Bank of America Issues Pessimistic Forecast for First Solar (NASDAQ:FSLR) Stock Price

First Solar (NASDAQ:FSLR - Free Report) had its price objective trimmed by Bank of America from $236.00 to $215.00 in a report released on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the solar cell manufacturer's stock.

A number of other equities research analysts have also commented on the company. Barclays decreased their price objective on First Solar from $273.00 to $236.00 and set an "overweight" rating for the company in a research report on Friday, February 28th. Truist Financial restated a "buy" rating and set a $245.00 price target (down previously from $285.00) on shares of First Solar in a research note on Wednesday, April 2nd. StockNews.com upgraded shares of First Solar from a "sell" rating to a "hold" rating in a research note on Thursday, January 2nd. JPMorgan Chase & Co. decreased their target price on First Solar from $282.00 to $268.00 and set an "overweight" rating for the company in a research note on Wednesday, February 26th. Finally, Robert W. Baird dropped 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. Four research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $256.08.

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First Solar Price Performance

First Solar stock traded up $3.74 during midday trading on Tuesday, hitting $125.93. The company's stock had a trading volume of 2,689,100 shares, compared to its average volume of 2,733,280. The company has a market capitalization of $13.48 billion, a PE ratio of 10.85, a price-to-earnings-growth ratio of 0.19 and a beta of 1.48. First Solar has a 12 month low of $116.56 and a 12 month 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. The stock's 50-day moving average price is $139.83 and its 200-day moving average price is $176.18.

First Solar (NASDAQ:FSLR - Get Free Report) last announced its earnings results on Tuesday, February 25th. The solar cell manufacturer reported $3.65 EPS for the quarter, missing the consensus estimate of $4.81 by ($1.16). The company had revenue of $1.51 billion for the quarter, compared to analysts' expectations of $1.48 billion. First Solar had a net margin of 32.41% and a return on equity of 17.56%. Analysts anticipate that First Solar will post 13.05 earnings per share for the current fiscal year.

Insider Activity

In other news, CTO Markus Gloeckler sold 380 shares of the firm's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $133.75, for a total value of $50,825.00. Following the transaction, the chief technology officer now owns 17,594 shares of the company's stock, valued at approximately $2,353,197.50. This trade represents a 2.11 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Mark R. Widmar sold 21,542 shares of the company's stock in a transaction on Friday, February 28th. The shares were sold at an average price of $141.09, for a total transaction of $3,039,360.78. Following the sale, the chief executive officer now owns 103,403 shares of the company's stock, valued at $14,589,129.27. The trade was a 17.24 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 34,311 shares of company stock valued at $4,767,158 over the last three months. 0.58% of the stock is owned by insiders.

Institutional Investors Weigh In On First Solar

Large investors have recently modified their holdings of the business. Vanguard Group Inc. increased its holdings in First Solar by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 12,821,701 shares of the solar cell manufacturer's stock worth $2,259,697,000 after purchasing an additional 120,289 shares in the last quarter. Geode Capital Management LLC lifted its stake in First Solar by 2.4% in the fourth quarter. Geode Capital Management LLC now owns 2,666,242 shares of the solar cell manufacturer's stock valued at $469,154,000 after acquiring an additional 63,739 shares during the last quarter. Wellington Management Group LLP grew its holdings in First Solar by 12.5% during the fourth quarter. Wellington Management Group LLP now owns 2,359,846 shares of the solar cell manufacturer's stock worth $415,899,000 after purchasing an additional 262,482 shares during the period. Invesco Ltd. raised its stake in First Solar by 13.9% in the 4th quarter. Invesco Ltd. now owns 1,835,056 shares of the solar cell manufacturer's stock valued at $323,410,000 after acquiring an additional 223,933 shares during the period. Finally, Amundi lifted its holdings in First Solar by 31.0% during the 4th quarter. Amundi now owns 1,805,244 shares of the solar cell manufacturer's stock valued at $336,871,000 after purchasing an additional 426,797 shares during the last quarter. 92.08% of the stock is currently owned by 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.