First Solar (NASDAQ:FSLR) was downgraded by equities research analysts at Bank of America from a "neutral" rating to an "underperform" rating in a research report issued on Thursday, The Fly reports. The analysts noted that the move was a valuation call.
A number of other research analysts also recently commented on FSLR. 140166 started coverage on shares of First Solar in a research report on Thursday, October 15th. They issued a "neutral" rating and a $90.00 target price on the stock. Barclays cut First Solar from an "equal weight" rating to an "underweight" rating and cut their target price for the stock from $86.00 to $60.00 in a research report on Tuesday, December 1st. Roth Capital upped their target price on First Solar from $110.00 to $120.00 in a research report on Monday. JMP Securities lifted their price target on First Solar from $100.00 to $135.00 in a research report on Monday, January 4th. Finally, The Goldman Sachs Group downgraded First Solar from a "buy" rating to a "sell" rating and decreased their price objective for the company from $101.00 to $81.00 in a report on Monday, January 4th. Seven equities research analysts have rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the company. The stock presently has an average rating of "Hold" and an average target price of $89.26.
NASDAQ FSLR traded up $0.99 during trading on Thursday, reaching $103.80. 63,083 shares of the company's stock were exchanged, compared to its average volume of 3,258,771. The company has a 50 day moving average price of $98.80 and a two-hundred day moving average price of $81.21. The stock has a market cap of $11.00 billion, a P/E ratio of 50.48, a price-to-earnings-growth ratio of 1.69 and a beta of 1.27. First Solar has a 1 year low of $28.47 and a 1 year high of $112.50. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.05 and a current ratio of 3.83.
First Solar (NASDAQ:FSLR) last issued its earnings results on Tuesday, October 27th. The solar cell manufacturer reported $1.45 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.85. The business had revenue of $927.57 million for the quarter, compared to analyst estimates of $707.70 million. First Solar had a return on equity of 9.49% and a net margin of 6.38%. Research analysts forecast that First Solar will post 3.94 EPS for the current fiscal year.
In related news, Director R Craig Kennedy sold 550 shares of First Solar stock in a transaction dated Friday, January 15th. The stock was sold at an average price of $105.16, for a total transaction of $57,838.00. Following the transaction, the director now directly owns 26,839 shares of the company's stock, valued at $2,822,389.24. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, COO Philip Dejong sold 8,877 shares of the company's stock in a transaction dated Tuesday, December 15th. The shares were sold at an average price of $85.50, for a total transaction of $758,983.50. The disclosure for this sale can be found here. Insiders have sold a total of 2,510,527 shares of company stock valued at $200,908,270 over the last three months. 0.54% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. FMR LLC grew its position in First Solar by 10,102.9% in the first quarter. FMR LLC now owns 97,744 shares of the solar cell manufacturer's stock worth $5,164,000 after buying an additional 96,786 shares during the last quarter. State of Alaska Department of Revenue raised its position in shares of First Solar by 6.6% during the third quarter. State of Alaska Department of Revenue now owns 14,453 shares of the solar cell manufacturer's stock worth $956,000 after purchasing an additional 894 shares during the period. New England Research & Management Inc. purchased a new stake in shares of First Solar during the third quarter valued at $255,000. Symphony Financial Ltd. Co. acquired a new position in shares of First Solar in the 3rd quarter valued at $291,000. Finally, Autus Asset Management LLC increased its stake in First Solar by 11.3% in the 3rd quarter. Autus Asset Management LLC now owns 6,028 shares of the solar cell manufacturer's stock worth $399,000 after purchasing an additional 612 shares in the last quarter. Institutional investors and hedge funds own 67.70% of the company's stock.
First Solar Company Profile
First Solar, Inc provides photovoltaic (PV) solar energy solutions in the United States and internationally. It operates in two segments, Modules and Systems. The Modules segment designs, manufactures, and sells cadmium telluride solar modules that convert sunlight into electricity to integrators and operators of PV solar power systems.
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