First Solar (NASDAQ:FSLR) Price Target Cut to $266.00 by Analysts at Robert W. Baird

First Solar (NASDAQ:FSLR) had its target price lowered by stock analysts at Robert W. Baird from $290.00 to $266.00 in a note issued to investors on Monday, Benzinga reports. The brokerage presently has an “outperform” rating on the solar cell manufacturer’s stock. Robert W. Baird‘s price objective would suggest a potential upside of 52.52% from the stock’s previous close.

A number of other research analysts also recently issued reports on the stock. Piper Sandler decreased their target price on shares of First Solar from $260.00 to $251.00 and set an “overweight” rating for the company in a research report on Wednesday, September 30th. Roth Capital reiterated a “buy” rating and set a $300.00 price objective on shares of First Solar in a research note on Friday, July 24th. BMO Capital Markets reissued an “outperform” rating and issued a $255.00 price objective on shares of First Solar in a report on Friday. UBS Group reiterated a “buy” rating on shares of First Solar in a research report on Friday. Finally, Argus reissued a “buy” rating and issued a $275.00 price target on shares of First Solar in a report on Wednesday, August 26th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, First Solar presently has an average rating of “Moderate Buy” and a consensus price target of $258.79.

First Solar Stock Performance

Shares of NASDAQ:FSLR opened at $174.40 on Monday. First Solar has a 12-month low of $165.86 and a 12-month high of $320.95. The business’s fifty day simple moving average is $188.72 and its 200-day simple moving average is $216.19. The company has a market capitalization of $18.74 billion, a PE ratio of 10.09, a P/E/G ratio of 0.47 and a beta of 1.73.

First Solar (NASDAQ:FSLR) last issued its quarterly earnings data on Thursday, October 29th. The solar cell manufacturer reported $5.30 EPS for the quarter, beating the consensus estimate of $4.67 by $0.63. First Solar had a return on equity of 18.33% and a net margin of 37.12%. The firm had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.29 billion. During the same quarter in the prior year, the business posted $4.24 EPS. The business’s revenue for the quarter was down 22.8% compared to the same quarter last year. Research analysts predict that First Solar will post 17.64 EPS for the current year.

Insider Transactions at First Solar

In other news, General Counsel Jason Dymbort sold 3,700 shares of the firm’s stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $249.38, for a total transaction of $922,706.00. Following the sale, the general counsel directly owned 5,624 shares in the company, valued at $1,402,513.12. This trade represents a 39.68% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Samantha Sloan sold 127 shares of First Solar stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $222.95, for a total value of $28,314.65. Following the completion of the transaction, the executive vice president owned 2,018 shares of the company’s stock, valued at approximately $449,913.10. This represents a 5.92% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 6,256 shares of company stock valued at $1,455,813 in the last ninety days. 0.39% of the stock is currently owned by corporate insiders.

Institutional Trading of First Solar

Several institutional investors have recently bought and sold shares of FSLR. Covestor Ltd increased its holdings in First Solar by 484.9% in the 3rd quarter. Covestor Ltd now owns 310 shares of the solar cell manufacturer’s stock worth $54,000 after acquiring an additional 257 shares in the last quarter. Rakuten Investment Management Inc. lifted its holdings in First Solar by 9.7% during the third quarter. Rakuten Investment Management Inc. now owns 18,939 shares of the solar cell manufacturer’s stock valued at $3,351,000 after purchasing an additional 1,674 shares in the last quarter. IPG Investment Advisors LLC lifted its holdings in First Solar by 18.9% during the third quarter. IPG Investment Advisors LLC now owns 6,170 shares of the solar cell manufacturer’s stock valued at $1,081,000 after purchasing an additional 982 shares in the last quarter. Summit Wealth Group LLC Co. purchased a new position in First Solar during the third quarter valued at $373,000. Finally, Greenleaf Trust grew its position in shares of First Solar by 1.5% in the third quarter. Greenleaf Trust now owns 4,946 shares of the solar cell manufacturer’s stock valued at $866,000 after purchasing an additional 71 shares during the period. 92.08% of the stock is owned by institutional investors and hedge funds.

First Solar Company Profile

First Solar, Inc is a vertically integrated solar technology and manufacturing company that designs, manufactures and sells photovoltaic (PV) solar modules. Its modules use advanced thin-film semiconductor technology based on cadmium telluride (CdTe), rather than the crystalline-silicon technology used by most solar manufacturers. The company serves utility-scale solar developers, commercial and industrial customers, and other large-scale energy users.

Founded in 1999 and headquartered in Tempe, Arizona, First Solar operates research and development, manufacturing and recycling facilities in the United States and internationally.