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

First Solar (NASDAQ:FSLR) had its target price lowered by analysts at Piper Sandler from $250.00 to $230.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the solar cell manufacturer’s stock. Piper Sandler’s target price indicates a potential upside of 42.79% from the company’s current price.

FSLR has been the subject of a number of other research reports. Citigroup lowered 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. Susquehanna cut their price objective on First Solar from $280.00 to $252.00 and set a “positive” rating on the stock in a report on Wednesday, October 30th. Mizuho raised shares of First Solar from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $218.00 to $259.00 in a research note on Tuesday, February 11th. JPMorgan Chase & Co. dropped their price objective on shares of First Solar from $282.00 to $268.00 and set an “overweight” rating on the stock in a report on Wednesday. Finally, Bank of America lowered their target price on First Solar from $246.00 to $236.00 and set a “buy” rating for the company in a report on Tuesday, January 28th. Three analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $271.13.

First Solar Price Performance

Shares of FSLR stock traded up $13.62 during midday trading on Wednesday, reaching $161.08. 5,028,474 shares of the company were exchanged, compared to its average volume of 2,414,456. The company’s 50 day moving average price is $174.55 and its two-hundred day moving average price is $199.38. The company has a market cap of $17.24 billion, a P/E ratio of 13.90, a PEG ratio of 0.19 and a beta of 1.47. First Solar has a 12 month low of $144.28 and a 12 month high of $306.77. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.44 and a current ratio of 2.14.

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

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in FSLR. Covestor Ltd boosted its holdings in First Solar by 6.4% during the 3rd quarter. Covestor Ltd now owns 916 shares of the solar cell manufacturer’s stock valued at $229,000 after acquiring an additional 55 shares during the period. Field & Main Bank boosted its position in First Solar by 4.1% in the 3rd quarter. Field & Main Bank now owns 1,385 shares of the solar cell manufacturer’s stock valued at $345,000 after buying an additional 55 shares during the period. Clear Harbor Asset Management LLC increased its position in shares of First Solar by 0.6% during the fourth quarter. Clear Harbor Asset Management LLC now owns 9,210 shares of the solar cell manufacturer’s stock worth $1,623,000 after acquiring an additional 55 shares during the period. Demars Financial Group LLC boosted its holdings in shares of First Solar by 1.4% in the third quarter. Demars Financial Group LLC now owns 4,129 shares of the solar cell manufacturer’s stock valued at $1,030,000 after purchasing an additional 56 shares during the period. Finally, Doliver Advisors LP increased its holdings in First Solar by 1.2% during the 4th quarter. Doliver Advisors LP now owns 4,713 shares of the solar cell manufacturer’s stock worth $831,000 after purchasing an additional 56 shares during the period. 92.08% of the stock is owned by hedge funds and other 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.