Mizuho Issues Pessimistic Forecast for First Solar (NASDAQ:FSLR) Stock Price

Key Points

• Mizuho cut its price target on First Solar to $243 (from $271) while maintaining an "outperform" rating, implying roughly a 24.7% upside; the consensus analyst target is about $243.49 and the stock's consensus rating is "Moderate Buy."
• First Solar's latest quarter showed an EPS miss ($4.84 vs. $5.22 expected) despite revenue rising to $1.68 billion (+11.1% YoY); the stock traded near $194.94 and carries a P/E of 13.74.
• Insider selling has been notable: CFO Alexander Bradley sold 14,106 shares (~$2.82M) on March 17, and insiders sold 76,562 shares (~$15.04M) over the past 90 days, leaving insiders with 0.39% ownership.

First Solar (NASDAQ:FSLR - Get Free Report) had its price objective reduced by equities researchers at Mizuho from $271.00 to $243.00 in a report issued on Monday,MarketScreener reports. The brokerage currently has an "outperform" rating on the solar cell manufacturer's stock. Mizuho's price target would indicate a potential upside of 24.65% from the stock's previous close.

Other equities research analysts have also recently issued reports about the company. Needham & Company LLC increased their price objective on First Solar from $286.00 to $303.00 and gave the company a "buy" rating in a research report on Monday, February 23rd. Zacks Research cut First Solar from a "hold" rating to a "strong sell" rating in a research report on Monday, March 16th. Guggenheim reduced their price objective on First Solar from $312.00 to $269.00 and set a "buy" rating for the company in a research report on Tuesday, March 17th. Freedom Capital cut First Solar from a "strong-buy" rating to a "hold" rating in a research report on Thursday, February 26th. Finally, Wells Fargo & Company reduced their price objective on First Solar from $285.00 to $255.00 and set an "overweight" rating for the company in a research report on Thursday, February 26th. Nineteen research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, First Solar has a consensus rating of "Moderate Buy" and an average target price of $243.49.

First Solar Stock Performance

FSLR stock traded up $1.18 during midday trading on Monday, hitting $194.94. 144,637 shares of the company traded hands, compared to its average volume of 2,292,622. First Solar has a twelve month low of $119.09 and a twelve month high of $285.99. The company has a quick ratio of 2.35, a current ratio of 2.67 and a debt-to-equity ratio of 0.03. The stock has a market capitalization of $20.95 billion, a price-to-earnings ratio of 13.74, a price-to-earnings-growth ratio of 0.44 and a beta of 1.61. The business has a 50 day simple moving average of $201.22 and a 200-day simple moving average of $232.73.

First Solar (NASDAQ:FSLR - Get Free Report) last posted its quarterly earnings data on Tuesday, February 24th. The solar cell manufacturer reported $4.84 earnings per share for the quarter, missing the consensus estimate of $5.22 by ($0.38). First Solar had a net margin of 29.28% and a return on equity of 17.32%. The business had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.59 billion. During the same period in the prior year, the company posted $3.65 earnings per share. The firm's revenue was up 11.1% compared to the same quarter last year. As a group, equities research analysts predict that First Solar will post 17.37 earnings per share for the current year.

Insider Transactions at First Solar

In related news, CFO Alexander R. Bradley sold 14,106 shares of the firm's stock in a transaction on Tuesday, March 17th. The stock was sold at an average price of $199.97, for a total value of $2,820,776.82. Following the completion of the transaction, the chief financial officer directly owned 30,000 shares of the company's stock, valued at $5,999,100. This trade represents a 31.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Kuntal Kumar Verma sold 3,426 shares of the firm's stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $195.93, for a total value of $671,256.18. Following the completion of the transaction, the insider directly owned 8,334 shares of the company's stock, valued at approximately $1,632,880.62. This trade represents a 29.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 76,562 shares of company stock valued at $15,042,232 over the last 90 days. Corporate insiders own 0.39% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of FSLR. Aventura Private Wealth LLC acquired a new position in First Solar during the fourth quarter worth $25,000. Commonwealth Retirement Investments LLC acquired a new position in First Solar during the fourth quarter worth $26,000. Reflection Asset Management acquired a new position in First Solar during the fourth quarter worth $26,000. Strategic Wealth Investment Group LLC acquired a new position in First Solar during the second quarter worth $26,000. Finally, Larson Financial Group LLC raised its stake in First Solar by 117.0% during the fourth quarter. Larson Financial Group LLC now owns 102 shares of the solar cell manufacturer's stock worth $27,000 after acquiring an additional 55 shares in the last quarter. 92.08% of the stock is currently owned by institutional investors and hedge funds.

First Solar Company Profile

First Solar, Inc NASDAQ: FSLR is a United States–based solar technology company best known for designing and manufacturing thin‑film photovoltaic (PV) modules that use cadmium telluride (CdTe) semiconductor technology. The company supplies PV modules and delivers integrated solar power solutions for utility‑scale projects, positioning itself as a provider of both components and complete solar energy systems rather than solely a parts supplier. First Solar was founded in 1999 and is headquartered in Tempe, Arizona.

Beyond module manufacturing, First Solar offers a range of project services including development support, engineering, procurement and construction (EPC) services, and operations and maintenance (O&M) for large-scale solar installations.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.