First Solar, Inc. (FSLR) Receives Average Rating of “Hold” from Brokerages
Shares of First Solar, Inc. (NASDAQ:FSLR) have been given an average rating of “Hold” by the twenty-nine brokerages that are covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell rating, sixteen have given a hold rating and eleven have issued a buy rating on the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $47.19.
A number of research firms have recently issued reports on FSLR. Vetr lowered First Solar from a “buy” rating to a “hold” rating and set a $48.80 target price on the stock. in a report on Monday. Axiom Securities reissued a “buy” rating on shares of First Solar in a report on Thursday, August 10th. JMP Securities set a $67.00 target price on First Solar and gave the company a “buy” rating in a report on Wednesday, August 16th. ValuEngine raised First Solar from a “hold” rating to a “buy” rating in a report on Friday, August 11th. Finally, BidaskClub lowered First Solar from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 3rd.
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First Solar (NASDAQ FSLR) traded up 4.17% during midday trading on Friday, reaching $50.45. The company’s stock had a trading volume of 5,396,210 shares. First Solar has a 12-month low of $25.56 and a 12-month high of $51.84. The stock’s market cap is $5.27 billion. The stock’s 50 day moving average is $47.87 and its 200 day moving average is $38.11.
First Solar (NASDAQ:FSLR) last released its earnings results 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. The business had revenue of $623.00 million for the quarter, compared to analyst estimates of $591.55 million. First Solar had a positive return on equity of 6.43% and a negative net margin of 18.80%. The company’s revenue for the quarter was down 38.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.87 earnings per share. Analysts anticipate that First Solar will post $2.11 earnings per share for the current year.
In other news, CFO Alexander R. Bradley sold 566 shares of the business’s stock in a transaction on Tuesday, August 8th. The stock was sold at an average price of $48.66, for a total value of $27,541.56. Following the completion of the transaction, the chief financial officer now directly owns 963 shares of the company’s stock, valued at $46,859.58. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Mark R. Widmar sold 43,189 shares of the business’s stock in a transaction on Monday, July 31st. The stock was sold at an average price of $48.55, for a total value of $2,096,825.95. Following the completion of the transaction, the chief executive officer now directly owns 107,454 shares of the company’s stock, valued at $5,216,891.70. The disclosure for this sale can be found here. Over the last three months, insiders sold 95,909 shares of company stock valued at $4,705,246. Insiders own 0.58% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in FSLR. Bank of Nova Scotia acquired a new position in First Solar in the first quarter valued at $212,000. Benjamin F. Edwards & Company Inc. increased its stake in First Solar by 57.6% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 2,600 shares of the solar cell manufacturer’s stock valued at $104,000 after purchasing an additional 950 shares during the last quarter. Fiduciary Trust Co. acquired a new position in First Solar in the second quarter valued at $128,000. NEXT Financial Group Inc increased its stake in First Solar by 23.9% in the second quarter. NEXT Financial Group Inc now owns 5,050 shares of the solar cell manufacturer’s stock valued at $201,000 after purchasing an additional 975 shares during the last quarter. Finally, Parsec Financial Management Inc. acquired a new position in First Solar in the second quarter valued at $204,000. 53.61% of the stock is owned by institutional investors.
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.
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