Zacks Investment Research Downgrades First Solar (FSLR) to Hold

First Solar (NASDAQ:FSLR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Tuesday.

According to Zacks, “First Solar continues to focus on retaining its competitive edge and aims to further consolidate its position in the solar market.  In fact, First Solar’s constant product innovation efforts will continue to attract customers and expand its revenue stream. The company also 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 boost coal production has kept the entire solar industry under immense pressure. First Solar also faces intense competition from manufacturers of crystalline-silicon solar modules, and other types of solar modules and PV systems.”

A number of other research firms also recently commented on FSLR. ValuEngine upgraded First Solar from a “hold” rating to a “buy” rating in a research report on Friday. Vetr downgraded First Solar from a “strong-buy” rating to a “buy” rating and set a $51.52 target price on the stock. in a research report on Wednesday, October 18th. Guggenheim restated a “neutral” rating on shares of First Solar in a research report on Thursday, January 18th. They noted that the move was a valuation call. Bank of America assumed coverage on First Solar in a research report on Thursday, December 14th. They issued a “neutral” rating and a $70.00 price objective on the stock. Finally, BidaskClub downgraded First Solar from a “buy” rating to a “hold” rating in a research report on Friday. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and ten have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $65.40.

First Solar (FSLR) traded up $0.30 on Tuesday, reaching $63.80. The company’s stock had a trading volume of 1,360,000 shares, compared to its average volume of 2,030,000. The company has a debt-to-equity ratio of 0.06, a quick ratio of 6.47 and a current ratio of 6.85. The stock has a market capitalization of $6,660.00, a P/E ratio of -15.34 and a beta of 2.08. First Solar has a one year low of $25.56 and a one year high of $76.61.

In other news, insider Raffi Garabedian sold 11,284 shares of the stock in a transaction dated Monday, December 18th. The stock was sold at an average price of $70.06, for a total value of $790,557.04. Following the completion of the sale, the insider now owns 9,227 shares in the company, valued at $646,443.62. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Mark R. Widmar sold 20,270 shares of the stock in a transaction dated Thursday, December 7th. The shares were sold at an average price of $64.40, for a total value of $1,305,388.00. Following the completion of the sale, the chief executive officer now owns 100,754 shares of the company’s stock, valued at approximately $6,488,557.60. The disclosure for this sale can be found here. Insiders have sold 46,858 shares of company stock worth $3,134,015 over the last quarter. 0.58% of the stock is currently owned by company insiders.

Several hedge funds have recently bought and sold shares of the company. Intellectus Partners LLC boosted its holdings in First Solar by 1.2% in the second quarter. Intellectus Partners LLC now owns 17,450 shares of the solar cell manufacturer’s stock valued at $696,000 after purchasing an additional 200 shares during the last quarter. Alliancebernstein L.P. boosted its holdings in First Solar by 0.8% in the second quarter. Alliancebernstein L.P. now owns 47,767 shares of the solar cell manufacturer’s stock valued at $1,905,000 after purchasing an additional 360 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in First Solar by 19.1% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,220 shares of the solar cell manufacturer’s stock valued at $352,000 after purchasing an additional 837 shares during the last quarter. Thrivent Financial For Lutherans boosted its holdings in First Solar by 6.3% in the second quarter. Thrivent Financial For Lutherans now owns 15,910 shares of the solar cell manufacturer’s stock valued at $634,000 after purchasing an additional 940 shares during the last quarter. Finally, Allianz Asset Management GmbH boosted its holdings in First Solar by 1.5% in the third quarter. Allianz Asset Management GmbH now owns 70,126 shares of the solar cell manufacturer’s stock valued at $3,218,000 after purchasing an additional 1,018 shares during the last quarter. Institutional investors and hedge funds own 50.74% of the company’s stock.

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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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