First Solar, Inc. (FSLR) Cut to Hold at Zacks Investment Research
Zacks Investment Research downgraded shares of First Solar, Inc. (NASDAQ:FSLR) from a strong-buy rating to a hold rating in a research note published 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.”
A number of other brokerages have also recently issued reports on FSLR. Vetr cut shares of First Solar from a hold rating to a sell rating and set a $49.20 price objective for the company. in a report on Monday, September 25th. JMP Securities set a $67.00 price objective on shares of First Solar and gave the company a buy rating in a report on Wednesday, August 16th. Cowen and Company set a $57.00 price objective on shares of First Solar and gave the company a buy rating in a report on Saturday, July 29th. Barclays PLC reiterated a buy rating and set a $55.00 price objective on shares of First Solar in a report on Wednesday, August 2nd. Finally, BidaskClub cut shares of First Solar from a strong-buy rating to a buy rating in a report on Thursday, August 3rd. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. First Solar presently has a consensus rating of Hold and an average price target of $45.18.
Shares of First Solar (NASDAQ FSLR) opened at 47.60 on Friday. First Solar has a 52-week low of $25.56 and a 52-week high of $53.00. The company has a 50-day moving average of $47.72 and a 200 day moving average of $40.52. The company’s market capitalization is $4.97 billion.
First Solar (NASDAQ:FSLR) last posted its quarterly earnings results on Thursday, July 27th. The solar cell manufacturer reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.60. The business had revenue of $623.00 million during the quarter, compared to analysts’ expectations 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 quarterly revenue was down 38.7% on a year-over-year basis. During the same period last year, the company posted $0.87 earnings per share. Analysts predict that First Solar will post $2.21 earnings per share for the current year.
In other news, insider Raffi Garabedian sold 5,800 shares of the business’s stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $49.83, for a total value of $289,014.00. Following the sale, the insider now owns 11,474 shares of the company’s stock, valued at $571,749.42. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 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 transaction of $27,541.56. Following the completion of the sale, the chief financial officer now directly owns 963 shares in the company, valued at approximately $46,859.58. The disclosure for this sale can be found here. In the last three months, insiders sold 94,674 shares of company stock worth $4,655,846. Insiders own 0.58% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Lord Abbett & CO. LLC bought a new stake in shares of First Solar in the second quarter valued at approximately $15,099,000. Ecofin Ltd. bought a new stake in shares of First Solar in the second quarter valued at approximately $19,485,000. Cetera Investment Advisers bought a new stake in shares of First Solar in the second quarter valued at approximately $274,000. Dynamic Technology Lab Private Ltd raised its position in shares of First Solar by 13.0% in the second quarter. Dynamic Technology Lab Private Ltd now owns 14,634 shares of the solar cell manufacturer’s stock valued at $583,000 after purchasing an additional 1,681 shares during the period. Finally, Sterling Capital Management LLC bought a new stake in shares of First Solar in the second quarter valued at approximately $819,000. 53.07% of the stock is currently owned by institutional investors.
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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