Wells Fargo & Company Has Lowered Expectations for First Solar (NASDAQ:FSLR) Stock Price

First Solar (NASDAQ:FSLR) had its price target lowered by research analysts at Wells Fargo & Company from $250.00 to $240.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the solar cell manufacturer’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 23.41% from the stock’s previous close.

Several other research firms have also recently commented on FSLR. Morgan Stanley cut their price target on First Solar from $329.00 to $297.00 and set an “overweight” rating for the company in a report on Wednesday. Janney Montgomery Scott raised First Solar from a “neutral” rating to a “buy” rating and set a $260.00 target price for the company in a research note on Tuesday. JPMorgan Chase & Co. lifted their price target on First Solar from $262.00 to $282.00 and gave the stock an “overweight” rating in a report on Tuesday, July 16th. UBS Group upped their price objective on shares of First Solar from $350.00 to $360.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. Finally, Barclays lifted their target price on shares of First Solar from $280.00 to $290.00 and gave the stock an “overweight” rating in a research note on Friday, August 2nd. One analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, First Solar has an average rating of “Moderate Buy” and a consensus price target of $281.13.

First Solar Price Performance

First Solar stock opened at $194.48 on Wednesday. The company has a fifty day simple moving average of $222.68 and a 200-day simple moving average of $223.93. The firm 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 quick ratio of 1.65, a current ratio of 2.23 and a debt-to-equity ratio of 0.06. First Solar has a 52-week low of $129.21 and a 52-week high of $306.77.

First Solar (NASDAQ:FSLR) last announced its quarterly earnings data 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). The business had revenue of $887.70 million for the quarter, compared to analysts’ expectations of $1.07 billion. First Solar had a net margin of 31.98% and a return on equity of 17.73%. The firm’s revenue was up 10.7% on a year-over-year basis. During the same period in the prior year, the company posted $2.50 EPS. On average, equities analysts anticipate that First Solar will post 13.39 EPS for the current fiscal year.

Insider Buying and Selling at First Solar

In other news, insider Patrick James Buehler sold 8,619 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the insider now owns 3,468 shares of the company’s stock, valued at approximately $769,896. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CAO Byron Michael Jeffers sold 500 shares of the company’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 transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Patrick James Buehler sold 8,619 shares of First Solar 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 completion of the transaction, the insider now owns 3,468 shares of the company’s stock, valued at approximately $769,896. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 10,885 shares of company stock valued at $2,405,757 in the last three months. 0.58% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On First Solar

A number of hedge funds have recently bought and sold shares of the stock. Western Financial Corp CA acquired a new position in shares of First Solar during the third quarter worth about $1,209,000. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in First Solar by 6.3% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 259,177 shares of the solar cell manufacturer’s stock worth $43,749,000 after acquiring an additional 15,430 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in First Solar by 20.3% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 121,055 shares of the solar cell manufacturer’s stock worth $20,434,000 after acquiring an additional 20,465 shares in the last quarter. Harbour Capital Advisors LLC increased its position in shares of First Solar by 224.0% in the 3rd quarter. Harbour Capital Advisors LLC now owns 5,217 shares of the solar cell manufacturer’s stock valued at $1,301,000 after purchasing an additional 3,607 shares during the last quarter. Finally, Vanguard Group Inc. raised its holdings in shares of First Solar by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 12,257,053 shares of the solar cell manufacturer’s stock valued at $2,068,991,000 after purchasing an additional 105,236 shares in the last quarter. 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.