First Solar (FSLR) Rating Lowered to Hold at BidaskClub

BidaskClub cut shares of First Solar (NASDAQ:FSLR) from a buy rating to a hold rating in a research report sent to investors on Tuesday morning, BidAskClub reports.

Other analysts also recently issued reports about the company. Argus raised their price target on First Solar to $66.00 and gave the stock an average rating in a research report on Friday, May 3rd. Roth Capital set a $75.00 price target on First Solar and gave the stock a buy rating in a research report on Monday, April 22nd. Goldman Sachs Group set a $75.00 price target on First Solar and gave the stock a buy rating in a research report on Wednesday, April 10th. Bank of America restated a buy rating and issued a $60.00 price target on shares of First Solar in a research report on Tuesday, February 26th. Finally, ValuEngine upgraded First Solar from a hold rating to a buy rating in a research report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and eleven have issued a buy rating to the company’s stock. The company currently has an average rating of Buy and an average target price of $63.85.

FSLR traded down $1.22 during trading on Tuesday, reaching $59.45. The company had a trading volume of 17,532 shares, compared to its average volume of 1,433,498. The company has a market cap of $6.31 billion, a PE ratio of 44.22, a P/E/G ratio of 1.07 and a beta of 1.32. First Solar has a 52 week low of $36.51 and a 52 week high of $72.98. The company has a quick ratio of 3.83, a current ratio of 4.38 and a debt-to-equity ratio of 0.11.

First Solar (NASDAQ:FSLR) last issued its quarterly earnings results on Thursday, May 2nd. The solar cell manufacturer reported ($0.64) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.52). The company had revenue of $532.00 million during the quarter, compared to the consensus estimate of $596.32 million. First Solar had a negative return on equity of 0.12% and a negative net margin of 0.28%. The firm’s quarterly revenue was down 6.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.78 earnings per share. As a group, research analysts anticipate that First Solar will post 2.41 earnings per share for the current fiscal year.

In other news, CTO Raffi Garabedian sold 20,141 shares of the firm’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $60.05, for a total transaction of $1,209,467.05. Following the transaction, the chief technology officer now owns 31,099 shares in the company, valued at $1,867,494.95. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Alexander R. Bradley sold 754 shares of the firm’s stock in a transaction on Friday, March 8th. The shares were sold at an average price of $49.67, for a total value of $37,451.18. Following the transaction, the chief financial officer now owns 13,296 shares in the company, valued at approximately $660,412.32. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 117,572 shares of company stock valued at $6,997,116. Corporate insiders own 0.72% of the company’s stock.

Several institutional investors have recently made changes to their positions in FSLR. JOYN Advisors Inc. increased its stake in shares of First Solar by 130.2% during the fourth quarter. JOYN Advisors Inc. now owns 603 shares of the solar cell manufacturer’s stock valued at $26,000 after buying an additional 341 shares during the period. Manchester Capital Management LLC purchased a new position in shares of First Solar during the first quarter valued at $27,000. Oregon Public Employees Retirement Fund increased its stake in shares of First Solar by 3,850.9% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,267,749 shares of the solar cell manufacturer’s stock valued at $30,000 after buying an additional 1,235,661 shares during the period. TCG Advisors LP purchased a new position in shares of First Solar during the first quarter valued at $32,000. Finally, Private Capital Group LLC increased its stake in shares of First Solar by 68.6% during the fourth quarter. Private Capital Group LLC now owns 1,165 shares of the solar cell manufacturer’s stock valued at $49,000 after buying an additional 474 shares during the period. Hedge funds and other institutional investors own 61.50% of the company’s stock.

About First Solar

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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