First Solar, Inc. (NASDAQ:FSLR) Lowered to Sell at Zacks Investment Research
First Solar, Inc. (NASDAQ:FSLR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Tuesday.
According to Zacks, “First Solar's top line is heavily skewed toward foreign sales, exposing the company to foreign exchange risks. Also First Solar faces intense competition from manufacturers of crystalline-silicon solar modules, and other types of solar modules and PV systems. Further, President Trump’s recent walk out from the landmark Paris deal, apart from boosting coal production has kept the entire solar industry under immense pressure. Moreover, the company’s 2018 earnings estimates have come down in last 60 days. Further, First Solar's use of Cadmium Telluride may pose a possible environmental hazard, which in turn may impose regulatory fines on the company. On a brighter note, First Solar continues to focus on retaining its competitive edge and aims to further consolidate its position in the market.”
Several other brokerages have also issued reports on FSLR. Vetr raised shares of First Solar from a “hold” rating to a “buy” rating and set a $35.66 price target on the stock in a report on Monday, March 6th. Roth Capital set a $40.00 price target on shares of First Solar and gave the company a “buy” rating in a report on Wednesday, May 3rd. Robert W. Baird lowered shares of First Solar from an “outperform” rating to a “neutral” rating and boosted their price target for the company from $35.00 to $38.00 in a report on Thursday, May 18th. JMP Securities lowered their price target on shares of First Solar from $31.00 to $25.00 and set a “market perform” rating on the stock in a report on Wednesday, March 15th. Finally, BidaskClub raised shares of First Solar from a “hold” rating to a “buy” rating in a report on Wednesday, June 28th. Two analysts have rated the stock with a sell rating, nineteen have issued a hold rating and seven have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $42.16.
First Solar (NASDAQ:FSLR) traded up 0.48% on Tuesday, hitting $40.07. 1,053,852 shares of the stock traded hands. First Solar has a 12-month low of $25.56 and a 12-month high of $49.50. The stock has a 50-day moving average of $37.42 and a 200-day moving average of $33.34. The firm’s market cap is $4.18 billion.
First Solar (NASDAQ:FSLR) last announced its quarterly earnings results on Tuesday, May 2nd. The solar cell manufacturer reported $0.25 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.13) by $0.38. The firm had revenue of $891.79 million for the quarter, compared to analyst estimates of $699.15 million. First Solar had a negative net margin of 18.14% and a positive return on equity of 6.71%. Analysts forecast that First Solar will post $0.52 earnings per share for the current year.
In other news, Director J Thomas Presby purchased 4,000 shares of the business’s stock in a transaction that occurred on Thursday, May 11th. The shares were acquired at an average cost of $36.89 per share, for a total transaction of $147,560.00. Following the transaction, the director now directly owns 17,958 shares of the company’s stock, valued at approximately $662,470.62. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Bryan Robert Schumaker sold 1,235 shares of the stock in a transaction that occurred on Friday, June 23rd. The shares were sold at an average price of $40.00, for a total transaction of $49,400.00. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.
Several hedge funds have recently made changes to their positions in FSLR. Nuveen Asset Management LLC purchased a new stake in shares of First Solar during the first quarter worth $629,000. Public Employees Retirement System of Ohio increased its stake in shares of First Solar by 3.6% in the first quarter. Public Employees Retirement System of Ohio now owns 42,052 shares of the solar cell manufacturer’s stock worth $1,140,000 after buying an additional 1,477 shares in the last quarter. Boston Common Asset Management LLC increased its stake in shares of First Solar by 4.4% in the first quarter. Boston Common Asset Management LLC now owns 15,615 shares of the solar cell manufacturer’s stock worth $423,000 after buying an additional 660 shares in the last quarter. Teachers Retirement System of The State of Kentucky increased its stake in shares of First Solar by 21.2% in the first quarter. Teachers Retirement System of The State of Kentucky now owns 13,700 shares of the solar cell manufacturer’s stock worth $371,000 after buying an additional 2,400 shares in the last quarter. Finally, Bank of Nova Scotia purchased a new stake in shares of First Solar during the first quarter worth $212,000. Institutional investors and hedge funds own 60.47% of the company’s stock.
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 a thin-film semiconductor technology. The Company also develops, designs, constructs and sells PV solar power systems that primarily use the modules it manufactures.
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