First Solar Inc. (FSLR) Stock Rating Lowered by Vetr Inc.
First Solar Inc. (NASDAQ:FSLR) was downgraded by analysts at Vetr from a “strong-buy” rating to a “buy” rating in a report released on Wednesday. They currently have a $42.68 price target on the solar cell manufacturer’s stock. Vetr‘s price target suggests a potential upside of 10.34% from the stock’s previous close.
Several other equities analysts have also weighed in on FSLR. Needham & Company LLC restated a “hold” rating on shares of First Solar in a report on Monday, June 27th. Deutsche Bank AG lowered First Solar from a “buy” rating to a “hold” rating and cut their target price for the company from $80.00 to $44.00 in a report on Thursday, July 7th. Robert W. Baird restated an “outperform” rating and set a $60.00 target price (down from $68.00) on shares of First Solar in a report on Friday, July 8th. Morgan Stanley set a $59.00 target price on First Solar and gave the company a “hold” rating in a report on Wednesday, August 3rd. Finally, Goldman Sachs Group Inc. restated a “buy” rating and set a $67.00 target price on shares of First Solar in a report on Thursday, August 4th. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and twelve have issued a buy rating to the company’s stock. First Solar currently has an average rating of “Hold” and an average target price of $56.28.
First Solar (NASDAQ:FSLR) opened at 38.68 on Wednesday. The company has a market cap of $3.96 billion, a P/E ratio of 5.70 and a beta of 1.54. First Solar has a 12-month low of $33.74 and a 12-month high of $74.29. The firm’s 50-day moving average price is $37.53 and its 200-day moving average price is $47.40.
First Solar (NASDAQ:FSLR) last posted its 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. First Solar had a return on equity of 13.78% and a net margin of 17.45%. The company had revenue of $934.40 million for the quarter, compared to analyst estimates of $862.68 million. During the same period last year, the company earned $0.93 earnings per share. The business’s revenue was up 4.2% compared to the same quarter last year. Analysts expect that First Solar will post $4.25 EPS for the current year.
In other news, COO Philip Dejong sold 67,251 shares of the stock in a transaction on Friday, August 5th. The shares were sold at an average price of $44.28, for a total value of $2,977,874.28. Following the transaction, the chief operating officer now owns 45,499 shares of the company’s stock, valued at approximately $2,014,695.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Georges Antoun sold 133,761 shares of the stock in a transaction on Friday, August 5th. The stock was sold at an average price of $44.54, for a total transaction of $5,957,714.94. Following the completion of the transaction, the insider now directly owns 151,471 shares in the company, valued at approximately $6,746,518.34. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.
Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its position in shares of 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 worth $322,162,000 after buying an additional 208,676 shares during the last quarter. Capital World Investors raised its position in shares of First Solar by 43.8% in the second quarter. Capital World Investors now owns 2,875,000 shares of the solar cell manufacturer’s stock worth $139,380,000 after buying an additional 875,000 shares during the last quarter. State Street Corp raised its position in shares of 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 worth $125,528,000 after buying an additional 11,925 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of First Solar by 25.2% in the second quarter. Dimensional Fund Advisors LP now owns 2,534,789 shares of the solar cell manufacturer’s stock worth $122,884,000 after buying an additional 509,527 shares during the last quarter. Finally, AQR Capital Management LLC raised its position in shares of 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 worth $103,264,000 after buying an additional 718,308 shares during the last quarter. 57.51% of the stock is currently 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.
To view Vetr’s full report, visit Vetr’s official website.
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