Royal Bank of Canada Lowers First Solar (NASDAQ:FSLR) Price Target to $280.00

First Solar (NASDAQ:FSLR) had its target price dropped by equities research analysts at Royal Bank of Canada from $315.00 to $280.00 in a report issued on Wednesday, Benzinga reports. The firm presently has an “outperform” rating on the solar cell manufacturer’s stock. Royal Bank of Canada’s price objective would suggest a potential upside of 43.97% from the stock’s previous close.

FSLR has been the subject of several other research reports. Truist Financial assumed coverage on shares of First Solar in a report on Thursday, September 26th. They set a “buy” rating and a $300.00 target price for the company. Bank of America reduced their target price on shares of First Solar from $321.00 to $269.00 and set a “buy” rating for the company in a report on Wednesday. The Goldman Sachs Group reduced their target price on shares of First Solar from $311.00 to $279.00 and set a “buy” rating for the company in a report on Wednesday. Barclays increased their target price on shares of First Solar from $280.00 to $290.00 and gave the stock an “overweight” rating in a report on Friday, August 2nd. Finally, UBS Group increased their target price on shares of First Solar from $350.00 to $360.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $281.13.

First Solar Stock Down 1.5 %

First Solar stock opened at $194.48 on Wednesday. The stock has a market capitalization of $20.82 billion, a PE ratio of 16.75, a price-to-earnings-growth ratio of 0.34 and a beta of 1.44. First Solar has a twelve month low of $129.21 and a twelve month high of $306.77. The company has a quick ratio of 1.65, a current ratio of 2.23 and a debt-to-equity ratio of 0.06. The company has a 50 day moving average of $222.68 and a 200-day moving average of $223.93.

First Solar (NASDAQ:FSLR) last released its quarterly earnings results on Tuesday, October 29th. The solar cell manufacturer reported $2.91 earnings per share for the quarter, missing the consensus estimate of $3.10 by ($0.19). First Solar had a net margin of 31.98% and a return on equity of 17.73%. The company had revenue of $887.70 million during the quarter, compared to analyst estimates of $1.07 billion. During the same quarter last year, the company earned $2.50 EPS. The firm’s quarterly revenue was up 10.7% compared to the same quarter last year. On average, equities research analysts anticipate that First Solar will post 13.39 EPS for the current fiscal year.

Insider Buying and Selling

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

Institutional Investors Weigh In On First Solar

Hedge funds have recently made changes to their positions in the stock. AlphaMark Advisors LLC acquired a new stake in shares of First Solar in the 3rd quarter valued at approximately $25,000. Atlas Capital Advisors LLC boosted its stake in shares of First Solar by 411.1% in the 2nd quarter. Atlas Capital Advisors LLC now owns 138 shares of the solar cell manufacturer’s stock valued at $31,000 after purchasing an additional 111 shares in the last quarter. Summit Securities Group LLC acquired a new stake in First Solar during the 2nd quarter worth approximately $36,000. Itau Unibanco Holding S.A. acquired a new stake in First Solar during the 2nd quarter worth approximately $38,000. Finally, Alta Advisers Ltd acquired a new stake in First Solar during the 2nd quarter worth approximately $45,000. 92.08% of the stock is currently 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.