Piper Sandler Has Lowered Expectations for First Solar (NASDAQ:FSLR) Stock Price

Key Points

• Piper Sandler cut its First Solar price target from $251 to $222 but maintained an “overweight” rating, implying 16.53% upside from the prior close.
• Analyst sentiment remains broadly positive: MarketBeat reports an average “Moderate Buy” rating and an average price target of $256.38.
• First Solar beat quarterly EPS estimates ($5.30 versus $4.67), but revenue fell short of estimates and declined 22.8% year over year.

First Solar (NASDAQ:FSLR - Get Free Report) had its price objective reduced by analysts at Piper Sandler from $251.00 to $222.00 in a report released on Monday, Benzinga reports. The brokerage presently has an "overweight" rating on the solar cell manufacturer's stock. Piper Sandler's target price indicates a potential upside of 16.53% from the stock's previous close.

Other research analysts have also recently issued research reports about the company. UBS Group reiterated a "buy" rating on shares of First Solar in a research note on Friday, October 30th. Royal Bank Of Canada lowered their price objective on First Solar from $236.00 to $232.00 and set an "outperform" rating for the company in a research note on Friday, October 30th. Wells Fargo & Company lowered their price objective on First Solar from $313.00 to $260.00 and set an "overweight" rating for the company in a research note on Friday, October 30th. TD Cowen upgraded First Solar to a "strong-buy" rating in a report on Monday, October 5th. Finally, Raymond James Financial began coverage on First Solar in a research report on Thursday, August 27th. They issued a "market perform" rating on the stock. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, First Solar currently has an average rating of "Moderate Buy" and an average price target of $256.38.

First Solar Price Performance

First Solar stock traded down $10.63 during midday trading on Monday, hitting $190.51. 1,262,994 shares of the company were exchanged, compared to its average volume of 2,414,490. The company has a market cap of $20.48 billion, a PE ratio of 11.02, a price-to-earnings-growth ratio of 0.55 and a beta of 1.73. First Solar has a fifty-two week low of $165.86 and a fifty-two week high of $320.95. The company's fifty day moving average price is $186.99 and its 200-day moving average price is $214.96.

First Solar (NASDAQ:FSLR - Get Free Report) last posted its quarterly earnings data on Thursday, October 29th. The solar cell manufacturer reported $5.30 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.67 by $0.63. First Solar had a net margin of 37.12% and a return on equity of 18.33%. The company had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.29 billion. During the same quarter last year, the firm posted $4.24 earnings per share. The business's quarterly revenue was down 22.8% on a year-over-year basis. On average, analysts expect that First Solar will post 17.66 EPS for the current fiscal year.

Insider Buying and Selling at First Solar

In other news, CTO Markus Gloeckler sold 800 shares of the company's stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $174.00, for a total transaction of $139,200.00. Following the completion of the transaction, the chief technology officer directly owned 5,042 shares of the company's stock, valued at approximately $877,308. This represents a 13.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Samantha Sloan sold 127 shares of the stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $222.95, for a total value of $28,314.65. Following the sale, the executive vice president owned 2,018 shares in the company, valued at $449,913.10. The trade was a 5.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 5,427 shares of company stock worth $1,250,221 over the last ninety days. Company insiders own 0.39% of the company's stock.

Institutional Trading of First Solar

Several institutional investors have recently modified their holdings of FSLR. BlackRock Inc. bought a new stake in shares of First Solar in the second quarter valued at approximately $3,310,298,000. ABS Investment Management LLC bought a new position in First Solar during the second quarter worth $1,297,780,000. Hill City Capital LP bought a new position in First Solar during the second quarter worth $620,133,555. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in First Solar by 7.0% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,535,836 shares of the solar cell manufacturer's stock worth $362,396,000 after acquiring an additional 100,694 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in First Solar by 4.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,305,471 shares of the solar cell manufacturer's stock valued at $257,441,000 after purchasing an additional 56,300 shares during the last quarter. Institutional investors and hedge funds own 92.08% of the company's stock.

About First Solar

First Solar, Inc is a U.S.-based solar technology company that designs and manufactures photovoltaic modules for utility-scale solar power projects. Its products use thin-film cadmium telluride (CdTe) technology, an alternative to the crystalline-silicon cells commonly used in solar panels.

Founded in 1999, the company also provides services related to its modules, including recycling designed to recover and reuse materials at the end of a product's useful life. First Solar serves customers in markets across the Americas, Europe, and Asia-Pacific.

The company is headquartered in Tempe, Arizona.

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