Wells Fargo & Company Issues Pessimistic Forecast for First Solar (NASDAQ:FSLR) Stock Price

First Solar (NASDAQ:FSLR) had its price target dropped by research analysts at Wells Fargo & Company from $240.00 to $209.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the solar cell manufacturer’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 9.35% from the company’s current price.

Other research analysts have also recently issued research reports about the company. 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 report on Wednesday, October 30th. BMO Capital Markets restated an “outperform” rating and set a $260.00 price target (down previously from $286.00) on shares of First Solar in a research report on Wednesday, October 30th. Bank of America lowered their target price on First Solar from $321.00 to $269.00 and set a “buy” rating on the stock in a research note on Wednesday, October 30th. Mizuho decreased their price objective on First Solar from $274.00 to $257.00 and set a “neutral” rating for the company in a report on Thursday, October 31st. Finally, The Goldman Sachs Group dropped their price objective on shares of First Solar from $311.00 to $279.00 and set a “buy” rating on the stock in a report on Wednesday, October 30th. Four research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $277.75.

First Solar Price Performance

Shares of NASDAQ:FSLR opened at $191.13 on Wednesday. The company has a current ratio of 2.14, a quick ratio of 1.44 and a debt-to-equity ratio of 0.05. The stock has a market cap of $20.46 billion, a PE ratio of 16.46, a price-to-earnings-growth ratio of 0.35 and a beta of 1.49. The stock’s fifty day simple moving average is $191.96 and its two-hundred day simple moving average is $212.16. First Solar has a 1-year low of $135.88 and a 1-year high of $306.77.

First Solar (NASDAQ:FSLR) last released its quarterly earnings results on Tuesday, October 29th. The solar cell manufacturer reported $2.91 earnings per share for the quarter, missing analysts’ consensus estimates of $3.10 by ($0.19). First Solar had a net margin of 32.41% and a return on equity of 17.56%. The firm had revenue of $887.70 million for the quarter, compared to the consensus estimate of $1.07 billion. During the same period in the previous year, the business earned $2.50 earnings per share. The firm’s revenue for the quarter was up 10.7% on a year-over-year basis. As a group, analysts forecast that First Solar will post 13.15 EPS for the current fiscal year.

Hedge Funds Weigh In On First Solar

Several institutional investors and hedge funds have recently made changes to their positions in the business. Western Financial Corp CA bought a new position in shares of First Solar during the third quarter valued at about $1,209,000. Stifel Financial Corp boosted its holdings in First Solar by 36.9% during the 3rd quarter. Stifel Financial Corp now owns 21,446 shares of the solar cell manufacturer’s stock valued at $5,350,000 after acquiring an additional 5,780 shares during the period. Harbour Capital Advisors LLC grew its position in 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 worth $1,301,000 after acquiring an additional 3,607 shares during the last quarter. iA Global Asset Management Inc. increased its stake in First Solar by 802.1% in the 3rd quarter. iA Global Asset Management Inc. now owns 20,460 shares of the solar cell manufacturer’s stock worth $5,104,000 after purchasing an additional 18,192 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. lifted its position in First Solar by 6.4% in the third 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 during the last quarter. 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.