Robert W. Baird Has Lowered Expectations for First Solar (NASDAQ:FSLR) Stock Price

Key Points

• Robert W. Baird cut its First Solar price target from $318 to $290 while maintaining an “outperform” rating, implying 54.54% upside from the prior close.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $266.53, despite several firms lowering targets or maintaining “hold” ratings.
• First Solar exceeded quarterly EPS expectations, reporting $3.92 versus the $2.90 consensus estimate, although revenue declined 3.4% year over year; insiders have also sold shares totaling about $3.6 million over the past quarter.

First Solar (NASDAQ:FSLR - Get Free Report) had its price objective decreased by research analysts at Robert W. Baird from $318.00 to $290.00 in a report released on Tuesday. The brokerage presently has an "outperform" rating on the solar cell manufacturer's stock. Robert W. Baird's price target would suggest a potential upside of 54.54% from the stock's previous close.

A number of other equities analysts have also weighed in on the company. Citigroup lowered First Solar from a "buy" rating to a "hold" rating in a research report on Thursday, August 27th. Truist Financial restated a "hold" rating and set a $229.00 price objective (down from $249.00) on shares of First Solar in a report on Friday, July 31st. HSBC raised shares of First Solar from a "hold" rating to a "buy" rating in a research note on Friday, August 7th. TD Cowen reiterated a "buy" rating on shares of First Solar in a report on Monday, July 20th. Finally, Evercore reissued a "positive" rating and issued a $218.00 target price on shares of First Solar in a research report on Monday, August 17th. One analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $266.53.

First Solar Price Performance

FSLR stock opened at $187.66 on Tuesday. The firm has a market cap of $20.16 billion, a PE ratio of 11.72, a P/E/G ratio of 0.53 and a beta of 1.74. First Solar has a 12 month low of $182.99 and a 12 month high of $320.95. The firm has a 50 day simple moving average of $212.17 and a 200 day simple moving average of $221.27.

First Solar (NASDAQ:FSLR - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The solar cell manufacturer reported $3.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.90 by $1.02. The company had revenue of $1.06 billion for the quarter, compared to analysts' expectations of $1.06 billion. First Solar had a return on equity of 18.02% and a net margin of 32.47%.The firm's revenue was down 3.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.18 earnings per share. As a group, sell-side analysts expect that First Solar will post 17.78 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Michael Koralewski sold 7,000 shares of the firm's stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $221.51, for a total transaction of $1,550,570.00. Following the completion of the sale, the insider directly owned 7,642 shares in the company, valued at approximately $1,692,779.42. This trade represents a 47.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Markus Gloeckler sold 800 shares of the stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $200.00, for a total transaction of $160,000.00. Following the completion of the sale, the chief technology officer owned 5,842 shares of the company's stock, valued at approximately $1,168,400. The trade was a 12.04% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 15,881 shares of company stock valued at $3,617,086. 0.39% of the stock is owned by insiders.

Institutional Trading of First Solar

Several hedge funds and other institutional investors have recently modified their holdings of FSLR. QRG Capital Management Inc. grew its position in First Solar by 5.7% in the second quarter. QRG Capital Management Inc. now owns 8,017 shares of the solar cell manufacturer's stock worth $1,892,000 after acquiring an additional 435 shares in the last quarter. Andra AP fonden raised its holdings in shares of First Solar by 25.1% during the 2nd quarter. Andra AP fonden now owns 97,856 shares of the solar cell manufacturer's stock valued at $23,090,000 after purchasing an additional 19,607 shares in the last quarter. Tidal Investments LLC lifted its stake in shares of First Solar by 100.5% in the 2nd quarter. Tidal Investments LLC now owns 61,768 shares of the solar cell manufacturer's stock valued at $14,575,000 after purchasing an additional 30,967 shares during the last quarter. Van Hulzen Asset Management LLC acquired a new stake in shares of First Solar in the 2nd quarter valued at $232,000. Finally, National Pension Service boosted its holdings in First Solar by 8.2% in the second quarter. National Pension Service now owns 254,763 shares of the solar cell manufacturer's stock worth $60,114,000 after purchasing an additional 19,358 shares in the last quarter. 92.08% of the stock is currently owned by hedge funds and other institutional investors.

First Solar Company Profile

First Solar, Inc is a renewable energy technology company that designs and manufactures photovoltaic (PV) solar modules. Unlike conventional crystalline-silicon panels, its modules use thin-film semiconductor technology based on cadmium telluride (CdTe). The company also provides supporting services, including project development, engineering, procurement and construction support, operations and maintenance, and module recycling.

First Solar primarily serves utility-scale solar developers, system owners and operators, commercial customers, and government entities.

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