Piper Sandler Issues Pessimistic Forecast for First Solar (NASDAQ:FSLR) Stock Price

First Solar (NASDAQ:FSLR) had its target price lowered by Piper Sandler from $245.00 to $210.00 in a report issued on Friday morning,Benzinga reports. The brokerage currently has an overweight rating on the solar cell manufacturer’s stock.

Several other research analysts also recently commented on FSLR. Seaport Res Ptn upgraded First Solar to a “hold” rating in a research note on Tuesday, November 5th. Citigroup raised First Solar from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $200.00 to $254.00 in a report on Tuesday, October 22nd. Royal Bank of Canada dropped their price objective on First Solar from $315.00 to $280.00 and set an “outperform” rating for the company in a report on Wednesday, October 30th. StockNews.com raised First Solar from a “sell” rating to a “hold” rating in a report on Tuesday, November 12th. Finally, Jefferies Financial Group dropped their price objective on First Solar from $271.00 to $266.00 and set a “buy” rating for the company in a report on Thursday, October 10th. Four equities research 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. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $279.04.

First Solar Stock Performance

FSLR opened at $192.82 on Friday. 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 has a 12-month low of $135.88 and a 12-month high of $306.77. The business has a 50 day moving average of $211.84 and a 200-day moving average of $225.80. The stock has a market cap of $20.64 billion, a price-to-earnings ratio of 16.61, a PEG ratio of 0.33 and a beta of 1.48.

First Solar (NASDAQ:FSLR) last issued its earnings results on Tuesday, October 29th. The solar cell manufacturer reported $2.91 EPS for the quarter, missing the consensus estimate of $3.10 by ($0.19). First Solar had a return on equity of 17.56% and a net margin of 32.41%. The business had revenue of $887.70 million for the quarter, compared to the consensus estimate of $1.07 billion. During the same quarter in the prior year, the firm posted $2.50 earnings per share. The business’s revenue was up 10.7% compared to the same quarter last year. On average, equities research analysts expect that First Solar will post 13.15 earnings per share for the current year.

Institutional Investors Weigh In On First Solar

Institutional investors and hedge funds have recently made changes to their positions in the business. Western Financial Corp CA bought a new stake in shares of First Solar during the 3rd quarter valued at about $1,209,000. Harbour Capital Advisors LLC boosted its position in shares of First Solar by 224.0% during the 3rd quarter. Harbour Capital Advisors LLC now owns 5,217 shares of the solar cell manufacturer’s stock valued at $1,301,000 after purchasing an additional 3,607 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its position in shares of 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 valued at $60,898,000 after purchasing an additional 14,597 shares in the last quarter. Mivtachim The Workers Social Insurance Fund Ltd. Under Special Management bought a new stake in shares of First Solar during the 3rd quarter valued at about $17,635,000. Finally, Warther Private Wealth LLC bought a new stake in shares of First Solar during the 3rd quarter valued at about $2,655,000. Institutional investors 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.