First Solar, Inc. (FSLR) Lowered to Hold at Zacks Investment Research
First Solar, Inc. (NASDAQ:FSLR) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report issued on Friday.
According to Zacks, “First Solar 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 broader industry in the last 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.”
Other analysts have also issued reports about the stock. BidaskClub upgraded shares of First Solar from a “buy” rating to a “strong-buy” rating in a research note on Monday, July 24th. JMP Securities set a $67.00 price target on shares of First Solar and gave the stock a “buy” rating in a research note on Wednesday, August 16th. TheStreet upgraded shares of First Solar from a “d+” rating to a “c” rating in a research note on Wednesday, July 19th. Vetr lowered shares of First Solar from a “buy” rating to a “sell” rating and set a $46.69 price target on the stock. in a research note on Monday, July 31st. Finally, ValuEngine upgraded shares of First Solar from a “hold” rating to a “buy” rating in a research note on Friday, August 11th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $45.18.
First Solar (NASDAQ:FSLR) traded up 1.34% on Friday, hitting $47.74. 442,821 shares of the stock were exchanged. The stock’s 50 day moving average price is $47.70 and its 200 day moving average price is $40.20. The firm’s market cap is $4.98 billion. First Solar has a 52-week low of $25.56 and a 52-week high of $53.00.
First Solar (NASDAQ:FSLR) last issued its quarterly earnings results on Thursday, July 27th. The solar cell manufacturer reported $0.64 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.04 by $0.60. The company had revenue of $623.00 million for the quarter, compared to analyst estimates of $591.55 million. First Solar had a negative net margin of 18.80% and a positive return on equity of 6.43%. The business’s revenue for the quarter was down 38.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.87 earnings per share. Equities research analysts forecast that First Solar will post $2.11 earnings per share for the current year.
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In other First Solar news, CEO Mark R. Widmar sold 43,189 shares of the business’s stock in a transaction that occurred 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 sale, the chief executive officer now owns 107,454 shares in the company, valued at $5,216,891.70. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Alexander R. Bradley sold 566 shares of the business’s stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $48.66, for a total value of $27,541.56. Following the completion of the sale, the chief financial officer now owns 963 shares of the company’s stock, valued at approximately $46,859.58. The disclosure for this sale can be found here. Insiders sold 94,674 shares of company stock valued at $4,655,846 over the last ninety days. 0.58% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the business. Benjamin F. Edwards & Company Inc. lifted 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 buying an additional 950 shares during the last quarter. Fiduciary Trust Co. purchased a new stake in First Solar in the second quarter valued at approximately $128,000. NEXT Financial Group Inc lifted 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 buying an additional 975 shares during the last quarter. Parsec Financial Management Inc. purchased a new stake in First Solar in the second quarter valued at approximately $204,000. Finally, Garner Asset Management Corp purchased a new stake in First Solar in the second quarter valued at approximately $208,000. Institutional investors own 53.08% of the company’s stock.
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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