First Solar Inc. (FSLR) Rating Lowered to Neutral at Macquarie
First Solar Inc. (NASDAQ:FSLR) was downgraded by Macquarie from an “outperform” rating to a “neutral” rating in a note issued to investors on Wednesday. They presently have a $29.66 price objective on the solar cell manufacturer’s stock, up from their previous price objective of $29.40. Macquarie’s target price indicates a potential downside of 0.40% from the stock’s current price.
A number of other research firms also recently commented on FSLR. JPMorgan Chase & Co. restated a “hold” rating and issued a $53.00 target price (down previously from $65.00) on shares of First Solar in a research report on Wednesday, September 28th. Mizuho dropped their price objective on First Solar from $46.00 to $30.00 and set a “neutral” rating for the company in a research note on Thursday, November 17th. Vetr cut First Solar from a “strong-buy” rating to a “buy” rating and set a $42.68 price objective for the company. in a research note on Wednesday, October 12th. Robert W. Baird set a $33.00 price objective on First Solar and gave the company a “buy” rating in a research note on Saturday, November 19th. Finally, Guggenheim set a $45.00 price objective on First Solar and gave the company a “buy” rating in a research note on Saturday, November 19th. One investment analyst has rated the stock with a sell rating, twenty have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $48.25.
Shares of First Solar (NASDAQ:FSLR) opened at 29.78 on Wednesday. First Solar has a 1-year low of $28.60 and a 1-year high of $74.29. The firm has a 50-day moving average price of $36.68 and a 200-day moving average price of $42.20. The stock has a market capitalization of $3.09 billion, a PE ratio of 6.08 and a beta of 2.20.
First Solar (NASDAQ:FSLR) last posted its earnings results on Wednesday, November 2nd. The solar cell manufacturer reported $1.22 EPS for the quarter, beating the Zacks’ consensus estimate of $0.74 by $0.48. First Solar had a return on equity of 9.58% and a net margin of 14.72%. The company 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 earnings per share. The company’s revenue for the quarter was down 45.9% on a year-over-year basis. On average, equities research analysts forecast that First Solar will post $4.64 earnings per share for the current year.
A number of large investors have recently made changes to their positions in FSLR. BOKF NA boosted its stake in shares of First Solar by 3.8% in the second quarter. BOKF NA now owns 2,202 shares of the solar cell manufacturer’s stock worth $106,000 after buying an additional 81 shares during the period. LS Investment Advisors LLC boosted its stake in shares of 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 worth $135,000 after buying an additional 595 shares during the period. Pacad Investment Ltd. bought a new stake in shares of First Solar during the second quarter worth approximately $141,000. Signature Estate & Investment Advisors LLC bought a new stake in shares of First Solar during the second quarter worth approximately $141,000. Finally, Northwestern Mutual Investment Management Company LLC boosted its stake in shares of 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 worth $142,000 after buying an additional 11 shares during the period. Hedge funds and other institutional investors own 55.67% of the company’s stock.
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About First Solar
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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