Morgan Stanley Cuts First Solar (NASDAQ:FSLR) Price Target to $238.00

First Solar (NASDAQ:FSLR) had its price objective decreased by Morgan Stanley from $297.00 to $238.00 in a research report sent to investors on Thursday,Benzinga reports. Morgan Stanley currently has an overweight rating on the solar cell manufacturer’s stock.

FSLR has been the subject of several other reports. Wells Fargo & Company cut their price objective on shares of First Solar from $240.00 to $209.00 and set an “overweight” rating for the company in a research report on Wednesday, January 8th. Piper Sandler dropped their price target on shares of First Solar from $250.00 to $230.00 and set an “overweight” rating for the company in a research report on Wednesday. Robert W. Baird dropped their price target on shares of First Solar from $307.00 to $267.00 and set an “outperform” rating for the company in a research report on Wednesday, December 18th. BMO Capital Markets reiterated an “outperform” rating and issued a $230.00 price target (down from $260.00) on shares of First Solar in a research report on Wednesday. Finally, Seaport Res Ptn upgraded shares of First Solar from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, January 15th. Three analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $262.08.

First Solar Trading Down 3.5 %

Shares of FSLR stock opened at $136.18 on Thursday. The firm has a 50 day moving average price of $172.38 and a two-hundred day moving average price of $197.88. The company has a quick ratio of 1.44, a current ratio of 2.14 and a debt-to-equity ratio of 0.05. The company has a market capitalization of $14.58 billion, a PE ratio of 11.73, a price-to-earnings-growth ratio of 0.19 and a beta of 1.47. First Solar has a 12-month low of $133.90 and a 12-month high of $306.77.

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

Institutional Trading of First Solar

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