First Solar Stock Price Down 10.1% After Earnings Miss (FSLR)
Shares of First Solar (NASDAQ:FSLR) traded down 10.1% during trading on Wednesday following a weaker than expected earnings announcement, Analyst Ratings Net reports. The company traded as low as $49.52 and last traded at $52.18, with a volume of 14,201,905 shares changing hands. The stock had previously closed at $58.03.
The company reported $0.89 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.98 by $0.09. The company had revenue of $768.00 million for the quarter, compared to the consensus estimate of $965.40 million.
FSLR has been the subject of a number of recent research reports. Analysts at Goldman Sachs cut their price target on shares of First Solar from $45.00 to $42.00 in a research note on Wednesday. They now have a “sell” rating on the stock. Separately, analysts at TheStreet reiterated a “hold” rating on shares of First Solar in a research note on Monday. Finally, analysts at Robert W. Baird raised their price target on shares of First Solar to $62.00 in a research note on Monday. Four equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and four have given a buy rating to the company’s stock. First Solar currently has a consensus rating of “Hold” and an average target price of $42.36.
The stock’s 50-day moving average is $51.88 and its 200-day moving average is $49.85. The company has a market cap of $5.244 billion and a P/E ratio of 12.05.
First Solar, Inc manufactures and sells photovoltaic (NASDAQ:FSLR) solar modules with an advanced thin-film semiconductor technology, and it designs, constructs, and sells PV solar power systems.
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