First Solar, Inc. (NASDAQ:FSLR) was upgraded by stock analysts at Vetr from a “sell” rating to a “hold” rating in a research note issued on Wednesday, August 16th. The firm currently has a $47.67 target price on the solar cell manufacturer’s stock. Vetr‘s target price suggests a potential downside of 0.40% from the company’s previous close.
Several other equities research analysts have also issued reports on the company. 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 research report on Wednesday, May 24th. Roth Capital raised First Solar from a “neutral” rating to a “buy” rating and set a $40.00 price target on the stock in a research report on Thursday, April 27th. Zacks Investment Research lowered First Solar from a “hold” rating to a “sell” rating in a research report on Tuesday, July 4th. Bank of America Corporation reaffirmed a “buy” rating and issued a $54.00 target price (up from $38.00) on shares of First Solar in a research report on Wednesday, July 26th. Finally, Morgan Stanley reaffirmed an “equal weight” rating on shares of First Solar in a research report on Tuesday, July 11th. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and ten have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $45.09.
First Solar (NASDAQ:FSLR) traded up 0.04% during mid-day trading on Wednesday, reaching $47.86. 1,193,925 shares of the company’s stock were exchanged. The company’s market capitalization is $5.00 billion. First Solar has a 52 week low of $25.56 and a 52 week high of $50.21. The company’s 50 day moving average price is $47.15 and its 200-day moving average price is $37.40.
First Solar (NASDAQ:FSLR) last posted its quarterly earnings results on Thursday, July 27th. The solar cell manufacturer reported $0.64 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.04 by $0.60. The business had revenue of $623 million for the quarter, compared to analyst estimates of $591.55 million. First Solar had a positive return on equity of 6.43% and a negative net margin of 18.80%. The business’s revenue was down 38.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.87 EPS. On average, equities research analysts expect that First Solar will post $2.11 earnings per share for the current fiscal year.
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In related news, insider Raffi Garabedian sold 5,800 shares of the firm’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $49.83, for a total value of $289,014.00. Following the transaction, the insider now directly owns 11,474 shares of the company’s stock, valued at approximately $571,749.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Mark R. Widmar sold 43,189 shares of the firm’s stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $48.55, for a total value of $2,096,825.95. Following the completion of the transaction, the chief executive officer now directly owns 107,454 shares in the company, valued at $5,216,891.70. The disclosure for this sale can be found here. Insiders have sold a total of 95,909 shares of company stock valued at $4,705,246 over the last ninety days. Company insiders own 0.58% of the company’s stock.
Several hedge funds have recently modified their holdings of the stock. Norges Bank acquired a new stake in First Solar in the 4th quarter valued at approximately $3,470,000. Teachers Advisors LLC grew its holdings in First Solar by 0.6% in the 4th quarter. Teachers Advisors LLC now owns 95,458 shares of the solar cell manufacturer’s stock valued at $3,063,000 after buying an additional 601 shares during the last quarter. Creative Planning grew its holdings in First Solar by 56.9% in the 1st quarter. Creative Planning now owns 12,099 shares of the solar cell manufacturer’s stock valued at $328,000 after buying an additional 4,390 shares during the last quarter. Bank of Montreal Can grew its holdings in First Solar by 13.9% in the 1st quarter. Bank of Montreal Can now owns 260,438 shares of the solar cell manufacturer’s stock valued at $7,057,000 after buying an additional 31,777 shares during the last quarter. Finally, Cullinan Associates Inc. grew its holdings in First Solar by 9.0% in the 1st quarter. Cullinan Associates Inc. now owns 12,100 shares of the solar cell manufacturer’s stock valued at $328,000 after buying an additional 1,000 shares during the last quarter. 53.61% of the stock is currently owned by institutional investors and hedge funds.
First Solar Company Profile
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.
To view Vetr’s full report, visit Vetr’s official website.
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