First Solar Inc. (FSLR) Downgraded by Vetr Inc. to Buy
Vetr downgraded shares of First Solar Inc. (NASDAQ:FSLR) from a strong-buy rating to a buy rating in a research report report published on Wednesday. The brokerage currently has $42.68 price objective on the solar cell manufacturer’s stock.
FSLR has been the topic of several other reports. Mizuho decreased their price target on shares of First Solar from $67.00 to $46.00 and set a neutral rating on the stock in a research note on Wednesday, August 10th. Goldman Sachs Group Inc. downgraded shares of First Solar from a buy rating to a neutral rating and decreased their price target for the stock from $58.00 to $42.00 in a research note on Thursday, October 6th. JPMorgan Chase & Co. reissued a hold rating and set a $53.00 price target (down from $65.00) on shares of First Solar in a research note on Wednesday, September 28th. Williams Capital assumed coverage on shares of First Solar in a research note on Friday, September 30th. They set a buy rating and a $50.00 price target on the stock. Finally, Morgan Stanley set a $59.00 price target on shares of First Solar and gave the stock a hold rating in a research note on Wednesday, August 3rd. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating and twelve have given a buy rating to the company. First Solar has a consensus rating of Hold and an average target price of $56.28.
First Solar (NASDAQ:FSLR) opened at 37.805 on Wednesday. First Solar has a 52 week low of $33.74 and a 52 week high of $74.29. The company’s 50-day moving average is $37.49 and its 200 day moving average is $47.46. The company has a market capitalization of $3.87 billion, a price-to-earnings ratio of 5.567 and a beta of 1.54.
First Solar (NASDAQ:FSLR) last announced its earnings results on Wednesday, August 3rd. The solar cell manufacturer reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.55 by $0.32. The business had revenue of $934.40 million for the quarter, compared to the consensus estimate of $862.68 million. First Solar had a net margin of 17.45% and a return on equity of 13.78%. First Solar’s quarterly revenue was up 4.2% on a year-over-year basis. During the same period last year, the firm posted $0.93 earnings per share. On average, analysts forecast that First Solar will post $4.25 EPS for the current fiscal year.
In related news, insider Georges Antoun sold 133,761 shares of the firm’s stock in a transaction dated Friday, August 5th. The stock was sold at an average price of $44.54, for a total transaction of $5,957,714.94. Following the sale, the insider now owns 151,471 shares of the company’s stock, valued at $6,746,518.34. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Christopher Bueter sold 29,384 shares of the firm’s stock in a transaction dated Friday, August 5th. The shares were sold at an average price of $44.23, for a total value of $1,299,654.32. Following the sale, the executive vice president now directly owns 17,718 shares in the company, valued at approximately $783,667.14. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.
A number of large investors have recently modified their holdings of FSLR. Edmond DE Rothschild Holding S.A. increased its stake in shares of First Solar by 1,966.7% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 3,100 shares of the solar cell manufacturer’s stock worth $212,000 after buying an additional 2,950 shares during the last quarter. Scotia Capital Inc. bought a new stake in shares of First Solar during the first quarter worth $302,000. Rafferty Asset Management LLC bought a new stake in shares of First Solar during the first quarter worth $474,000. Kempen Capital Management N.V. increased its stake in shares of First Solar by 53.5% in the first quarter. Kempen Capital Management N.V. now owns 5,155 shares of the solar cell manufacturer’s stock worth $353,000 after buying an additional 1,797 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of First Solar during the first quarter worth $819,000. 57.51% of the stock is currently owned by institutional investors.
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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