BMO Capital Markets Cuts First Solar (NASDAQ:FSLR) Price Target to $237.00

Key Points

• BMO Capital Markets cut its price target on First Solar to $237 from $252 and kept a Market Perform rating, implying significant upside from current levels per the report.
• Multiple brokers have trimmed targets recently, but the street consensus remains a Moderate Buy with an average price target of $245.10 (20 Buys, 13 Holds, 2 Sells).
• Shares traded around $189.92, the company reported an EPS miss ($4.84 vs. $5.22 est.) despite revenue beating estimates, and insiders sold roughly 76,562 shares (~$15M) over the past three months.

First Solar (NASDAQ:FSLR - Get Free Report) had its target price cut by equities research analysts at BMO Capital Markets from $252.00 to $237.00 in a report issued on Monday,MarketScreener reports. The brokerage currently has a "market perform" rating on the solar cell manufacturer's stock. BMO Capital Markets' price objective indicates a potential upside of 24.79% from the company's current price.

FSLR has been the topic of a number of other reports. TD Cowen reduced their target price on shares of First Solar from $320.00 to $253.00 and set a "buy" rating on the stock in a report on Wednesday, February 25th. Weiss Ratings reiterated a "hold (c+)" rating on shares of First Solar in a research note on Friday, March 27th. The Goldman Sachs Group lowered their target price on First Solar from $316.00 to $300.00 and set a "buy" rating for the company in a research note on Wednesday, February 25th. Guggenheim reduced their price target on First Solar from $312.00 to $269.00 and set a "buy" rating on the stock in a research report on Tuesday, March 17th. Finally, Robert W. Baird reissued a "neutral" rating and set a $205.00 price objective (down from $264.00) on shares of First Solar in a research report on Wednesday, February 25th. Twenty equities research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $245.10.

First Solar Price Performance

Shares of NASDAQ:FSLR traded down $0.52 during midday trading on Monday, reaching $189.92. 203,673 shares of the company's stock traded hands, compared to its average volume of 2,320,597. The company has a fifty day simple moving average of $204.51 and a two-hundred day simple moving average of $234.09. First Solar has a 1 year low of $119.09 and a 1 year high of $285.99. The company has a market cap of $20.41 billion, a P/E ratio of 13.39, a PEG ratio of 0.41 and a beta of 1.61. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.35 and a current ratio of 2.67.

First Solar (NASDAQ:FSLR - Get Free Report) last posted its quarterly earnings data on Tuesday, February 24th. The solar cell manufacturer reported $4.84 earnings per share for the quarter, missing analysts' consensus estimates of $5.22 by ($0.38). The company had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.59 billion. First Solar had a return on equity of 17.32% and a net margin of 29.28%.The business's revenue was up 11.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $3.65 earnings per share. Equities analysts predict that First Solar will post 13.05 EPS for the current fiscal year.

Insider Transactions at First Solar

In related news, CTO Markus Gloeckler sold 3,640 shares of First Solar stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $196.95, for a total transaction of $716,898.00. Following the sale, the chief technology officer directly owned 8,037 shares in the company, valued at $1,582,887.15. This trade represents a 31.17% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Jason E. Dymbort sold 9,022 shares of the company's stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $199.62, for a total transaction of $1,800,971.64. Following the completion of the transaction, the general counsel owned 9,850 shares of the company's stock, valued at $1,966,257. This represents a 47.81% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 76,562 shares of company stock worth $15,042,232. Insiders own 0.39% of the company's stock.

Institutional Investors Weigh In On First Solar

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Joule Financial LLC purchased a new stake in shares of First Solar during the 3rd quarter worth $950,000. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of First Solar by 22.0% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 77,155 shares of the solar cell manufacturer's stock valued at $17,015,000 after purchasing an additional 13,904 shares in the last quarter. Belpointe Asset Management LLC acquired a new stake in shares of First Solar in the third quarter valued at approximately $1,193,000. Greenup Street Wealth Management LLC acquired a new stake in shares of First Solar in the third quarter valued at approximately $2,147,000. Finally, Candriam S.C.A. increased its stake in shares of First Solar by 70.2% during the 3rd quarter. Candriam S.C.A. now owns 150,379 shares of the solar cell manufacturer's stock worth $33,163,000 after purchasing an additional 62,048 shares in the last quarter. 92.08% of the stock is owned by hedge funds and other institutional investors.

First Solar Company Profile

First Solar, Inc NASDAQ: FSLR is a United States–based solar technology company best known for designing and manufacturing thin‑film photovoltaic (PV) modules that use cadmium telluride (CdTe) semiconductor technology. The company supplies PV modules and delivers integrated solar power solutions for utility‑scale projects, positioning itself as a provider of both components and complete solar energy systems rather than solely a parts supplier. First Solar was founded in 1999 and is headquartered in Tempe, Arizona.

Beyond module manufacturing, First Solar offers a range of project services including development support, engineering, procurement and construction (EPC) services, and operations and maintenance (O&M) for large-scale solar installations.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.