Wells Fargo & Company Issues Pessimistic Forecast for First Solar (NASDAQ:FSLR) Stock Price

First Solar (NASDAQ:FSLR - Get Free Report) had its price target cut by equities researchers at Wells Fargo & Company from $240.00 to $209.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has an "overweight" rating on the solar cell manufacturer's stock. Wells Fargo & Company's target price would indicate a potential upside of 9.35% from the company's previous close.

A number of other equities analysts also recently issued reports on the company. Janney Montgomery Scott upgraded First Solar from a "neutral" rating to a "buy" rating and set a $260.00 price objective for the company in a report on Tuesday, October 29th. Barclays decreased their price target on shares of First Solar from $290.00 to $275.00 and set an "overweight" rating for the company in a research note on Wednesday, November 13th. Royal Bank of Canada cut their price objective on shares of First Solar from $315.00 to $280.00 and set an "outperform" rating on the stock in a report on Wednesday, October 30th. The Goldman Sachs Group decreased their target price on shares of First Solar from $311.00 to $279.00 and set a "buy" rating for the company in a research note on Wednesday, October 30th. Finally, Bank of America cut their price target on First Solar from $321.00 to $269.00 and set a "buy" rating on the stock in a research note on Wednesday, October 30th. Four research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $277.75.

First Solar Trading Down 3.3 %

NASDAQ:FSLR traded down $6.60 during trading hours on Wednesday, hitting $191.13. The company had a trading volume of 1,779,784 shares, compared to its average volume of 1,831,412. 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 stock has a 50-day moving average price of $192.02 and a 200 day moving average price of $212.30. The company has a market capitalization of $20.46 billion, a PE ratio of 16.46, a price-to-earnings-growth ratio of 0.35 and a beta of 1.49. First Solar has a 52 week low of $135.88 and a 52 week high of $306.77.

First Solar (NASDAQ:FSLR - Get Free Report) last announced its quarterly earnings results on Tuesday, October 29th. The solar cell manufacturer reported $2.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.10 by ($0.19). First Solar had a net margin of 32.41% and a return on equity of 17.56%. The company had revenue of $887.70 million for the quarter, compared to analysts' expectations of $1.07 billion. During the same quarter in the prior year, the firm earned $2.50 EPS. First Solar's quarterly revenue was up 10.7% compared to the same quarter last year. On average, equities research analysts predict that First Solar will post 13.15 EPS for the current fiscal year.

Institutional Trading of First Solar

Several large investors have recently added to or reduced their stakes in the business. TD Asset Management Inc raised its stake in shares of First Solar by 3.9% in the second quarter. TD Asset Management Inc now owns 37,293 shares of the solar cell manufacturer's stock worth $8,408,000 after buying an additional 1,408 shares during the period. Victory Capital Management Inc. raised its stake in First Solar by 0.5% during the 2nd quarter. Victory Capital Management Inc. now owns 43,606 shares of the solar cell manufacturer's stock worth $9,831,000 after acquiring an additional 219 shares during the period. Private Advisor Group LLC purchased a new position in First Solar during the second quarter valued at approximately $834,000. Acadian Asset Management LLC purchased a new stake in shares of First Solar in the second quarter worth $794,000. Finally, Ballentine Partners LLC raised its position in shares of First Solar by 24.2% during the 2nd quarter. Ballentine Partners LLC now owns 2,415 shares of the solar cell manufacturer's stock valued at $544,000 after purchasing an additional 470 shares during the period. 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.