First Solar (NASDAQ:FSLR) Stock Price Target Lowered at The Goldman Sachs Group

First Solar (NASDAQ:FSLR) had its price target reduced by research analysts at The Goldman Sachs Group from $310.00 to $272.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm currently has a “buy” rating on the solar cell manufacturer’s stock. The Goldman Sachs Group’s price objective would suggest a potential upside of 51.00% from the company’s current price.

A number of other equities analysts have also commented on FSLR. HSBC raised First Solar from a “hold” rating to a “buy” rating in a research note on Friday, August 7th. Piper Sandler reduced their price objective on First Solar from $260.00 to $251.00 and set an “overweight” rating on the stock in a research note on Wednesday, September 30th. Morgan Stanley upped their price objective on First Solar from $245.00 to $323.00 and gave the stock an “overweight” rating in a report on Tuesday, August 18th. Mizuho set a $324.00 target price on First Solar in a research report on Thursday, August 13th. Finally, Raymond James Financial initiated coverage on shares of First Solar in a report on Thursday, August 27th. They issued a “market perform” rating for the company. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $264.97.

First Solar Stock Performance

FSLR opened at $180.13 on Thursday. The stock has a market capitalization of $19.35 billion, a price-to-earnings ratio of 11.11, a PEG ratio of 0.48 and a beta of 1.80. The company has a fifty day moving average of $206.12 and a 200 day moving average of $219.75. First Solar has a fifty-two week low of $168.60 and a fifty-two week high of $320.95.

First Solar (NASDAQ:FSLR) last announced its quarterly earnings results on Thursday, July 30th. The solar cell manufacturer reported $3.92 earnings per share (EPS) 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 company had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.06 billion. During the same period in the previous year, the firm posted $3.18 EPS. First Solar’s revenue for the quarter was down 3.4% compared to the same quarter last year. On average, equities research analysts forecast that First Solar will post 17.64 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Michael Koralewski sold 7,000 shares of First Solar stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $221.51, for a total value of $1,550,570.00. Following the completion of the transaction, the insider owned 7,642 shares in the company, valued at approximately $1,692,779.42. The trade was a 47.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Markus Gloeckler sold 800 shares of the business’s 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 transaction, the chief technology officer directly owned 5,042 shares in the company, valued at approximately $877,308. This represents a 13.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 16,681 shares of company stock valued at $3,756,286 over the last quarter. Company insiders own 0.39% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of FSLR. Pictet Asset Management Holding SA grew its holdings in First Solar by 29.3% during 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 acquiring an additional 258,204 shares in the last quarter. Rakuten Investment Management Inc. bought a new stake in shares of First Solar in the 2nd quarter valued at about $4,019,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of First Solar by 7.0% in the 2nd 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 purchasing an additional 100,694 shares in the last quarter. Jupiter Topco LLC purchased a new stake in shares of First Solar in the 2nd quarter worth approximately $6,121,000. Finally, Handelsbanken Fonder AB lifted its position in shares of First Solar by 15.0% in the 2nd quarter. Handelsbanken Fonder AB now owns 683,112 shares of the solar cell manufacturer’s stock worth $161,187,000 after purchasing an additional 89,214 shares during the period. 92.08% of the stock is owned by hedge funds and other institutional investors.

About First Solar

First Solar, Inc is a solar technology and manufacturing company that designs and produces photovoltaic (PV) solar modules for utility-scale power projects. Unlike conventional crystalline-silicon panels, its modules use thin-film semiconductor technology based on cadmium telluride (CdTe), which the company says can provide advantages in energy yield, temperature performance and lifecycle sustainability.

The company’s product portfolio includes its Series 6 and Series 7 thin-film solar modules, along with related services such as technical support, module recycling and end-of-life collection.