First Solar’s price target cut to $307.00 by Robert W. Baird.

By Oliver Townsend Jul 2, 2024
First Solar (NASDAQ:FSLR) PT Lowered to $307.00 at Robert W. Baird.jpegOrginal image from: https://www.defenseworld.net/2024/07/02/first-solar-nasdaqfslr-pt-lowered-to-307-00-at-robert-w-baird.html

First Solar, a leading solar cell manufacturer, recently had its target price lowered by research analysts at Robert W. Baird from $344.00 to $307.00. Despite the target price decrease, the firm maintains an “outperform” rating on the stock. This adjustment suggests a potential upside of 37.85% from the stock’s previous close. Various other research firms have also provided insights on First Solar, with differing price targets and ratings.

Analyst Ratings and Price Targets

Bank of America increased their price target on First Solar to $194.00, while The Goldman Sachs Group raised it to $302.00. Guggenheim and Roth Mkm also adjusted their price targets for the stock. Overall, the consensus rating for First Solar is a “Moderate Buy” with a consensus price target of $266.04. The stock opened at $222.71 on Tuesday, with a 52-week low of $129.21 and a high of $306.77.

Financial Performance and Outlook

First Solar reported $2.20 earnings per share for the quarter, surpassing analysts’ expectations. The company’s revenue for the quarter was $794.10 million, showing a 44.8% increase compared to the same period last year. Analysts anticipate earnings per share of 13.59 for the current year. The company’s debt-to-equity ratio, quick ratio, and current ratio indicate a stable financial position.

Insider Activity and Hedge Fund Positions

Insiders at First Solar have been active in selling shares recently. Hedge funds have also made adjustments to their positions in the stock. Envestnet Asset Management Inc., Trexquant Investment LP, Lazard Asset Management LLC, and other firms have increased or decreased their holdings in First Solar. These activities can provide insights into market sentiment and investor confidence.

Company Profile and Market Position

First Solar, Inc. offers photovoltaic solar energy solutions globally, utilizing thin film semiconductor technology. The company competes in the solar technology sector and aims to provide lower-carbon alternatives to traditional PV solar modules. Understanding the company’s profile and market positioning is crucial for investors assessing its growth potential and competitive advantage.

Summary

First Solar’s recent target price adjustment by Robert W. Baird reflects evolving market conditions and analyst perspectives. The company’s financial performance, insider activities, and hedge fund positions offer additional insights for investors. Understanding First Solar’s market position and industry dynamics is essential for making informed investment decisions in the renewable energy sector.

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