upgraded shares of First Solar from a “strong sell” rating to a “hold” rating in a research note on Monday, April 27th. Susquehanna lowered their price objective on shares of First Solar from $280.00 to $250.00 and set a “positive” rating for the company in a research report on Thursday, April 9th. Jefferies Financial Group cut their target price on shares of First Solar from $205.00 to $187.00 and set a “hold” rating on the stock in a research report on Tuesday, April 7th. Finally, Morgan Stanley lowered their price target on shares of First Solar from $275.00 to $230.00 and set an “overweight” rating for the company in a report on Tuesday, April 28th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, twelve have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $252.10.

First Solar Price Performance

First Solar stock opened at $224.57 on Monday. The firm has a market cap of $24.13 billion, a PE ratio of 14.51, a price-to-earnings-growth ratio of 0.50 and a beta of 1.73. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.56 and a quick ratio of 2.15. The stock’s fifty day moving average price is $247.56 and its two-hundred day moving average price is $231.89. First Solar has a one year low of $159.85 and a one year high of $320.95.

First Solar (NASDAQ:FSLR) last issued its quarterly earnings results on Thursday, April 30th. The solar cell manufacturer reported $3.22 earnings per share for the quarter, topping analysts’ consensus estimates of $2.87 by $0.35. First Solar had a net margin of 30.73% and a return on equity of 18.01%. The company had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the prior year, the firm posted $1.95 EPS. The firm’s quarterly revenue was up 23.6% on a year-over-year basis. As a group, research analysts expect that First Solar will post 17.61 EPS for the current fiscal year.

Insider Activity

In related news, insider Georges Antoun sold 566 shares of the stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $215.63, for a total value of $122,046.58. Following the completion of the sale, the insider directly owned 19,918 shares in the company, valued at $4,294,918.34. This represents a 2.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Kuntal Kumar Verma sold 582 shares of the firm’s stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $250.00, for a total value of $145,500.00. Following the transaction, the insider directly owned 4,967 shares of the company’s stock, valued at approximately $1,241,750. This represents a 10.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 32,466 shares of company stock valued at $8,014,105. 0.39% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On First Solar

A number of hedge funds and other institutional investors have recently made changes to their positions in FSLR. Apollon Wealth Management LLC increased its position in shares of First Solar by 1.2% during the fourth quarter. Apollon Wealth Management LLC now owns 3,606 shares of the solar cell manufacturer’s stock worth $942,000 after buying an additional 44 shares during the period. Root Financial Partners LLC lifted its stake 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 period. FIL Ltd boosted its position in shares of First Solar by 6.9% during the 4th quarter. FIL Ltd now owns 708 shares of the solar cell manufacturer’s stock valued at $185,000 after purchasing an additional 46 shares in the last quarter. Fielder Capital Group LLC boosted its position in shares of First Solar by 4.1% during the 4th quarter. Fielder Capital Group LLC now owns 1,196 shares of the solar cell manufacturer’s stock valued at $312,000 after purchasing an additional 47 shares in the last quarter. Finally, Burford Brothers Inc. grew its stake in First Solar by 0.3% during the fourth quarter. Burford Brothers Inc. now owns 19,080 shares of the solar cell manufacturer’s stock worth $4,984,000 after purchasing an additional 48 shares during the period. 92.08% of the stock is owned by institutional investors and hedge funds.

About First Solar

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.