First Solar (NASDAQ:FSLR) Upgraded by Sanford C. Bernstein to “Strong Sell” Rating

Sanford C. Bernstein upgraded shares of First Solar (NASDAQ:FSLR) to a strong sell rating in a research report sent to investors on Tuesday morning,Zacks.com reports.

A number of other equities analysts also recently weighed in on FSLR. DZ Bank raised shares of First Solar to a “strong sell” rating in a research note on Thursday, February 26th. Evercore raised their target price on shares of First Solar from $212.00 to $219.00 in a research note on Monday, May 4th. Weiss Ratings downgraded shares of First Solar from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, June 11th. JPMorgan Chase & Co. reduced their price target on shares of First Solar from $303.00 to $256.00 and set an “overweight” rating for the company in a research report on Wednesday, February 25th. Finally, Deutsche Bank Aktiengesellschaft downgraded shares of First Solar from a “buy” rating to a “hold” rating and reduced their price target for the company from $300.00 to $245.00 in a research report on Wednesday, February 25th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, twelve have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $249.78.

First Solar Price Performance

Shares of NASDAQ FSLR opened at $254.80 on Tuesday. First Solar has a fifty-two week low of $139.26 and a fifty-two week high of $320.95. The company has a 50 day simple moving average of $236.08 and a two-hundred day simple moving average of $233.38. The company has a market capitalization of $27.38 billion, a price-to-earnings ratio of 16.46, a P/E/G ratio of 0.58 and a beta of 1.71. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.15 and a current ratio of 2.56.

First Solar (NASDAQ:FSLR) last announced its earnings results on Thursday, April 30th. The solar cell manufacturer reported $3.22 earnings per share for the quarter, beating analysts’ consensus estimates of $2.87 by $0.35. First Solar had a net margin of 30.73% and a return on equity of 18.01%. The business had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter last year, the firm earned $1.95 earnings per share. The business’s revenue for the quarter was up 23.6% on a year-over-year basis. Analysts expect that First Solar will post 17.61 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Caroline Stockdale sold 10,628 shares of the firm’s stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $275.60, for a total value of $2,929,076.80. Following the sale, the insider owned 23,792 shares in the company, valued at approximately $6,557,075.20. This trade represents a 30.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Jason E. Dymbort sold 409 shares of the firm’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $215.63, for a total transaction of $88,192.67. Following the completion of the sale, the general counsel owned 10,409 shares in the company, valued at $2,244,492.67. This represents a 3.78% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 32,466 shares of company stock valued at $8,014,105 in the last ninety days. Corporate insiders own 0.39% of the company’s stock.

Institutional Investors Weigh In On First Solar

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Apollon Wealth Management LLC boosted its holdings in First Solar by 1.2% in the fourth quarter. Apollon Wealth Management LLC now owns 3,606 shares of the solar cell manufacturer’s stock worth $942,000 after purchasing an additional 44 shares during the last quarter. Root Financial Partners LLC boosted its stake in shares of First Solar by 18.2% during the 4th quarter. Root Financial Partners LLC now owns 292 shares of the solar cell manufacturer’s stock worth $76,000 after acquiring an additional 45 shares during the last quarter. FIL Ltd boosted its stake in shares of First Solar by 6.9% during the 4th quarter. FIL Ltd now owns 708 shares of the solar cell manufacturer’s stock worth $185,000 after acquiring an additional 46 shares during the last quarter. Fielder Capital Group LLC boosted its stake in shares of First Solar by 4.1% during the 4th quarter. Fielder Capital Group LLC now owns 1,196 shares of the solar cell manufacturer’s stock worth $312,000 after acquiring an additional 47 shares during the last quarter. Finally, Burford Brothers Inc. boosted its stake in shares of First Solar by 0.3% during the 4th quarter. Burford Brothers Inc. now owns 19,080 shares of the solar cell manufacturer’s stock worth $4,984,000 after acquiring an additional 48 shares during the last quarter. Hedge funds and other institutional investors own 92.08% of the company’s stock.

About First Solar

First Solar, Inc (NASDAQ: FSLR) is a United States–based solar technology company best known for designing and manufacturing thin‑film photovoltaic (PV) modules that use cadmium telluride (CdTe) semiconductor technology. The company supplies PV modules and delivers integrated solar power solutions for utility‑scale projects, positioning itself as a provider of both components and complete solar energy systems rather than solely a parts supplier. First Solar was founded in 1999 and is headquartered in Tempe, Arizona.

Beyond module manufacturing, First Solar offers a range of project services including development support, engineering, procurement and construction (EPC) services, and operations and maintenance (O&M) for large-scale solar installations.