Guggenheim Cuts First Solar (NASDAQ:FSLR) Price Target to $304.00

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

A number of other research firms have also recently issued reports on FSLR. Robert W. Baird cut their price target on First Solar from $307.00 to $267.00 and set an “outperform” rating for the company in a report on Wednesday, December 18th. Bank of America lowered their price objective on First Solar from $246.00 to $236.00 and set a “buy” rating for the company in a research report on Tuesday, January 28th. Citigroup lowered their price objective on First Solar from $254.00 to $236.00 and set a “neutral” rating for the company in a research report on Wednesday. Morgan Stanley lowered their price objective on First Solar from $297.00 to $238.00 and set an “overweight” rating for the company in a research report on Thursday. Finally, Evercore ISI lowered their price objective on First Solar from $281.00 to $278.00 and set an “outperform” rating for the company in a research report on Wednesday, October 30th. Three research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, First Solar presently has a consensus rating of “Moderate Buy” and an average price target of $262.08.

First Solar Stock Performance

First Solar stock opened at $136.18 on Thursday. The stock has a 50-day simple moving average of $172.38 and a 200 day simple moving average of $197.88. The company has a quick ratio of 1.44, a current ratio of 2.14 and a debt-to-equity ratio of 0.05. First Solar has a 12-month low of $133.90 and a 12-month high of $306.77. The stock has a market capitalization of $14.58 billion, a price-to-earnings ratio of 11.73, a P/E/G ratio of 0.19 and a beta of 1.47.

First Solar (NASDAQ:FSLR) last released its quarterly earnings results on Tuesday, February 25th. The solar cell manufacturer reported $3.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.81 by ($1.16). First Solar had a net margin of 32.41% and a return on equity of 17.56%. The business had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.48 billion. On average, research analysts anticipate that First Solar will post 13.05 earnings per share for the current fiscal year.

Hedge Funds Weigh In On First Solar

Several institutional investors have recently modified their holdings of the business. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of First Solar during the 4th quarter valued at about $43,442,000. Mackenzie Financial Corp lifted its holdings in shares of First Solar by 4.7% during the 4th quarter. Mackenzie Financial Corp now owns 16,276 shares of the solar cell manufacturer’s stock valued at $2,868,000 after purchasing an additional 738 shares in the last quarter. Amiral Gestion bought a new position in shares of First Solar during the 4th quarter valued at about $529,000. Wormser Freres Gestion lifted its stake in First Solar by 54.7% in the 4th quarter. Wormser Freres Gestion now owns 1,069 shares of the solar cell manufacturer’s stock valued at $195,000 after acquiring an additional 378 shares in the last quarter. Finally, GF Fund Management CO. LTD. bought a new stake in First Solar in the 4th quarter valued at approximately $2,129,000. Institutional investors own 92.08% of the company’s stock.

First Solar Company Profile

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.