The First Solar Inc. (FSLR) Stock Rating Lowered by Zacks Investment Research

The First Solar Inc. (FSLR) Stock Rating Lowered by Zacks Investment Research

First Solar Inc. (NASDAQ:FSLR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday.

According to Zacks, “First Solar’s top line is heavily skewed toward foreign sales, exposing the company to foreign exchange risks. Again, intense competition, exposure to geopolitical risks and dependency on federal tax credit are major headwinds. Further the use of Cadmium Telluride may pose a possible environmental hazard; which in turn might cause the company to face added costs associated with violating environmental laws. However, First Solar’s share price loss was narrower than the Zacks Categorized Solar industry price over the last three months. The company continues to focus on retaining its competitive edge and aims to further consolidate its position in the market.”

A number of other brokerages have also weighed in on FSLR. JPMorgan Chase & Co. reiterated a “hold” rating and set a $53.00 target price (down previously from $65.00) on shares of First Solar in a research report on Wednesday, September 28th. Mizuho cut their target price on shares of First Solar from $46.00 to $30.00 and set a “neutral” rating for the company in a research report on Thursday, November 17th. Vetr lowered shares of First Solar from a “strong-buy” rating to a “buy” rating and set a $42.68 price objective for the company. in a research report on Wednesday, October 12th. Robert W. Baird set a $33.00 price objective on shares of First Solar and gave the company a “buy” rating in a research report on Saturday, November 19th. Finally, Guggenheim set a $45.00 price objective on shares of First Solar and gave the company a “buy” rating in a research report on Saturday, November 19th. Two research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. First Solar has a consensus rating of “Hold” and a consensus price target of $46.00.

First Solar (NASDAQ:FSLR) opened at 34.41 on Tuesday. The firm has a market capitalization of $3.58 billion, a PE ratio of 7.03 and a beta of 2.04. First Solar has a 52-week low of $28.60 and a 52-week high of $74.29. The company’s 50-day moving average is $33.31 and its 200-day moving average is $37.88.

First Solar (NASDAQ:FSLR) last issued its earnings results on Wednesday, November 2nd. The solar cell manufacturer reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.48. The firm earned $688 million during the quarter, compared to analyst estimates of $980.48 million. First Solar had a net margin of 14.72% and a return on equity of 9.58%. The company’s quarterly revenue was down 45.9% on a year-over-year basis. During the same quarter last year, the business earned $3.41 earnings per share. Analysts forecast that First Solar will post $4.70 EPS for the current fiscal year.

Institutional investors have recently bought and sold shares of the company. Capital World Investors raised its position in First Solar by 147.0% in the third quarter. Capital World Investors now owns 7,100,000 shares of the solar cell manufacturer’s stock valued at $280,379,000 after buying an additional 4,225,000 shares in the last quarter. Vanguard Group Inc. raised its position in First Solar by 3.2% in the second quarter. Vanguard Group Inc. now owns 6,645,256 shares of the solar cell manufacturer’s stock valued at $322,162,000 after buying an additional 208,676 shares in the last quarter. State Street Corp raised its position in First Solar by 0.5% in the second quarter. State Street Corp now owns 2,589,167 shares of the solar cell manufacturer’s stock valued at $125,528,000 after buying an additional 11,925 shares in the last quarter. AQR Capital Management LLC raised its position in First Solar by 50.9% in the second quarter. AQR Capital Management LLC now owns 2,130,033 shares of the solar cell manufacturer’s stock valued at $103,264,000 after buying an additional 718,308 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. raised its position in First Solar by 1.1% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 2,004,867 shares of the solar cell manufacturer’s stock valued at $79,172,000 after buying an additional 22,010 shares in the last quarter. 57.74% of the stock is owned by hedge funds and other 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 thin-film semiconductor technology, and also develops, designs, constructs and sells PV solar power solutions. The Company operates through two segments: components and systems.

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