Brokerages Set First Solar, Inc. (NASDAQ:FSLR) Target Price at $279.04

Shares of First Solar, Inc. (NASDAQ:FSLR) have been assigned an average rating of “Moderate Buy” from the twenty-seven research firms that are currently covering the stock, Marketbeat.com reports. Three investment analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $279.04.

A number of brokerages recently commented on FSLR. Wells Fargo & Company lowered their target price on First Solar from $250.00 to $240.00 and set an “overweight” rating for the company in a report on Wednesday, October 30th. Royal Bank of Canada dropped their price objective on shares of First Solar from $315.00 to $280.00 and set an “outperform” rating for the company in a report on Wednesday, October 30th. Truist Financial assumed coverage on shares of First Solar in a research note on Thursday, September 26th. They set a “buy” rating and a $300.00 target price on the stock. Mizuho decreased their price target on shares of First Solar from $274.00 to $257.00 and set a “neutral” rating for the company in a research report on Thursday, October 31st. Finally, Jefferies Financial Group reduced their price objective on First Solar from $271.00 to $266.00 and set a “buy” rating on the stock in a research note on Thursday, October 10th.

First Solar Price Performance

Shares of FSLR opened at $182.39 on Thursday. The firm has a 50-day simple moving average of $196.01 and a two-hundred day simple moving average of $220.67. The stock has a market cap of $19.53 billion, a PE ratio of 15.71, a P/E/G ratio of 0.35 and a beta of 1.46. First Solar has a 1-year low of $135.88 and a 1-year high of $306.77. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.14 and a quick ratio of 1.44.

First Solar (NASDAQ:FSLR) last posted its 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 32.41% and a return on equity of 17.56%. 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 business posted $2.50 EPS. The firm’s revenue for the quarter was up 10.7% on a year-over-year basis. As a group, analysts forecast that First Solar will post 13.15 EPS for the current year.

Institutional Investors Weigh In On First Solar

Several large investors have recently modified their holdings of FSLR. Western Financial Corp CA acquired a new stake in First Solar during the 3rd quarter worth $1,209,000. Stifel Financial Corp boosted its stake in shares of First Solar by 36.9% during the third quarter. Stifel Financial Corp now owns 21,446 shares of the solar cell manufacturer’s stock worth $5,350,000 after buying an additional 5,780 shares during the period. Harbour Capital Advisors LLC grew its holdings in shares of First Solar by 224.0% during the third quarter. Harbour Capital Advisors LLC now owns 5,217 shares of the solar cell manufacturer’s stock worth $1,301,000 after buying an additional 3,607 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its position in First Solar by 6.4% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 244,140 shares of the solar cell manufacturer’s stock worth $60,898,000 after acquiring an additional 14,597 shares during the period. Finally, Mivtachim The Workers Social Insurance Fund Ltd. Under Special Management purchased a new position in shares of First Solar in the 3rd quarter valued at approximately $17,635,000. 92.08% of the stock is owned by institutional investors and hedge funds.

First Solar Company Profile

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.