First Solar (NASDAQ:FSLR) Given New $268.00 Price Target at JPMorgan Chase & Co.

First Solar (NASDAQ:FSLR) had its price target cut by JPMorgan Chase & Co. from $282.00 to $268.00 in a research note released on Wednesday,Benzinga reports. They currently have an overweight rating on the solar cell manufacturer’s stock.

Other equities analysts have also issued research reports about the stock. Wells Fargo & Company dropped their price target on shares of First Solar from $240.00 to $209.00 and set an “overweight” rating for the company in a research report on Wednesday, January 8th. Evercore ISI dropped their price objective on First Solar from $281.00 to $278.00 and set an “outperform” rating for the company in a report on Wednesday, October 30th. Royal Bank of Canada reduced their target price on First Solar from $280.00 to $251.00 and set an “outperform” rating on the stock in a report on Wednesday. Citigroup lowered their price target on First Solar from $254.00 to $236.00 and set a “neutral” rating for the company in a research report on Wednesday. Finally, Janney Montgomery Scott upgraded First Solar from a “neutral” rating to a “buy” rating and set a $260.00 price objective on the stock in a report on Tuesday, October 29th. Three investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, First Solar has an average rating of “Moderate Buy” and a consensus target price of $268.00.

First Solar Price Performance

Shares of NASDAQ:FSLR opened at $156.84 on Wednesday. The company has a market cap of $16.79 billion, a P/E ratio of 13.51, a P/E/G ratio of 0.19 and a beta of 1.47. The business has a fifty day simple moving average of $174.00 and a 200-day simple moving average of $199.08. First Solar has a 52 week low of $144.28 and a 52 week high of $306.77. The company has a quick ratio of 1.44, a current ratio of 2.14 and a debt-to-equity ratio of 0.05.

First Solar (NASDAQ:FSLR) last issued its quarterly earnings results on Tuesday, February 25th. The solar cell manufacturer reported $3.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.81 by ($1.16). First Solar had a return on equity of 17.56% and a net margin of 32.41%. The business had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.48 billion. Equities research analysts forecast that First Solar will post 13.05 EPS for the current year.

Institutional Investors Weigh In On First Solar

Several hedge funds and other institutional investors have recently bought and sold shares of FSLR. Strengthening Families & Communities LLC acquired a new stake in shares of First Solar during the third quarter worth approximately $25,000. Kennebec Savings Bank bought a new position in First Solar during the 3rd quarter valued at $29,000. Larson Financial Group LLC grew its holdings in First Solar by 214.0% during the 3rd quarter. Larson Financial Group LLC now owns 157 shares of the solar cell manufacturer’s stock worth $39,000 after acquiring an additional 107 shares in the last quarter. Smartleaf Asset Management LLC increased its position in shares of First Solar by 31.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 262 shares of the solar cell manufacturer’s stock worth $47,000 after purchasing an additional 63 shares during the last quarter. Finally, Crews Bank & Trust acquired a new stake in shares of First Solar in the 4th quarter valued at about $53,000. 92.08% of the stock is currently 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.