First Solar, Inc. (FSLR) Downgraded by Zacks Investment Research to Hold
First Solar, Inc. (NASDAQ:FSLR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Friday.
According to Zacks, “First Solar’s second-quarter results came in ahead of our expectations. While the company reported quarterly earnings, the Zacks Consensus Estimate was pegged at a loss for the quarter. On the other hand, the company’s top-line figure surpassed the consensus mark. Also First Solar’s raised guidance for 2017 buoys optimism for the stock’s growth. It continues to focus on retaining its competitive edge and aims to further consolidate its position in the market. Its constant product innovation efforts will continue to attract customers and expand its revenue stream. Moreover, the company outperformed the Zacks categorized Solar industry in the last one year. However, President Trump’s recent walk out from the landmark Paris deal, apart from initiatives to repeal the Clean Power Plan and boosting coal production has kept the entire solar industry under immense pressure.”
A number of other analysts also recently issued reports on FSLR. Credit Suisse Group lowered their price objective on shares of First Solar from $29.00 to $25.00 and set an “underperform” rating on the stock in a report on Friday, April 7th. Needham & Company LLC reiterated a “hold” rating on shares of First Solar in a report on Friday, April 7th. Axiom Securities reiterated a “sell” rating and issued a $21.00 price objective on shares of First Solar in a report on Friday, April 7th. JMP Securities upgraded shares of First Solar from an “underperform” rating to a “market perform” rating and lowered their price objective for the company from $29.40 to $28.99 in a report on Thursday, April 27th. They noted that the move was a valuation call. Finally, Roth Capital upgraded shares of First Solar from a “neutral” rating to a “buy” rating and set a $40.00 price objective on the stock in a report on Thursday, April 27th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating and nine have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $43.35.
First Solar (FSLR) traded up 1.44% during mid-day trading on Friday, reaching $47.98. 1,407,869 shares of the company’s stock traded hands. The firm has a 50-day moving average price of $41.35 and a 200-day moving average price of $34.90. First Solar has a 1-year low of $25.56 and a 1-year high of $50.21. The stock’s market cap is $5.01 billion.
First Solar (NASDAQ:FSLR) last posted its quarterly earnings data on Thursday, July 27th. The solar cell manufacturer reported $0.64 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.04 by $0.60. First Solar had a negative net margin of 18.80% and a positive return on equity of 6.43%. The company had revenue of $623 million for the quarter, compared to the consensus estimate of $591.55 million. During the same period last year, the company earned $0.87 earnings per share. The firm’s revenue was down 38.7% compared to the same quarter last year. Equities research analysts anticipate that First Solar will post $2.23 EPS for the current fiscal year.
ILLEGAL ACTIVITY WARNING: “First Solar, Inc. (FSLR) Downgraded by Zacks Investment Research to Hold” was first published by American Banking News and is owned by of American Banking News. If you are accessing this news story on another site, it was illegally copied and reposted in violation of international trademark & copyright legislation. The correct version of this news story can be viewed at https://www.americanbankingnews.com/2017/08/06/first-solar-inc-fslr-downgraded-by-zacks-investment-research-to-hold.html.
In related news, Director J Thomas Presby purchased 4,000 shares of the company’s stock in a transaction that occurred on Thursday, May 11th. The stock was acquired at an average price of $36.89 per share, with a total value of $147,560.00. Following the completion of the purchase, the director now directly owns 17,958 shares in the company, valued at $662,470.62. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Raffi Garabedian sold 5,800 shares of the business’s stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $49.83, for a total value of $289,014.00. Following the completion of the transaction, the insider now directly owns 11,474 shares of the company’s stock, valued at approximately $571,749.42. The disclosure for this sale can be found here. In the last three months, insiders sold 95,011 shares of company stock valued at $4,661,550. 0.40% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Personal Capital Advisors Corp increased its position in First Solar by 33.4% in the first quarter. Personal Capital Advisors Corp now owns 331,437 shares of the solar cell manufacturer’s stock worth $9,290,000 after buying an additional 82,983 shares during the period. Norges Bank bought a new position in First Solar during the fourth quarter worth approximately $3,470,000. Bank of America Corp DE increased its position in First Solar by 67.2% in the first quarter. Bank of America Corp DE now owns 273,426 shares of the solar cell manufacturer’s stock worth $7,409,000 after buying an additional 109,938 shares during the period. Baird Financial Group Inc. increased its position in First Solar by 86.9% in the first quarter. Baird Financial Group Inc. now owns 12,890 shares of the solar cell manufacturer’s stock worth $349,000 after buying an additional 5,995 shares during the period. Finally, James Investment Research Inc. increased its position in First Solar by 836.5% in the second quarter. James Investment Research Inc. now owns 56,190 shares of the solar cell manufacturer’s stock worth $2,241,000 after buying an additional 50,190 shares during the period. 60.70% of the stock is 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 a thin-film semiconductor technology. The Company also develops, designs, constructs and sells PV solar power systems that primarily use the modules it manufactures.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for First Solar Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Solar Inc. and related companies with MarketBeat.com's FREE daily email newsletter.