First Solar (NASDAQ:FSLR – Free Report) had its price target decreased by Piper Sandler from $260.00 to $240.00 in a report released on Monday morning, Marketbeat.com reports. Piper Sandler currently has an overweight rating on the solar cell manufacturer’s stock.
Several other analysts have also recently commented on the stock. JPMorgan Chase & Co. increased their price target on shares of First Solar from $222.00 to $239.00 and gave the company a neutral rating in a research note on Friday. Roth Mkm reissued a buy rating and set a $230.00 price target on shares of First Solar in a research note on Wednesday, September 6th. Citigroup raised shares of First Solar from a sell rating to a neutral rating in a research note on Wednesday, July 19th. Robert W. Baird raised their price objective on shares of First Solar from $229.00 to $246.00 in a research note on Friday. Finally, 51job reaffirmed a maintains rating on shares of First Solar in a research note on Monday, June 26th. Nine investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of Moderate Buy and a consensus price target of $232.62.
View Our Latest Research Report on FSLR
First Solar Stock Performance
First Solar (NASDAQ:FSLR – Get Free Report) last released its quarterly earnings results on Thursday, July 27th. The solar cell manufacturer reported $1.85 EPS for the quarter, beating the consensus estimate of $0.95 by $0.90. First Solar had a net margin of 5.23% and a return on equity of 3.13%. The business had revenue of $810.67 million for the quarter, compared to analysts’ expectations of $720.43 million. On average, equities analysts forecast that First Solar will post 7.92 earnings per share for the current fiscal year.
Insider Buying and Selling
In related news, CTO Markus Gloeckler sold 464 shares of the firm’s stock in a transaction on Monday, August 21st. The shares were sold at an average price of $182.00, for a total transaction of $84,448.00. Following the sale, the chief technology officer now directly owns 7,649 shares in the company, valued at $1,392,118. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other First Solar news, CTO Markus Gloeckler sold 464 shares of First Solar stock in a transaction on Monday, August 21st. The shares were sold at an average price of $182.00, for a total value of $84,448.00. Following the sale, the chief technology officer now directly owns 7,649 shares in the company, valued at approximately $1,392,118. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Alexander R. Bradley sold 5,500 shares of First Solar stock in a transaction on Friday, September 1st. The shares were sold at an average price of $186.22, for a total transaction of $1,024,210.00. Following the completion of the sale, the chief financial officer now owns 35,419 shares in the company, valued at $6,595,726.18. The disclosure for this sale can be found here. Insiders have sold a total of 34,452 shares of company stock worth $6,833,334 over the last ninety days. Company insiders own 0.58% of the company’s stock.
Institutional Investors Weigh In On First Solar
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bessemer Group Inc. increased its stake in First Solar by 1.4% in the 1st quarter. Bessemer Group Inc. now owns 5,399 shares of the solar cell manufacturer’s stock valued at $1,174,000 after buying an additional 77 shares during the last quarter. Banco Bilbao Vizcaya Argentaria S.A. increased its stake in shares of First Solar by 59.2% during the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 6,057 shares of the solar cell manufacturer’s stock worth $906,000 after purchasing an additional 2,252 shares during the last quarter. Keybank National Association OH increased its stake in shares of First Solar by 1.6% during the 1st quarter. Keybank National Association OH now owns 4,929 shares of the solar cell manufacturer’s stock worth $1,072,000 after purchasing an additional 80 shares during the last quarter. Banque Cantonale Vaudoise increased its stake in shares of First Solar by 94.0% during the 4th quarter. Banque Cantonale Vaudoise now owns 26,020 shares of the solar cell manufacturer’s stock worth $3,898,000 after purchasing an additional 12,606 shares during the last quarter. Finally, Southpoint Capital Advisors LP acquired a new position in shares of First Solar during the 1st quarter worth about $32,625,000. 82.08% of the stock is currently owned by institutional investors and hedge funds.
First Solar Company Profile
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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