ValuEngine Downgrades First Solar (NASDAQ:FSLR) to Sell

ValuEngine lowered shares of First Solar (NASDAQ:FSLR) from a hold rating to a sell rating in a research report sent to investors on Wednesday morning, ValuEngine reports.

FSLR has been the subject of a number of other research reports. JPMorgan Chase & Co. lifted their target price on shares of First Solar from $74.00 to $82.00 and gave the company an overweight rating in a research note on Friday, August 2nd. BidaskClub raised shares of First Solar from a sell rating to a hold rating in a research note on Tuesday, September 24th. UBS Group lifted their price objective on shares of First Solar to $80.00 and gave the company a buy rating in a research note on Friday, August 2nd. Roth Capital set a $75.00 price objective on shares of First Solar and gave the company a buy rating in a research note on Thursday, June 13th. Finally, Barclays reaffirmed a buy rating on shares of First Solar in a research note on Friday, August 2nd. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and ten have issued a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus target price of $70.11.

Shares of NASDAQ:FSLR traded up $2.14 during trading on Wednesday, reaching $59.32. 1,620,758 shares of the company traded hands, compared to its average volume of 1,473,345. The firm has a fifty day simple moving average of $62.37 and a 200 day simple moving average of $61.37. The firm has a market cap of $6.03 billion, a P/E ratio of 43.61, a price-to-earnings-growth ratio of 1.04 and a beta of 1.26. First Solar has a 1-year low of $36.51 and a 1-year high of $69.24. The company has a quick ratio of 3.35, a current ratio of 4.05 and a debt-to-equity ratio of 0.09.

First Solar (NASDAQ:FSLR) last issued its earnings results on Thursday, August 1st. The solar cell manufacturer reported ($0.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.20). The company had revenue of $585.00 million for the quarter, compared to analyst estimates of $656.80 million. First Solar had a net margin of 0.95% and a return on equity of 0.46%. The company’s quarterly revenue was up 89.3% on a year-over-year basis. During the same period last year, the business earned ($0.46) EPS. As a group, research analysts anticipate that First Solar will post 2.37 EPS for the current year.

In other First Solar news, CEO Mark R. Widmar sold 34,964 shares of the business’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $61.43, for a total transaction of $2,147,838.52. Following the completion of the transaction, the chief executive officer now owns 145,285 shares of the company’s stock, valued at approximately $8,924,857.55. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Georges Antoun sold 8,476 shares of the business’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $65.73, for a total transaction of $557,127.48. Following the transaction, the insider now directly owns 82,070 shares of the company’s stock, valued at approximately $5,394,461.10. The disclosure for this sale can be found here. In the last ninety days, insiders sold 65,665 shares of company stock valued at $4,068,284. 0.72% of the stock is owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in the business. Janney Montgomery Scott LLC lifted its position in First Solar by 2.4% during the 2nd quarter. Janney Montgomery Scott LLC now owns 6,520 shares of the solar cell manufacturer’s stock worth $428,000 after acquiring an additional 155 shares during the last quarter. Garner Asset Management Corp lifted its position in First Solar by 3.5% during the 2nd quarter. Garner Asset Management Corp now owns 5,895 shares of the solar cell manufacturer’s stock worth $387,000 after acquiring an additional 200 shares during the last quarter. Municipal Employees Retirement System of Michigan lifted its position in First Solar by 1.5% during the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 13,960 shares of the solar cell manufacturer’s stock worth $917,000 after acquiring an additional 200 shares during the last quarter. Deane Retirement Strategies Inc. lifted its position in First Solar by 0.7% during the 2nd quarter. Deane Retirement Strategies Inc. now owns 37,031 shares of the solar cell manufacturer’s stock worth $2,432,000 after acquiring an additional 242 shares during the last quarter. Finally, Rathbone Brothers plc lifted its position in First Solar by 6.2% during the 2nd quarter. Rathbone Brothers plc now owns 4,743 shares of the solar cell manufacturer’s stock worth $312,000 after acquiring an additional 278 shares during the last quarter. 62.22% of the stock is owned by hedge funds and other institutional investors.

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 Components segment designs, manufactures, and sells cadmium telluride solar modules that convert sunlight into electricity. This segment offers its products to integrators and operators of PV solar power systems.

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Analyst Recommendations for First Solar (NASDAQ:FSLR)

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