First Solar (NASDAQ:FSLR) Given New $215.00 Price Target at Bank of America

First Solar (NASDAQ:FSLR) had its price target decreased by Bank of America from $236.00 to $215.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the solar cell manufacturer’s stock. Bank of America‘s price target would suggest a potential upside of 65.86% from the company’s current price.

A number of other equities analysts have also issued reports on FSLR. BMO Capital Markets reiterated an “outperform” rating and issued a $230.00 target price (down previously from $260.00) on shares of First Solar in a research report on Wednesday, February 26th. Citigroup reduced their price objective on shares of First Solar from $254.00 to $236.00 and set a “neutral” rating for the company in a research report on Wednesday, February 26th. Truist Financial restated a “buy” rating and set a $245.00 price objective (down previously from $285.00) on shares of First Solar in a research report on Wednesday, April 2nd. Roth Mkm restated a “buy” rating and set a $280.00 price objective on shares of First Solar in a research report on Wednesday, February 26th. Finally, Wells Fargo & Company reduced their price objective on shares of First Solar from $240.00 to $209.00 and set an “overweight” rating for the company in a research report on Wednesday, January 8th. Four equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $257.42.

First Solar Stock Up 7.7 %

FSLR stock opened at $129.63 on Tuesday. The firm’s 50-day simple moving average is $141.53 and its 200 day simple moving average is $177.84. The stock has a market cap of $13.88 billion, a PE ratio of 11.17, a price-to-earnings-growth ratio of 0.19 and a beta of 1.48. 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 fifty-two week low of $116.56 and a fifty-two week high of $306.77.

First Solar (NASDAQ:FSLR) last announced its earnings results on Tuesday, February 25th. The solar cell manufacturer reported $3.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.81 by ($1.16). The company had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.48 billion. First Solar had a net margin of 32.41% and a return on equity of 17.56%. As a group, sell-side analysts predict that First Solar will post 13.05 EPS for the current year.

Insiders Place Their Bets

In other First Solar news, insider Kuntal Kumar Verma sold 7,475 shares of First Solar stock in a transaction on Friday, February 28th. The shares were sold at an average price of $136.60, for a total transaction of $1,021,085.00. Following the sale, the insider now owns 3,549 shares in the company, valued at $484,793.40. The trade was a 67.81 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CTO Markus Gloeckler sold 380 shares of First Solar stock in a transaction on Monday, March 17th. The shares were sold at an average price of $133.75, for a total value of $50,825.00. Following the transaction, the chief technology officer now directly owns 17,594 shares of the company’s stock, valued at approximately $2,353,197.50. The trade was a 2.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 34,311 shares of company stock worth $4,767,158 over the last 90 days. Corporate insiders own 0.58% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in FSLR. Norges Bank bought a new position in shares of First Solar during the fourth quarter valued at $317,399,000. Demars Financial Group LLC raised its holdings in shares of First Solar by 17,404.5% in the fourth quarter. Demars Financial Group LLC now owns 722,760 shares of the solar cell manufacturer’s stock valued at $127,379,000 after buying an additional 718,631 shares during the last quarter. Mirova US LLC raised its holdings in shares of First Solar by 961.0% in the fourth quarter. Mirova US LLC now owns 646,310 shares of the solar cell manufacturer’s stock valued at $113,906,000 after buying an additional 585,394 shares during the last quarter. Amundi raised its holdings in shares of First Solar by 31.0% in the fourth quarter. Amundi now owns 1,805,244 shares of the solar cell manufacturer’s stock valued at $336,871,000 after buying an additional 426,797 shares during the last quarter. Finally, Royal Bank of Canada raised its holdings in shares of First Solar by 218.6% in the fourth quarter. Royal Bank of Canada now owns 446,799 shares of the solar cell manufacturer’s stock valued at $78,744,000 after buying an additional 306,581 shares during the last quarter. 92.08% of the stock is owned by institutional investors.

About First Solar

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.