Morgan Stanley Cuts First Solar (NASDAQ:FSLR) Price Target to $297.00

First Solar (NASDAQ:FSLR) had its target price lowered by Morgan Stanley from $329.00 to $297.00 in a research report sent to investors on Wednesday morning, Benzinga reports. The brokerage currently has an overweight rating on the solar cell manufacturer’s stock.

FSLR has been the topic of several other reports. Barclays boosted their price target on First Solar from $280.00 to $290.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. Royal Bank of Canada reiterated an “outperform” rating and issued a $315.00 price objective on shares of First Solar in a report on Wednesday, July 31st. Clarkson Capital began coverage on First Solar in a report on Wednesday, August 14th. They issued a “buy” rating and a $270.00 price target for the company. Truist Financial started coverage on First Solar in a report on Thursday, September 26th. They set a “buy” rating and a $300.00 price objective on the stock. Finally, DZ Bank raised shares of First Solar from a “hold” rating to a “buy” rating and set a $280.00 price target for the company in a research report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $281.13.

First Solar Price Performance

FSLR opened at $204.94 on Wednesday. The company has a 50 day moving average of $221.68 and a two-hundred day moving average of $223.93. First Solar has a 52-week low of $129.21 and a 52-week high of $306.77. The company has a quick ratio of 1.65, a current ratio of 2.14 and a debt-to-equity ratio of 0.05. The company has a market cap of $21.94 billion, a P/E ratio of 17.65, a P/E/G ratio of 0.34 and a beta of 1.44.

First Solar (NASDAQ:FSLR) last announced its quarterly earnings results on Tuesday, October 29th. The solar cell manufacturer reported $2.91 earnings per share for the quarter, missing analysts’ consensus estimates of $3.10 by ($0.19). First Solar had a return on equity of 17.56% and a net margin of 32.41%. The business had revenue of $887.70 million for the quarter, compared to analysts’ expectations of $1.07 billion. During the same period last year, the company posted $2.50 earnings per share. The firm’s revenue for the quarter was up 10.7% on a year-over-year basis. On average, analysts expect that First Solar will post 13.18 earnings per share for the current year.

Insider Buying and Selling

In other First Solar news, insider Patrick James Buehler sold 8,619 shares of the business’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $222.00, for a total transaction of $1,913,418.00. Following the sale, the insider now directly owns 3,468 shares in the company, valued at approximately $769,896. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Patrick James Buehler sold 8,619 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $222.00, for a total transaction of $1,913,418.00. Following the sale, the insider now owns 3,468 shares of the company’s stock, valued at $769,896. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Byron Michael Jeffers sold 500 shares of the stock in a transaction on Monday, August 12th. The shares were sold at an average price of $220.00, for a total value of $110,000.00. The disclosure for this sale can be found here. Insiders sold 10,885 shares of company stock valued at $2,405,757 over the last 90 days. 0.58% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On First Solar

A number of institutional investors and hedge funds have recently bought and sold shares of FSLR. Brookstone Capital Management acquired a new position in shares of First Solar in the 1st quarter worth approximately $244,000. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in First Solar by 6.3% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 259,177 shares of the solar cell manufacturer’s stock valued at $43,749,000 after purchasing an additional 15,430 shares during the last quarter. First Trust Direct Indexing L.P. bought a new stake in First Solar during the first quarter worth approximately $215,000. Everett Harris & Co. CA acquired a new position in First Solar in the first quarter worth approximately $219,000. Finally, Van ECK Associates Corp increased its holdings in shares of First Solar by 3.2% in the first quarter. Van ECK Associates Corp now owns 48,926 shares of the solar cell manufacturer’s stock valued at $8,259,000 after buying an additional 1,524 shares in the last quarter. 92.08% of the stock is owned by institutional investors and hedge funds.

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.