First Solar (NASDAQ:FSLR) Given New $240.00 Price Target at Wells Fargo & Company

First Solar (NASDAQ:FSLR) had its price target dropped by research analysts at Wells Fargo & Company from $250.00 to $240.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the solar cell manufacturer’s stock. Wells Fargo & Company‘s price target would suggest a potential upside of 22.16% from the company’s previous close.

FSLR has been the topic of several other reports. DZ Bank raised shares of First Solar from a “hold” rating to a “buy” rating and set a $280.00 target price on the stock in a research report on Thursday, August 1st. Morgan Stanley cut their price objective on First Solar from $329.00 to $297.00 and set an “overweight” rating on the stock in a research note on Wednesday. BMO Capital Markets decreased their target price on First Solar from $311.00 to $286.00 and set an “outperform” rating for the company in a research report on Wednesday, July 31st. Roth Mkm dropped their price target on shares of First Solar from $320.00 to $280.00 and set a “buy” rating on the stock in a research report on Tuesday, October 15th. Finally, Janney Montgomery Scott raised shares of First Solar from a “neutral” rating to a “buy” rating and set a $260.00 price objective for the company in a report on Tuesday. Two 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’s stock. Based on data from MarketBeat, First Solar has an average rating of “Moderate Buy” and a consensus price target of $285.33.

First Solar Stock Down 1.6 %

FSLR stock traded down $3.20 during mid-day trading on Wednesday, hitting $196.47. The stock had a trading volume of 3,577,784 shares, compared to its average volume of 2,405,939. The stock has a market capitalization of $21.03 billion, a price-to-earnings ratio of 20.35, a PEG ratio of 0.34 and a beta of 1.44. The company has a current ratio of 2.23, a quick ratio of 1.65 and a debt-to-equity ratio of 0.06. First Solar has a 1-year low of $129.21 and a 1-year high of $306.77. The company has a fifty day moving average of $223.18 and a 200 day moving average of $224.11.

First Solar (NASDAQ:FSLR) last released its quarterly earnings data 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 firm had revenue of $887.70 million during the quarter, compared to analyst estimates of $1.07 billion. First Solar had a return on equity of 17.73% and a net margin of 31.98%. The company’s quarterly revenue was up 10.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.50 EPS. On average, equities analysts expect that First Solar will post 13.39 EPS for the current fiscal year.

Insider Buying and Selling

In other First Solar news, insider Patrick James Buehler sold 8,619 shares of the stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $222.00, for a total value of $1,913,418.00. Following the transaction, the insider now directly owns 3,468 shares in the company, valued at approximately $769,896. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other First Solar news, CAO Byron Michael Jeffers sold 500 shares of the company’s stock in a transaction on 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Patrick James Buehler sold 8,619 shares of the firm’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $222.00, for a total value of $1,913,418.00. Following the completion of the transaction, the insider now owns 3,468 shares in the company, valued at $769,896. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 10,885 shares of company stock worth $2,405,757 in the last quarter. Insiders own 0.58% of the company’s stock.

Hedge Funds Weigh In On First Solar

Several hedge funds have recently added to or reduced their stakes 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 raised its stake in First Solar by 411.1% during the 2nd quarter. Atlas Capital Advisors LLC now owns 138 shares of the solar cell manufacturer’s stock worth $31,000 after buying an additional 111 shares during the period. Summit Securities Group LLC bought a new position in First Solar during the second quarter worth about $36,000. Itau Unibanco Holding S.A. acquired a new position in First Solar in the second quarter valued at about $38,000. Finally, Alta Advisers Ltd bought a new stake in shares of First Solar in the second quarter worth about $45,000. Institutional investors and hedge funds own 92.08% of the company’s stock.

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.