First Solar (NASDAQ:FSLR) Given New $243.00 Price Target at Citigroup

First Solar (NASDAQ:FSLR) had its price objective reduced by equities researchers at Citigroup from $300.00 to $243.00 in a report issued on Tuesday,MarketScreener reports. The firm currently has a “buy” rating on the solar cell manufacturer’s stock. Citigroup’s target price would indicate a potential upside of 26.64% from the company’s previous close.

Other equities analysts also recently issued research reports about the company. Weiss Ratings reiterated a “hold (c+)” rating on shares of First Solar in a research report on Friday, March 27th. Robert W. Baird reiterated a “neutral” rating and set a $205.00 price target (down from $264.00) on shares of First Solar in a research report on Wednesday, February 25th. Barclays lowered their price target on First Solar from $228.00 to $213.00 and set an “overweight” rating on the stock in a research report on Monday. Glj Research downgraded First Solar from a “buy” rating to a “hold” rating and lowered their price target for the stock from $314.43 to $207.82 in a research report on Wednesday, March 4th. Finally, Susquehanna lowered their price target on First Solar from $280.00 to $250.00 and set a “positive” rating on the stock in a research report on Thursday, April 9th. Nineteen research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, First Solar currently has an average rating of “Moderate Buy” and a consensus target price of $244.49.

First Solar Stock Performance

First Solar stock traded down $0.62 during midday trading on Tuesday, hitting $191.88. 206,106 shares of the company were exchanged, compared to its average volume of 2,315,889. The firm has a market capitalization of $20.62 billion, a PE ratio of 13.55, a price-to-earnings-growth ratio of 0.41 and a beta of 1.61. First Solar has a fifty-two week low of $119.09 and a fifty-two week high of $285.99. The business has a fifty day simple moving average of $203.92 and a two-hundred day simple moving average of $233.81. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.35 and a current ratio of 2.67.

First Solar (NASDAQ:FSLR) last posted its earnings results on Tuesday, February 24th. The solar cell manufacturer reported $4.84 EPS for the quarter, missing the consensus estimate of $5.22 by ($0.38). The company had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.59 billion. First Solar had a return on equity of 17.32% and a net margin of 29.28%.The firm’s revenue was up 11.1% on a year-over-year basis. During the same period last year, the business earned $3.65 earnings per share. On average, sell-side analysts forecast that First Solar will post 17.4 earnings per share for the current year.

Insider Transactions at First Solar

In related news, insider Kuntal Kumar Verma sold 3,426 shares of the stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $195.93, for a total value of $671,256.18. Following the completion of the transaction, the insider directly owned 8,334 shares of the company’s stock, valued at approximately $1,632,880.62. This represents a 29.13% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Mark R. Widmar sold 7,738 shares of First Solar stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $195.93, for a total transaction of $1,516,106.34. Following the sale, the chief executive officer directly owned 91,787 shares in the company, valued at approximately $17,983,826.91. This trade represents a 7.77% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 76,562 shares of company stock worth $15,042,232 in the last quarter. 0.39% of the stock is owned by insiders.

Institutional Trading of First Solar

Several large investors have recently bought and sold shares of FSLR. Aventura Private Wealth LLC acquired a new stake in First Solar in the 4th quarter valued at about $25,000. Commonwealth Retirement Investments LLC purchased a new stake in shares of First Solar in the fourth quarter valued at approximately $26,000. Reflection Asset Management purchased a new stake in shares of First Solar in the fourth quarter valued at approximately $26,000. Strategic Wealth Investment Group LLC acquired a new stake in shares of First Solar in the second quarter valued at approximately $26,000. Finally, Larson Financial Group LLC increased its holdings in shares of First Solar by 117.0% in the fourth quarter. Larson Financial Group LLC now owns 102 shares of the solar cell manufacturer’s stock valued at $27,000 after purchasing an additional 55 shares during the last quarter. Hedge funds and other institutional investors own 92.08% of the company’s stock.

About First Solar

First Solar, Inc (NASDAQ: FSLR) is a United States–based solar technology company best known for designing and manufacturing thin?film photovoltaic (PV) modules that use cadmium telluride (CdTe) semiconductor technology. The company supplies PV modules and delivers integrated solar power solutions for utility?scale projects, positioning itself as a provider of both components and complete solar energy systems rather than solely a parts supplier. First Solar was founded in 1999 and is headquartered in Tempe, Arizona.

Beyond module manufacturing, First Solar offers a range of project services including development support, engineering, procurement and construction (EPC) services, and operations and maintenance (O&M) for large-scale solar installations.