BidaskClub downgraded shares of First Solar (NASDAQ:FSLR) from a sell rating to a strong sell rating in a research note published on Wednesday.

FSLR has been the topic of several other research reports. Credit Suisse Group dropped their price target on First Solar from $59.00 to $53.00 and set an underperform rating on the stock in a research note on Thursday, June 7th. Cowen reissued a buy rating and issued a $85.00 price target on shares of First Solar in a research note on Friday, July 27th. Bank of America downgraded First Solar from a buy rating to a neutral rating and dropped their price target for the company from $83.00 to $63.00 in a research note on Tuesday, June 5th. Needham & Company LLC dropped their price target on First Solar to $75.00 and set a buy rating on the stock in a research note on Friday, July 27th. Finally, Vertical Group downgraded First Solar from a buy rating to a sell rating and set a $42.00 price target on the stock. in a research note on Wednesday, June 6th. Five investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the company’s stock. The stock has an average rating of Hold and an average target price of $70.85.

Shares of First Solar stock opened at $48.21 on Wednesday. The firm has a market cap of $5.12 billion, a P/E ratio of 18.61, a price-to-earnings-growth ratio of 1.82 and a beta of 1.48. First Solar has a 12 month low of $45.26 and a 12 month high of $81.72. The company has a debt-to-equity ratio of 0.09, a quick ratio of 4.60 and a current ratio of 4.89.

First Solar (NASDAQ:FSLR) last issued its quarterly earnings data on Thursday, July 26th. The solar cell manufacturer reported ($0.46) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.03) by ($0.43). The business had revenue of $309.00 million for the quarter, compared to analyst estimates of $509.19 million. First Solar had a positive return on equity of 4.12% and a negative net margin of 8.35%. The business’s quarterly revenue was down 50.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.64 EPS. analysts expect that First Solar will post 1.68 EPS for the current year.

In other news, insider Georges Antoun sold 3,142 shares of the firm’s stock in a transaction dated Monday, July 23rd. The stock was sold at an average price of $52.72, for a total value of $165,646.24. Following the completion of the transaction, the insider now owns 71,251 shares in the company, valued at approximately $3,756,352.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Raffi Garabedian sold 4,159 shares of the firm’s stock in a transaction dated Wednesday, August 1st. The shares were sold at an average price of $52.91, for a total value of $220,052.69. Following the completion of the transaction, the chief technology officer now owns 5,520 shares of the company’s stock, valued at approximately $292,063.20. The disclosure for this sale can be found here. Insiders sold a total of 14,756 shares of company stock valued at $774,803 in the last 90 days. 0.54% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Centaurus Financial Inc. bought a new position in shares of First Solar in the 2nd quarter valued at about $113,000. Penserra Capital Management LLC grew its holdings in First Solar by 381.4% during the first quarter. Penserra Capital Management LLC now owns 1,704 shares of the solar cell manufacturer’s stock worth $115,000 after purchasing an additional 1,350 shares during the period. Flagship Harbor Advisors LLC bought a new position in First Solar during the second quarter worth about $122,000. FNY Investment Advisers LLC bought a new position in First Solar during the second quarter worth about $151,000. Finally, Cavalry Management Group LLC bought a new position in First Solar during the first quarter worth about $206,000. Institutional investors own 54.22% of the company’s stock.

About First Solar

First Solar, Inc provides photovoltaic solar energy solutions in the United States and internationally. It operates through two segments, Components and Systems. The Components segment designs, manufactures, and sells cadmium telluride solar modules that convert sunlight into electricity. This segment offers its products to integrators and operators.

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Analyst Recommendations for First Solar (NASDAQ:FSLR)

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