First Solar (NASDAQ:FSLR) Price Target Lowered to $236.00 at Bank of America

First Solar (NASDAQ:FSLR) had its price objective dropped by Bank of America from $246.00 to $236.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the solar cell manufacturer’s stock. Bank of America‘s price target suggests a potential upside of 48.94% from the stock’s current price.

FSLR has been the subject of several other reports. BMO Capital Markets restated an “outperform” rating and set a $260.00 price objective (down from $286.00) on shares of First Solar in a research report on Wednesday, October 30th. Morgan Stanley reduced their price target on First Solar from $329.00 to $297.00 and set an “overweight” rating for the company in a research note on Wednesday, October 30th. Seaport Res Ptn upgraded First Solar from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, January 15th. Guggenheim reissued a “buy” rating and set a $335.00 target price on shares of First Solar in a report on Wednesday, January 22nd. Finally, Hsbc Global Res upgraded shares of First Solar to a “strong-buy” rating in a research note on Wednesday, October 9th. Three research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $276.29.

First Solar Stock Performance

First Solar stock traded down $5.85 during mid-day trading on Tuesday, hitting $158.46. 1,186,535 shares of the company’s stock traded hands, compared to its average volume of 2,233,665. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.14 and a quick ratio of 1.44. The firm has a 50 day simple moving average of $188.49 and a two-hundred day simple moving average of $207.43. First Solar has a fifty-two week low of $135.88 and a fifty-two week high of $306.77. The stock has a market cap of $16.96 billion, a price-to-earnings ratio of 13.66, a P/E/G ratio of 0.20 and a beta of 1.49.

First Solar (NASDAQ:FSLR) last posted its earnings results on Tuesday, October 29th. The solar cell manufacturer reported $2.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.10 by ($0.19). First Solar had a return on equity of 17.56% and a net margin of 32.41%. The company had revenue of $887.70 million for the quarter, compared to analyst estimates of $1.07 billion. During the same quarter in the prior year, the business posted $2.50 EPS. The business’s quarterly revenue was up 10.7% compared to the same quarter last year. On average, research analysts expect that First Solar will post 13.07 EPS for the current fiscal year.

Hedge Funds Weigh In On First Solar

Institutional investors have recently added to or reduced their stakes in the stock. AlphaMark Advisors LLC bought a new stake in shares of First Solar during the third quarter worth $25,000. Strengthening Families & Communities LLC bought a new stake in First Solar during the 3rd quarter worth $25,000. Kennebec Savings Bank acquired a new position in First Solar in the 3rd quarter worth about $29,000. Larson Financial Group LLC raised its position in First Solar by 214.0% in the third quarter. Larson Financial Group LLC now owns 157 shares of the solar cell manufacturer’s stock valued at $39,000 after purchasing an additional 107 shares during the last quarter. Finally, Crews Bank & Trust acquired a new stake in shares of First Solar during the fourth quarter valued at about $53,000. 92.08% of the stock is currently owned by institutional investors and hedge funds.

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.