First Solar Inc. (FSLR) Lowered to “Buy” at Vetr Inc.
First Solar Inc. (NASDAQ:FSLR) was downgraded by investment analysts at Vetr from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. They currently have a $42.68 target price on the solar cell manufacturer’s stock. Vetr‘s price target indicates a potential upside of 11.61% from the company’s previous close.
Other analysts have also issued research reports about the stock. Deutsche Bank AG reiterated a “hold” rating and set a $44.00 price target on shares of First Solar in a research report on Thursday, August 4th. Robert W. Baird reiterated an “outperform” rating and set a $60.00 price target on shares of First Solar in a research report on Thursday, August 4th. Morgan Stanley set a $59.00 price target on shares of First Solar and gave the stock a “hold” rating in a research report on Wednesday, August 3rd. Needham & Company LLC reiterated a “hold” rating on shares of First Solar in a research report on Monday, June 27th. Finally, Roth Capital reiterated a “buy” rating and set a $55.00 price target (down previously from $70.00) on shares of First Solar in a research report on Friday, August 5th. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating and twelve have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $56.28.
First Solar (NASDAQ:FSLR) traded down 0.10% during mid-day trading on Wednesday, reaching $38.24. 1,349,517 shares of the company’s stock were exchanged. The firm has a market cap of $3.91 billion, a price-to-earnings ratio of 5.63 and a beta of 1.54. The stock has a 50-day moving average of $37.49 and a 200-day moving average of $47.46. First Solar has a 12 month low of $33.74 and a 12 month high of $74.29.
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First Solar (NASDAQ:FSLR) last announced its earnings results on Wednesday, August 3rd. The solar cell manufacturer reported $0.87 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.55 by $0.32. First Solar had a net margin of 17.45% and a return on equity of 13.78%. The firm had revenue of $934.40 million for the quarter, compared to analyst estimates of $862.68 million. During the same quarter in the prior year, the business posted $0.93 EPS. The business’s revenue was up 4.2% compared to the same quarter last year. Analysts anticipate that First Solar will post $4.25 earnings per share for the current year.
In other First Solar news, EVP Christopher Bueter sold 29,384 shares of First Solar stock in a transaction dated Friday, August 5th. The shares were sold at an average price of $44.23, for a total value of $1,299,654.32. Following the sale, the executive vice president now owns 17,718 shares of the company’s stock, valued at $783,667.14. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Philip Dejong sold 67,251 shares of First Solar stock in a transaction dated Friday, August 5th. The stock was sold at an average price of $44.28, for a total transaction of $2,977,874.28. Following the completion of the sale, the chief operating officer now directly owns 45,499 shares in the company, valued at approximately $2,014,695.72. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by company insiders.
A number of hedge funds have recently made changes to their positions in FSLR. Capital World Investors raised its stake in shares of First Solar by 43.8% in the second quarter. Capital World Investors now owns 2,875,000 shares of the solar cell manufacturer’s stock valued at $139,380,000 after buying an additional 875,000 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of First Solar by 50.9% in the second quarter. AQR Capital Management LLC now owns 2,130,033 shares of the solar cell manufacturer’s stock valued at $103,264,000 after buying an additional 718,308 shares in the last quarter. Janus Capital Management LLC raised its stake in shares of First Solar by 763.9% in the second quarter. Janus Capital Management LLC now owns 675,710 shares of the solar cell manufacturer’s stock valued at $32,758,000 after buying an additional 597,490 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of First Solar by 25.2% in the second quarter. Dimensional Fund Advisors LP now owns 2,534,789 shares of the solar cell manufacturer’s stock valued at $122,884,000 after buying an additional 509,527 shares in the last quarter. Finally, Renaissance Technologies LLC bought a new stake in shares of First Solar during the first quarter valued at approximately $32,345,000. 57.51% of the stock is currently owned by institutional investors and hedge funds.
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.
To view Vetr’s full report, visit Vetr’s official website.
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