First Solar Inc. (NASDAQ:FSLR)’s share price dropped 12.7% during mid-day trading on Thursday . The company traded as low as $42.88 and last traded at $42.98, with a volume of 12,695,228 shares. The stock had previously closed at $49.24.

FSLR has been the topic of a number of recent analyst reports. Vetr upgraded First Solar from a “hold” rating to a “buy” rating and set a $50.01 price target on the stock in a research report on Tuesday, July 26th. Deutsche Bank AG reiterated a “buy” rating and set a $86.00 price target on shares of First Solar in a research report on Sunday, April 10th. Roth Capital reiterated a “buy” rating and set a $80.00 price target on shares of First Solar in a research report on Monday, April 11th. Morgan Stanley set a $59.00 price target on First Solar and gave the stock a “hold” rating in a research report on Wednesday. Finally, Robert W. Baird reiterated an “outperform” rating and set a $60.00 price target on shares of First Solar in a research report on Thursday. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and thirteen have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $63.30.

The stock has a 50 day moving average price of $47.40 and a 200 day moving average price of $57.32. The firm has a market capitalization of $4.51 billion and a P/E ratio of 5.80.

First Solar (NASDAQ:FSLR) last issued its quarterly earnings results on Wednesday, August 3rd. The solar cell manufacturer reported $0.87 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.32. The business earned $934.40 million during the quarter, compared to analyst estimates of $862.68 million. The company’s revenue was up 4.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.93 earnings per share. On average, analysts predict that First Solar Inc. will post $4.24 earnings per share for the current fiscal year.

Other hedge funds and institutional investors have modified their holdings of the company. Bank of Montreal Can increased its position in shares of First Solar by 150.2% in the fourth quarter. Bank of Montreal Can now owns 326,266 shares of the solar cell manufacturer’s stock valued at $21,530,000 after buying an additional 195,849 shares during the period. Vanguard Group Inc. increased its position in shares of First Solar by 2.8% in the fourth quarter. Vanguard Group Inc. now owns 6,234,408 shares of the solar cell manufacturer’s stock valued at $411,409,000 after buying an additional 169,844 shares during the period. Adams Natural Resources Fund Inc. acquired a new position in shares of First Solar during the fourth quarter valued at $4,738,000. Trexquant Investment LP acquired a new position in shares of First Solar during the fourth quarter valued at $3,638,000. Finally, State of Tennessee Treasury Department increased its position in shares of First Solar by 384.9% in the fourth quarter. State of Tennessee Treasury Department now owns 58,182 shares of the solar cell manufacturer’s stock valued at $3,839,000 after buying an additional 46,182 shares during the period.

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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