First Solar (NASDAQ:FSLR) Price Target Cut to $252.00 by Analysts at JPMorgan Chase & Co.

First Solar (NASDAQ:FSLR) had its target price reduced by JPMorgan Chase & Co. from $256.00 to $252.00 in a report released on Monday, Benzinga reports. The brokerage presently has an “overweight” rating on the solar cell manufacturer’s stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 46.68% from the stock’s previous close.

A number of other research analysts have also weighed in on the company. Morgan Stanley raised their price objective on First Solar from $323.00 to $326.00 and gave the company an “overweight” rating in a research report on Wednesday, October 14th. Oppenheimer reissued a “market perform” rating on shares of First Solar in a report on Friday, July 31st. Glj Research cut their target price on First Solar from $315.00 to $250.00 and set a “buy” rating on the stock in a research note on Tuesday, September 22nd. The Goldman Sachs Group reduced their price target on First Solar from $310.00 to $272.00 and set a “buy” rating for the company in a report on Thursday, October 8th. Finally, Raymond James Financial initiated coverage on First Solar in a report on Thursday, August 27th. They set a “market perform” rating for the company. Two analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, First Solar currently has an average rating of “Moderate Buy” and an average price target of $265.73.

First Solar Trading Down 0.5%

First Solar stock traded down $0.84 on Monday, hitting $171.80. 1,914,258 shares of the stock traded hands, compared to its average volume of 2,362,125. The business’s fifty day simple moving average is $198.70 and its 200 day simple moving average is $219.21. The firm has a market cap of $18.46 billion, a P/E ratio of 10.59, a price-to-earnings-growth ratio of 0.47 and a beta of 1.80. First Solar has a 1 year low of $168.60 and a 1 year high of $320.95.

First Solar (NASDAQ:FSLR) last announced its earnings results on Thursday, July 30th. The solar cell manufacturer reported $3.92 earnings per share for the quarter, beating analysts’ consensus estimates of $2.90 by $1.02. First Solar had a net margin of 32.47% and a return on equity of 18.02%. The business had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.06 billion. During the same quarter last year, the firm earned $3.18 earnings per share. The business’s revenue for the quarter was down 3.4% on a year-over-year basis. As a group, analysts predict that First Solar will post 17.63 earnings per share for the current year.

Insider Activity at First Solar

In other First Solar news, CTO Markus Gloeckler sold 800 shares of First Solar stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $174.00, for a total value of $139,200.00. Following the completion of the sale, the chief technology officer owned 5,042 shares of the company’s stock, valued at approximately $877,308. The trade was a 13.69% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Samantha Sloan sold 127 shares of First Solar stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $222.95, for a total transaction of $28,314.65. Following the completion of the sale, the executive vice president directly owned 2,018 shares of the company’s stock, valued at approximately $449,913.10. This trade represents a 5.92% decrease in their position. 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. Over the last ninety days, insiders have sold 16,681 shares of company stock worth $3,756,286. Company insiders own 0.39% of the company’s stock.

Institutional Trading of First Solar

Several large investors have recently modified their holdings of the company. Pictet Asset Management Holding SA lifted its stake in shares of First Solar by 29.3% in the 1st quarter. Pictet Asset Management Holding SA now owns 1,138,473 shares of the solar cell manufacturer’s stock worth $224,540,000 after purchasing an additional 258,204 shares during the period. Rakuten Investment Management Inc. bought a new stake in First Solar during the second quarter valued at approximately $4,019,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew 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 valued at $362,396,000 after buying an additional 100,694 shares during the period. Jupiter Topco LLC purchased a new stake in First Solar during the second quarter valued at approximately $6,121,000. Finally, Handelsbanken Fonder AB increased its holdings in First Solar by 15.0% during the second quarter. Handelsbanken Fonder AB now owns 683,112 shares of the solar cell manufacturer’s stock valued at $161,187,000 after buying an additional 89,214 shares during the last quarter. Institutional investors own 92.08% of the company’s stock.

About First Solar

First Solar, Inc is a vertically integrated solar technology and manufacturing company that designs, manufactures and sells photovoltaic (PV) solar modules. Its modules use advanced thin-film semiconductor technology based on cadmium telluride (CdTe), rather than the crystalline-silicon technology used by most solar manufacturers. The company serves utility-scale solar developers, commercial and industrial customers, and other large-scale energy users.

Founded in 1999 and headquartered in Tempe, Arizona, First Solar operates research and development, manufacturing and recycling facilities in the United States and internationally.