Guggenheim Lowers First Solar (NASDAQ:FSLR) Price Target to $332.00

Posted by on Aug 1st, 2023

First Solar (NASDAQ:FSLR – Free Report) had its target price lowered by Guggenheim from $334.00 to $332.00 in a report issued on Friday, Benzinga reports. The brokerage currently has a buy rating on the solar cell manufacturer’s stock.

A number of other research analysts have also issued reports on the company. StockNews.com upgraded First Solar from a sell rating to a hold rating in a research report on Friday. TD Cowen increased their price objective on shares of First Solar from $205.00 to $250.00 and gave the company an outperform rating in a report on Wednesday, April 19th. Citigroup raised shares of First Solar from a sell rating to a neutral rating in a research note on Wednesday, July 19th. Morgan Stanley downgraded shares of First Solar from an equal weight rating to an underweight rating and upped their price target for the stock from $194.00 to $200.00 in a research report on Monday, April 3rd. Finally, 51job reiterated a maintains rating on shares of First Solar in a report on Monday, June 26th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, First Solar has an average rating of Hold and a consensus price target of $225.62.

First Solar Price Performance

NASDAQ:FSLR opened at $207.40 on Friday. The stock has a market capitalization of $22.16 billion, a PE ratio of 142.37 and a beta of 1.36. First Solar has a 52 week low of $95.77 and a 52 week high of $232.00. The company has a quick ratio of 2.66, a current ratio of 3.36 and a debt-to-equity ratio of 0.07. The stock’s 50-day moving average price is $194.64 and its 200-day moving average price is $192.64.

Insider Buying and Selling

In related news, Director Paul H. Stebbins sold 2,500 shares of the stock in a transaction that occurred on Friday, May 12th. The shares were sold at an average price of $229.31, for a total transaction of $573,275.00. Following the completion of the transaction, the director now owns 28,772 shares of the company’s stock, valued at approximately $6,597,707.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director William J. Post sold 10,000 shares of the business’s stock in a transaction on Tuesday, May 16th. The stock was sold at an average price of $218.52, for a total transaction of $2,185,200.00. Following the completion of the transaction, the director now directly owns 24,207 shares of the company’s stock, valued at approximately $5,289,713.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Paul H. Stebbins sold 2,500 shares of the stock in a transaction dated Friday, May 12th. The shares were sold at an average price of $229.31, for a total value of $573,275.00. Following the completion of the sale, the director now directly owns 28,772 shares in the company, valued at approximately $6,597,707.32. The disclosure for this sale can be found here. In the last ninety days, insiders sold 66,430 shares of company stock valued at $13,561,727. 0.58% of the stock is currently owned by insiders.

Institutional Trading of First Solar

Large investors have recently made changes to their positions in the company. FMR LLC grew its holdings in First Solar by 77.9% during the 1st quarter. FMR LLC now owns 4,786,315 shares of the solar cell manufacturer’s stock worth $1,041,024,000 after acquiring an additional 2,096,612 shares in the last quarter. Norges Bank acquired a new position in shares of First Solar during the fourth quarter worth $213,049,000. Renaissance Technologies LLC increased its holdings in First Solar by 1,046.1% in the fourth quarter. Renaissance Technologies LLC now owns 1,518,401 shares of the solar cell manufacturer’s stock valued at $227,441,000 after buying an additional 1,385,912 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in First Solar by 197.8% in the first quarter. Goldman Sachs Group Inc. now owns 1,336,038 shares of the solar cell manufacturer’s stock valued at $111,880,000 after buying an additional 887,443 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in First Solar by 55.7% during the 4th quarter. Geode Capital Management LLC now owns 2,180,340 shares of the solar cell manufacturer’s stock worth $326,050,000 after buying an additional 780,028 shares during the last quarter. 82.74% of the stock is currently owned by hedge funds and other institutional investors.

About First Solar

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First Solar, Inc provides photovoltaic (PV) solar energy solutions in the United State, Japan, France, Canada, India, Australia, and internationally. The company designs, manufactures, and sells cadmium telluride solar modules that converts sunlight into electricity. It serves developers and operators of systems, utilities, independent power producers, commercial and industrial companies, and other system owners.

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