First Solar, Inc. (NASDAQ:FSLR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Friday.
According to Zacks, “First Solar’s third-quarter 2017 earnings and revenues surpassed the Zacks Consensus Estimate and improved year over year. The company also raised its 2017 earnings guidance. Meanwhile, it continues to focus on retaining its competitive edge and aims to further consolidate its position in the solar market. In fact, First Solar’s constant product innovation efforts will continue to attract customers and expand its revenue stream. The company also outperformed the broader industry in the last year. However, President Trump’s recent walk out from the landmark Paris deal, apart from initiatives to repeal the Clean Power Plan and boost coal production has kept the entire solar industry under immense pressure.”
Several other analysts have also recently commented on FSLR. Axiom Securities reissued a “buy” rating on shares of First Solar in a research note on Thursday, August 10th. JMP Securities set a $67.00 price objective on shares of First Solar and gave the company a “buy” rating in a research note on Wednesday, August 16th. ValuEngine raised shares of First Solar from a “hold” rating to a “buy” rating in a research note on Friday, August 11th. BidaskClub cut shares of First Solar from a “strong-buy” rating to a “buy” rating in a research note on Thursday, August 3rd. Finally, Vetr cut shares of First Solar from a “hold” rating to a “sell” rating and set a $45.99 price objective on the stock. in a research note on Monday, August 14th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and twelve have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $47.61.
First Solar (FSLR) traded up $1.05 on Friday, hitting $61.59. 1,952,600 shares of the stock traded hands, compared to its average volume of 2,841,524. First Solar has a twelve month low of $25.56 and a twelve month high of $62.57. The company has a debt-to-equity ratio of 0.06, a current ratio of 6.85 and a quick ratio of 6.47. The company has a market capitalization of $6,432.03, a PE ratio of 15.10 and a beta of 1.99.
First Solar (NASDAQ:FSLR) last released its quarterly earnings results on Thursday, October 26th. The solar cell manufacturer reported $1.95 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.84 by $1.11. First Solar had a negative net margin of 14.70% and a positive return on equity of 8.07%. The business had revenue of $1.09 billion for the quarter, compared to analysts’ expectations of $859.22 million. During the same period in the prior year, the firm earned $1.22 earnings per share. First Solar’s revenue was up 59.5% compared to the same quarter last year. sell-side analysts anticipate that First Solar will post 2.47 EPS for the current fiscal year.
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Institutional investors and hedge funds have recently made changes to their positions in the company. Commerzbank Aktiengesellschaft FI grew its position in shares of First Solar by 72.5% in the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 190,386 shares of the solar cell manufacturer’s stock valued at $7,593,000 after acquiring an additional 79,987 shares during the period. Gotham Asset Management LLC bought a new position in shares of First Solar in the 2nd quarter valued at about $14,135,000. Bank of America Corp DE grew its position in shares of First Solar by 67.2% in the 1st quarter. Bank of America Corp DE now owns 273,426 shares of the solar cell manufacturer’s stock valued at $7,409,000 after acquiring an additional 109,938 shares during the period. Shell Asset Management Co. grew its position in shares of First Solar by 34.3% in the 3rd quarter. Shell Asset Management Co. now owns 38,704 shares of the solar cell manufacturer’s stock valued at $2,547,000 after acquiring an additional 9,893 shares during the period. Finally, Handelsbanken Fonder AB grew its position in shares of First Solar by 26.0% in the 3rd quarter. Handelsbanken Fonder AB now owns 101,679 shares of the solar cell manufacturer’s stock valued at $4,665,000 after acquiring an additional 21,000 shares during the period. 53.55% of the stock is owned by institutional investors.
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 a thin-film semiconductor technology. The Company also develops, designs, constructs and sells PV solar power systems that primarily use the modules it manufactures.
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