Wells Fargo & Company Cuts First Solar (NASDAQ:FSLR) Price Target to $209.00

First Solar (NASDAQ:FSLR) had its price objective cut by Wells Fargo & Company from $240.00 to $209.00 in a research report released on Wednesday,Benzinga reports. They currently have an overweight rating on the solar cell manufacturer’s stock.

FSLR has been the subject of several other research reports. Robert W. Baird reduced their price objective on shares of First Solar from $307.00 to $267.00 and set an “outperform” rating for the company in a research note on Wednesday, December 18th. Susquehanna lowered their price objective on First Solar from $280.00 to $252.00 and set a “positive” rating on the stock in a research report on Wednesday, October 30th. Royal Bank of Canada reduced their target price on First Solar from $315.00 to $280.00 and set an “outperform” rating for the company in a research report on Wednesday, October 30th. Roth Mkm dropped their price target on First Solar from $320.00 to $280.00 and set a “buy” rating for the company in a research report on Tuesday, October 15th. Finally, Bank of America decreased their price objective on shares of First Solar from $321.00 to $269.00 and set a “buy” rating on the stock in a research report on Wednesday, October 30th. Four research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $277.75.

First Solar Stock Performance

NASDAQ FSLR opened at $189.24 on Wednesday. The company’s 50 day moving average is $191.96 and its 200-day moving average is $212.16. The firm has a market cap of $20.26 billion, a P/E ratio of 16.30, a price-to-earnings-growth ratio of 0.35 and a beta of 1.49. First Solar has a 12-month low of $135.88 and a 12-month high of $306.77. The company has a quick ratio of 1.44, a current ratio of 2.14 and a debt-to-equity ratio of 0.05.

First Solar (NASDAQ:FSLR) last posted its quarterly earnings results on Tuesday, October 29th. The solar cell manufacturer reported $2.91 EPS for the quarter, missing analysts’ consensus estimates of $3.10 by ($0.19). The company had revenue of $887.70 million during the quarter, compared to the consensus estimate of $1.07 billion. First Solar had a return on equity of 17.56% and a net margin of 32.41%. First Solar’s revenue was up 10.7% on a year-over-year basis. During the same period in the previous year, the business earned $2.50 earnings per share. Sell-side analysts predict that First Solar will post 13.15 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. TD Asset Management Inc raised its holdings in First Solar by 3.9% in the 2nd quarter. TD Asset Management Inc now owns 37,293 shares of the solar cell manufacturer’s stock worth $8,408,000 after purchasing an additional 1,408 shares in the last quarter. Victory Capital Management Inc. raised its stake in First Solar by 0.5% in the second quarter. Victory Capital Management Inc. now owns 43,606 shares of the solar cell manufacturer’s stock worth $9,831,000 after buying an additional 219 shares in the last quarter. Private Advisor Group LLC purchased a new stake in First Solar in the second quarter worth about $834,000. Acadian Asset Management LLC purchased a new position in shares of First Solar during the 2nd quarter worth approximately $794,000. Finally, Ballentine Partners LLC raised its position in shares of First Solar by 24.2% in the 2nd quarter. Ballentine Partners LLC now owns 2,415 shares of the solar cell manufacturer’s stock worth $544,000 after acquiring an additional 470 shares in the last quarter. Hedge funds and other 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.