First Solar (NASDAQ:FSLR) Given New $304.00 Price Target at Guggenheim

First Solar (NASDAQ:FSLR) had its price target trimmed by Guggenheim from $335.00 to $304.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a buy rating on the solar cell manufacturer’s stock.

Several other equities research analysts have also commented on the stock. Morgan Stanley decreased their price objective on shares of First Solar from $297.00 to $238.00 and set an “overweight” rating for the company in a research note on Thursday. Robert W. Baird dropped their price target on First Solar from $307.00 to $267.00 and set an “outperform” rating on the stock in a report on Wednesday, December 18th. Evercore ISI reduced their price objective on First Solar from $281.00 to $278.00 and set an “outperform” rating for the company in a research note on Wednesday, October 30th. BMO Capital Markets reaffirmed an “outperform” rating and set a $230.00 target price (down from $260.00) on shares of First Solar in a research report on Wednesday. Finally, Citigroup cut their price target on shares of First Solar from $254.00 to $236.00 and set a “neutral” rating on the stock in a report on Wednesday. Three research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $263.63.

First Solar Stock Performance

Shares of FSLR opened at $141.18 on Thursday. The firm has a market capitalization of $15.11 billion, a P/E ratio of 12.16, a P/E/G ratio of 0.19 and a beta of 1.47. First Solar has a 52 week low of $140.84 and a 52 week high of $306.77. The stock has a 50 day moving average price of $173.30 and a two-hundred day moving average price of $198.68. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.44 and a current ratio of 2.14.

First Solar (NASDAQ:FSLR) last announced its quarterly earnings results on Tuesday, February 25th. The solar cell manufacturer reported $3.65 earnings per share (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 the consensus estimate of $1.48 billion. First Solar had a return on equity of 17.56% and a net margin of 32.41%. Equities analysts forecast that First Solar will post 13.05 earnings per share for the current fiscal year.

Institutional Investors Weigh In On First Solar

Institutional investors and hedge funds have recently modified their holdings of the company. Whalen Wealth Management Inc. lifted its stake in First Solar by 47.0% in the 4th quarter. Whalen Wealth Management Inc. now owns 4,859 shares of the solar cell manufacturer’s stock worth $856,000 after purchasing an additional 1,554 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of First Solar by 665.8% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 39,192 shares of the solar cell manufacturer’s stock worth $7,308,000 after purchasing an additional 34,074 shares during the period. Stifel Financial Corp raised its position in shares of First Solar by 36.9% in the third quarter. Stifel Financial Corp now owns 21,446 shares of the solar cell manufacturer’s stock worth $5,350,000 after buying an additional 5,780 shares in the last quarter. Robeco Institutional Asset Management B.V. raised its position in shares of First Solar by 9.0% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 595,267 shares of the solar cell manufacturer’s stock worth $104,910,000 after buying an additional 49,074 shares in the last quarter. Finally, Paragon Capital Management Inc. purchased a new position in First Solar during the fourth quarter worth about $1,240,000. 92.08% of the stock is owned by hedge funds and other 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.