First Solar Inc. (FSLR) Shares Down 5.1% on Analyst Downgrade
Shares of First Solar Inc. (NASDAQ:FSLR) fell 5.1% on Thursday after Avondale Partners downgraded the stock from a market perform rating to an underperform rating. The stock traded as low as $28.60 and last traded at $31.16, with a volume of 12,615,439 shares traded. The stock had previously closed at $32.82.
Other analysts also recently issued reports about the company. JMP Securities upgraded First Solar from an “underperform” rating to a “market perform” rating in a research note on Thursday. They noted that the move was a valuation call. Mizuho cut their target price on First Solar from $46.00 to $30.00 and set a “neutral” rating on the stock in a research note on Thursday. Credit Suisse Group AG reiterated a “neutral” rating and set a $50.00 target price on shares of First Solar in a research note on Monday. Needham & Company LLC reiterated a “hold” rating on shares of First Solar in a research note on Friday, November 4th. Finally, Deutsche Bank AG reiterated a “hold” rating and set a $44.00 target price on shares of First Solar in a research note on Friday, November 4th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. First Solar presently has a consensus rating of “Hold” and a consensus target price of $53.03.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in 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 in the last quarter. Cornerstone Advisors Inc. raised its position in shares of First Solar by 2,220.9% in the third quarter. Cornerstone Advisors Inc. now owns 2,994 shares of the solar cell manufacturer’s stock valued at $118,000 after buying an additional 2,865 shares during the period. LS Investment Advisors LLC raised its position in shares of First Solar by 21.7% in the third quarter. LS Investment Advisors LLC now owns 3,387 shares of the solar cell manufacturer’s stock valued at $134,000 after buying an additional 605 shares during the period. Virtus Investment Advisers Inc. acquired a new position in shares of First Solar during the third quarter valued at about $139,000. Finally, Signature Estate & Investment Advisors LLC acquired a new position in shares of First Solar during the second quarter valued at about $141,000. Institutional investors own 57.01% of the company’s stock.
The firm has a market capitalization of $3.24 billion, a price-to-earnings ratio of 6.37 and a beta of 2.20. The stock’s 50-day moving average is $37.72 and its 200 day moving average is $42.93.
First Solar (NASDAQ:FSLR) last posted its earnings results on Wednesday, November 2nd. The solar cell manufacturer reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.48. First Solar had a net margin of 14.72% and a return on equity of 9.58%. The business had revenue of $688 million for the quarter, compared to analyst estimates of $980.48 million. During the same period in the prior year, the company posted $3.41 EPS. The company’s revenue for the quarter was down 45.9% on a year-over-year basis. Equities research analysts forecast that First Solar Inc. will post $4.48 EPS for the current fiscal year.
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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