JMP Securities lowered shares of First Solar, Inc. (NASDAQ:FSLR) from a market perform rating to an underperform rating in a research note issued to investors on Tuesday morning. The firm currently has $28.00 price objective on the solar cell manufacturer’s stock.
Other research analysts also recently issued research reports about the stock. Vetr downgraded shares of First Solar from a strong-buy rating to a buy rating and set a $42.68 price target on the stock. in a report on Wednesday, October 12th. Goldman Sachs Group, Inc. (The) restated a buy rating on shares of First Solar in a report on Friday, October 7th. Williams Capital initiated coverage on shares of First Solar in a report on Friday, September 30th. They set a buy rating and a $50.00 price target on the stock. Robert W. Baird set a $33.00 price target on shares of First Solar and gave the company a buy rating in a report on Saturday, November 19th. Finally, Guggenheim set a $45.00 target price on shares of First Solar and gave the company a buy rating in a research note on Saturday, November 19th. Three investment analysts have rated the stock with a sell rating, eighteen have given a hold rating and six have given a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average price target of $45.79.
Shares of First Solar (NASDAQ:FSLR) traded down 2.63% during midday trading on Tuesday, hitting $31.43. 1,120,505 shares of the stock were exchanged. The stock’s 50 day moving average is $33.72 and its 200 day moving average is $37.48. The firm has a market cap of $3.27 billion, a P/E ratio of 6.42 and a beta of 2.04. First Solar has a 12-month low of $28.60 and a 12-month high of $74.29.
First Solar (NASDAQ:FSLR) last released its quarterly earnings results on Wednesday, November 2nd. The solar cell manufacturer reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.48. The business had revenue of $688 million for the quarter, compared to the consensus estimate of $980.48 million. First Solar had a net margin of 14.72% and a return on equity of 9.58%. First Solar’s revenue for the quarter was down 45.9% on a year-over-year basis. During the same quarter last year, the firm earned $3.41 EPS. On average, equities research analysts forecast that First Solar will post $4.70 earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently modified their holdings of FSLR. BOKF NA boosted its position in shares of First Solar by 3.8% in the second quarter. BOKF NA now owns 2,202 shares of the solar cell manufacturer’s stock worth $106,000 after buying an additional 81 shares in the last quarter. Cornerstone Advisors Inc. boosted its position in shares of First Solar by 2,220.9% in the third quarter. Cornerstone Advisors Inc. now owns 2,994 shares of the solar cell manufacturer’s stock worth $118,000 after buying an additional 2,865 shares in the last quarter. LS Investment Advisors LLC boosted its position in shares of First Solar by 21.7% in the third quarter. LS Investment Advisors LLC now owns 3,387 shares of the solar cell manufacturer’s stock worth $134,000 after buying an additional 605 shares in the last quarter. Virtus Investment Advisers Inc. purchased a new position in shares of First Solar during the third quarter worth about $139,000. Finally, Pacad Investment Ltd. purchased a new position in shares of First Solar during the second quarter worth about $141,000. Hedge funds and other institutional investors own 58.52% of the company’s stock.
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 thin-film semiconductor technology, and also develops, designs, constructs and sells PV solar power solutions. The Company operates through two segments: components and systems.