First Solar Inc. (FSLR) Shares Gap Down Following Analyst Downgrade
First Solar Inc. (NASDAQ:FSLR)’s share price gapped down prior to trading on Friday after Avondale Partners downgraded the stock from a market perform rating to an underperform rating. The stock had previously closed at $33.27, but opened at $31.16. First Solar shares last traded at $29.48, with a volume of 4,229,987 shares.
A number of other equities analysts have also commented on the company. JMP Securities raised 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 reduced their price objective 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 reissued a “neutral” rating and issued a $50.00 price objective on shares of First Solar in a research note on Monday, November 14th. Needham & Company LLC reissued a “hold” rating on shares of First Solar in a research note on Friday, November 4th. Finally, Deutsche Bank AG reissued a “hold” rating and issued a $44.00 price objective on shares of First Solar in a research note on Friday, November 4th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. First Solar currently has an average rating of “Hold” and a consensus price target of $53.03.
A number of institutional investors have recently bought and sold shares of the company. D.A. Davidson & CO. raised its position in First Solar by 60.8% in the third quarter. D.A. Davidson & CO. now owns 4,350 shares of the solar cell manufacturer’s stock worth $170,000 after buying an additional 1,645 shares during the period. LPL Financial LLC bought a new position in First Solar during the third quarter worth approximately $985,000. Pioneer Investment Management Inc. raised its position in First Solar by 102.9% in the third quarter. Pioneer Investment Management Inc. now owns 1,092,367 shares of the solar cell manufacturer’s stock worth $43,138,000 after buying an additional 554,108 shares during the period. Cetera Advisors LLC bought a new position in First Solar during the third quarter worth approximately $223,000. Finally, SRB Corp raised its position in shares of First Solar by 48.0% in the third quarter. SRB Corp now owns 4,236 shares of the solar cell manufacturer’s stock valued at $167,000 after buying an additional 1,374 shares during the last quarter. Hedge funds and other institutional investors own 57.01% of the company’s stock.
The stock’s 50-day moving average is $37.44 and its 200 day moving average is $42.75. The firm has a market cap of $2.99 billion, a P/E ratio of 4.30 and a beta of 2.20.
First Solar (NASDAQ:FSLR) last announced its earnings results on Wednesday, November 2nd. The solar cell manufacturer reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.48. First Solar had a return on equity of 9.58% and a net margin of 14.72%. The firm had revenue of $688 million for the quarter, compared to the consensus estimate of $980.48 million. During the same quarter in the previous year, the business earned $3.41 EPS. The company’s revenue was down 45.9% compared to the same quarter last year. Equities research analysts expect that First Solar Inc. will post $4.48 earnings per share for the current 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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