First Solar, Inc. (NASDAQ:FSLR) was downgraded by investment analysts at Vetr from a “buy” rating to a “hold” rating in a research note issued on Monday. They presently have a $48.80 price objective on the solar cell manufacturer’s stock. Vetr‘s price target suggests a potential downside of 0.12% from the company’s previous close.
A number of other research analysts have also recently weighed in on the company. Axiom Securities reaffirmed a “buy” rating on shares of First Solar in a research report on Wednesday, August 30th. Bank of America Corporation reissued a “buy” rating and issued a $64.00 price target on shares of First Solar in a report on Tuesday, August 29th. JMP Securities raised First Solar from a “market perform” rating to an “outperform” rating and set a $53.00 price target on the stock in a report on Wednesday, May 24th. Zacks Investment Research cut First Solar from a “hold” rating to a “sell” rating in a report on Tuesday, July 4th. Finally, Cowen and Company reissued a “buy” rating and issued a $57.00 price target on shares of First Solar in a report on Sunday, September 3rd. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating and eleven have issued a buy rating to the company. First Solar currently has an average rating of “Hold” and a consensus target price of $45.56.
Shares of First Solar (NASDAQ:FSLR) opened at 48.86 on Monday. The stock’s market capitalization is $5.10 billion. First Solar has a one year low of $25.56 and a one year high of $51.84. The stock has a 50 day moving average of $47.85 and a 200-day moving average of $38.35. First Solar also was the recipient of some unusual options trading on Monday. Traders acquired 15,980 put options on the company. This is an increase of 473% compared to the typical daily volume of 2,790 put options.
First Solar (NASDAQ:FSLR) last posted its quarterly earnings data on Thursday, July 27th. The solar cell manufacturer reported $0.64 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.04 by $0.60. First Solar had a positive return on equity of 6.43% and a negative net margin of 18.80%. The firm had revenue of $623.00 million for the quarter, compared to analysts’ expectations of $591.55 million. During the same period in the previous year, the firm earned $0.87 EPS. The business’s quarterly revenue was down 38.7% on a year-over-year basis. Equities analysts forecast that First Solar will post $2.12 earnings per share for the current year.
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In related news, insider Bryan Robert Schumaker sold 1,235 shares of the company’s stock in a transaction on Friday, June 23rd. The stock was sold at an average price of $40.00, for a total transaction of $49,400.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Alexander R. Bradley sold 566 shares of the company’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 sale, the chief financial officer now owns 963 shares of the company’s stock, valued at $46,859.58. The disclosure for this sale can be found here. Insiders sold a total of 95,909 shares of company stock valued at $4,705,246 over the last quarter. Company insiders own 0.58% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of FSLR. Profund Advisors LLC purchased a new stake in shares of First Solar during the 1st quarter worth $432,000. ProShare Advisors LLC lifted its stake in shares of First Solar by 4.9% during the 1st quarter. ProShare Advisors LLC now owns 13,504 shares of the solar cell manufacturer’s stock worth $366,000 after purchasing an additional 633 shares during the last quarter. Janney Montgomery Scott LLC lifted its stake in shares of First Solar by 8.0% during the 1st quarter. Janney Montgomery Scott LLC now owns 9,800 shares of the solar cell manufacturer’s stock worth $266,000 after purchasing an additional 730 shares during the last quarter. Oregon Public Employees Retirement Fund lifted its stake in shares of First Solar by 359.3% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 35,976 shares of the solar cell manufacturer’s stock worth $975,000 after purchasing an additional 28,143 shares during the last quarter. Finally, Canada Pension Plan Investment Board lifted its stake in shares of First Solar by 183.6% during the 1st quarter. Canada Pension Plan Investment Board now owns 48,500 shares of the solar cell manufacturer’s stock worth $1,314,000 after purchasing an additional 31,400 shares during the last quarter. Hedge funds and other 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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