First Solar Inc. (FSLR) Downgraded by Vetr Inc. to Buy
Vetr lowered shares of First Solar Inc. (NASDAQ:FSLR) from a strong-buy rating to a buy rating in a research report released on Thursday morning. They currently have $43.85 target price on the solar cell manufacturer’s stock.
A number of other equities analysts have also weighed in on the company. Mizuho lowered their target price on First Solar from $67.00 to $46.00 and set a neutral rating on the stock in a research report on Wednesday, August 10th. Goldman Sachs Group Inc. lowered First Solar from a buy rating to a neutral rating and lowered their target price for the stock from $58.00 to $42.00 in a research report on Thursday. JPMorgan Chase & Co. reaffirmed a hold rating and set a $53.00 target price (down from $65.00) on shares of First Solar in a research report on Wednesday, September 28th. Williams Capital initiated coverage on First Solar in a research report on Friday, September 30th. They set a buy rating and a $50.00 target price on the stock. Finally, Morgan Stanley set a $59.00 target price on First Solar and gave the stock a hold rating in a research report on Wednesday, August 3rd. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and twelve have issued a buy rating to the stock. The stock currently has an average rating of Hold and a consensus target price of $56.83.
First Solar (NASDAQ:FSLR) traded down 5.23% during trading on Thursday, reaching $37.67. 2,910,021 shares of the company’s stock were exchanged. The firm has a market cap of $3.86 billion, a price-to-earnings ratio of 5.55 and a beta of 1.54. The firm’s 50-day moving average price is $37.43 and its 200-day moving average price is $48.36. First Solar has a 12 month low of $33.74 and a 12 month high of $74.29.
First Solar (NASDAQ:FSLR) last issued its earnings results on Wednesday, August 3rd. The solar cell manufacturer reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.55 by $0.32. First Solar had a return on equity of 13.78% and a net margin of 17.45%. The company had revenue of $934.40 million for the quarter, compared to analyst estimates of $862.68 million. During the same period in the prior year, the firm earned $0.93 earnings per share. First Solar’s revenue for the quarter was up 4.2% on a year-over-year basis. On average, equities research analysts anticipate that First Solar will post $4.25 EPS for the current year.
In related news, Director James Alton Hughes sold 180,448 shares of the firm’s stock in a transaction that occurred on Friday, August 5th. The stock was sold at an average price of $44.43, for a total transaction of $8,017,304.64. Following the transaction, the director now directly owns 201,577 shares in the company, valued at approximately $8,956,066.11. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, COO Philip Dejong sold 67,251 shares of the firm’s stock in a transaction that occurred on Friday, August 5th. The stock was sold at an average price of $44.28, for a total value of $2,977,874.28. Following the transaction, the chief operating officer now owns 45,499 shares in the company, valued at $2,014,695.72. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the company. BOKF NA raised its position in First Solar by 3.8% in the second quarter. BOKF NA now owns 2,202 shares of the solar cell manufacturer’s stock valued at $106,000 after buying an additional 81 shares during the last quarter. LS Investment Advisors LLC raised its position in First Solar by 27.2% in the second quarter. LS Investment Advisors LLC now owns 2,782 shares of the solar cell manufacturer’s stock valued at $135,000 after buying an additional 595 shares during the last quarter. Signature Estate & Investment Advisors LLC bought a new position in First Solar during the second quarter valued at about $141,000. Pacad Investment Ltd. bought a new position in First Solar during the second quarter valued at about $141,000. Finally, Northwestern Mutual Investment Management Company LLC raised its position in First Solar by 0.4% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 2,924 shares of the solar cell manufacturer’s stock valued at $142,000 after buying an additional 11 shares during the last quarter. Institutional investors and hedge funds own 57.50% of the company’s stock.
First Solar Company Profile
First Solar, Inc is a provider of photovoltaic (PV) solar energy solutions. The Company designs, manufactures and sells PV solar modules with thin-film semiconductor technology, and also develops, designs, constructs and sells PV solar power solutions. The Company operates through two segments: components and systems.
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