First Solar (NASDAQ:FSLR) Given New $236.00 Price Target at Bank of America

First Solar (NASDAQ:FSLR) had its target price reduced by Bank of America from $246.00 to $236.00 in a research note published on Tuesday,Benzinga reports. Bank of America currently has a buy rating on the solar cell manufacturer’s stock.

FSLR has been the topic of several other research reports. Guggenheim restated a “buy” rating and set a $335.00 price objective on shares of First Solar in a report on Wednesday, January 22nd. Mizuho lowered their price target on First Solar from $274.00 to $257.00 and set a “neutral” rating for the company in a report on Thursday, October 31st. Robert W. Baird cut their price objective on shares of First Solar from $307.00 to $267.00 and set an “outperform” rating on the stock in a report on Wednesday, December 18th. Janney Montgomery Scott upgraded shares of First Solar from a “neutral” rating to a “buy” rating and set a $260.00 target price for the company in a report on Tuesday, October 29th. Finally, Piper Sandler increased their price target on shares of First Solar from $210.00 to $250.00 and gave the stock an “overweight” rating in a research note on Monday, December 2nd. Three equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $276.29.

First Solar Price Performance

NASDAQ:FSLR opened at $160.24 on Tuesday. First Solar has a 12-month low of $135.88 and a 12-month high of $306.77. The firm has a market cap of $17.16 billion, a price-to-earnings ratio of 13.80, a price-to-earnings-growth ratio of 0.20 and a beta of 1.49. The company’s 50-day moving average is $187.95 and its two-hundred day moving average is $206.91. The company has a current ratio of 2.14, a quick ratio of 1.44 and a debt-to-equity ratio of 0.05.

First Solar (NASDAQ:FSLR) last announced 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). The firm had revenue of $887.70 million for the quarter, compared to analyst estimates of $1.07 billion. First Solar had a return on equity of 17.56% and a net margin of 32.41%. The firm’s revenue was up 10.7% compared to the same quarter last year. During the same quarter last year, the business posted $2.50 EPS. Research analysts expect that First Solar will post 13.07 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of FSLR. Western Financial Corp CA acquired a new position in shares of First Solar in the 3rd quarter valued at approximately $1,209,000. Whalen Wealth Management Inc. raised its holdings in First Solar by 47.0% in the fourth quarter. Whalen Wealth Management Inc. now owns 4,859 shares of the solar cell manufacturer’s stock valued at $856,000 after acquiring an additional 1,554 shares in the last quarter. Stifel Financial Corp grew its holdings in First Solar by 36.9% during the 3rd quarter. Stifel Financial Corp now owns 21,446 shares of the solar cell manufacturer’s stock worth $5,350,000 after acquiring an additional 5,780 shares in the last quarter. iA Global Asset Management Inc. increased its position in shares of First Solar by 802.1% in the 3rd quarter. iA Global Asset Management Inc. now owns 20,460 shares of the solar cell manufacturer’s stock worth $5,104,000 after purchasing an additional 18,192 shares during the last quarter. Finally, Harbour Capital Advisors LLC lifted its position in shares of First Solar by 224.0% during the third quarter. Harbour Capital Advisors LLC now owns 5,217 shares of the solar cell manufacturer’s stock worth $1,301,000 after purchasing an additional 3,607 shares during the last quarter. Institutional investors and hedge funds own 92.08% of the company’s stock.

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.