First Solar (NASDAQ:FSLR) Stock Rating Lowered by ValuEngine

ValuEngine cut shares of First Solar (NASDAQ:FSLR) from a buy rating to a hold rating in a research note published on Monday morning, ValuEngine reports.

A number of other research analysts have also recently commented on the company. Barclays reaffirmed a buy rating on shares of First Solar in a research note on Friday, August 2nd. BidaskClub raised First Solar from a hold rating to a buy rating in a research note on Wednesday, June 5th. UBS Group upped their target price on First Solar to $80.00 and gave the company a buy rating in a research note on Friday, August 2nd. Argus upped their target price on First Solar to $66.00 and gave the company an average rating in a research note on Friday, May 3rd. Finally, JPMorgan Chase & Co. upped their target price on First Solar from $74.00 to $82.00 and gave the company an overweight rating in a research note on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and ten have assigned a buy rating to the company’s stock. First Solar has an average rating of Buy and a consensus target price of $70.11.

Shares of FSLR stock opened at $59.26 on Monday. First Solar has a 1 year low of $36.51 and a 1 year high of $69.24. The company has a debt-to-equity ratio of 0.09, a current ratio of 4.05 and a quick ratio of 3.35. The stock’s 50 day simple moving average is $65.25 and its two-hundred day simple moving average is $58.77. The company has a market cap of $6.55 billion, a PE ratio of 43.57, a price-to-earnings-growth ratio of 1.13 and a beta of 1.30.

First Solar (NASDAQ:FSLR) last issued its quarterly earnings data on Thursday, August 1st. The solar cell manufacturer reported ($0.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.20). First Solar had a net margin of 0.95% and a return on equity of 0.46%. The company had revenue of $585.00 million for the quarter, compared to analysts’ expectations of $656.80 million. During the same quarter last year, the company earned ($0.46) earnings per share. The company’s revenue for the quarter was up 89.3% on a year-over-year basis. Equities research analysts expect that First Solar will post 2.37 EPS for the current year.

In related news, CEO Mark R. Widmar sold 34,964 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $61.43, for a total value of $2,147,838.52. Following the transaction, the chief executive officer now owns 145,285 shares of the company’s stock, valued at $8,924,857.55. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Georges Antoun sold 8,476 shares of the stock in a transaction that occurred on Friday, May 31st. The stock was sold at an average price of $57.85, for a total value of $490,336.60. Following the completion of the transaction, the insider now directly owns 97,546 shares in the company, valued at approximately $5,643,036.10. The disclosure for this sale can be found here. In the last three months, insiders sold 93,155 shares of company stock worth $5,765,855. 0.72% of the stock is owned by insiders.

A number of large investors have recently made changes to their positions in FSLR. Invesco Ltd. grew its stake in First Solar by 273.0% in the second quarter. Invesco Ltd. now owns 2,686,374 shares of the solar cell manufacturer’s stock worth $176,441,000 after purchasing an additional 1,966,171 shares in the last quarter. Artisan Partners Limited Partnership grew its stake in First Solar by 986.3% in the first quarter. Artisan Partners Limited Partnership now owns 1,637,421 shares of the solar cell manufacturer’s stock worth $86,521,000 after purchasing an additional 1,486,686 shares in the last quarter. Bank of New York Mellon Corp grew its stake in First Solar by 40.5% in the second quarter. Bank of New York Mellon Corp now owns 2,304,211 shares of the solar cell manufacturer’s stock worth $151,340,000 after purchasing an additional 664,729 shares in the last quarter. Nuveen Asset Management LLC bought a new position in First Solar in the second quarter worth approximately $34,160,000. Finally, BlackRock Inc. grew its stake in First Solar by 5.6% in the first quarter. BlackRock Inc. now owns 7,998,996 shares of the solar cell manufacturer’s stock worth $422,666,000 after purchasing an additional 422,290 shares in the last quarter. 62.10% of the stock is currently owned by institutional investors.

About First Solar

First Solar, Inc provides photovoltaic (PV) solar energy solutions in the United States and internationally. It operates in two segments, Modules 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 of PV solar power systems.

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Analyst Recommendations for First Solar (NASDAQ:FSLR)

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