Vetr Inc. Downgrades First Solar Inc. (FSLR) to Buy
First Solar Inc. (NASDAQ:FSLR) was downgraded by research analysts at Vetr from a “strong-buy” rating to a “buy” rating in a report released on Thursday. They presently have a $43.85 price target on the solar cell manufacturer’s stock. Vetr‘s target price suggests a potential upside of 10.31% from the company’s current price.
A number of other brokerages also recently commented on FSLR. Deutsche Bank AG reissued a “hold” rating and issued a $44.00 price objective on shares of First Solar in a research report on Thursday, August 4th. Robert W. Baird reaffirmed an “outperform” rating and set a $60.00 target price on shares of First Solar in a report on Thursday, August 4th. Morgan Stanley set a $59.00 target price on shares of First Solar and gave the stock a “hold” rating in a report on Wednesday, August 3rd. Needham & Company LLC reaffirmed a “hold” rating on shares of First Solar in a report on Monday, June 27th. Finally, Roth Capital reaffirmed a “buy” rating and set a $55.00 target price (down previously from $70.00) on shares of First Solar in a report on Friday, August 5th. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating and eleven have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $57.45.
Shares of First Solar (NASDAQ:FSLR) traded up 0.03% during mid-day trading on Thursday, reaching $39.75. 2,082,607 shares of the company’s stock traded hands. The company’s 50 day moving average is $37.43 and its 200-day moving average is $48.36. The firm has a market cap of $4.07 billion, a price-to-earnings ratio of 5.85 and a beta of 1.54. First Solar has a 52 week low of $33.74 and a 52 week high of $74.29.
First Solar (NASDAQ:FSLR) last announced its quarterly earnings data on Wednesday, August 3rd. The solar cell manufacturer reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.55 by $0.32. First Solar had a net margin of 17.45% and a return on equity of 13.78%. The company earned $934.40 million during the quarter, compared to the consensus estimate of $862.68 million. During the same quarter last year, the firm posted $0.93 EPS. The company’s quarterly revenue was up 4.2% on a year-over-year basis. Equities analysts expect that First Solar will post $4.25 earnings per share for the current fiscal year.
In other news, Director James Alton Hughes sold 180,448 shares of the stock in a transaction dated Friday, August 5th. The shares were sold at an average price of $44.43, for a total value of $8,017,304.64. Following the completion of the sale, the director now owns 201,577 shares in the company, valued at $8,956,066.11. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Georges Antoun sold 133,761 shares of the stock in a transaction dated Friday, August 5th. The shares were sold at an average price of $44.54, for a total transaction of $5,957,714.94. Following the completion of the sale, the insider now owns 151,471 shares of the company’s stock, valued at approximately $6,746,518.34. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by insiders.
Several hedge funds have recently made changes to their positions in the stock. BOKF NA increased its stake 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 valued at $106,000 after buying an additional 81 shares in the last quarter. LS Investment Advisors LLC increased its stake in First Solar by 27.2% in the second quarter. LS Investment Advisors LLC now owns 2,782 shares of the solar cell manufacturer’s stock worth $135,000 after buying an additional 595 shares during the period. Pacad Investment Ltd. bought a new stake in First Solar during the second quarter worth about $141,000. Signature Estate & Investment Advisors LLC bought a new stake in First Solar during the second quarter worth about $141,000. Finally, Northwestern Mutual Investment Management Company LLC increased its stake in First Solar by 0.4% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 2,924 shares of the solar cell manufacturer’s stock worth $142,000 after buying an additional 11 shares during the period. Institutional investors own 57.50% 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.
To view Vetr’s full report, visit Vetr’s official website.
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