First Solar (NASDAQ:FSLR) Rating Lowered to Buy at BidaskClub

First Solar (NASDAQ:FSLR) was downgraded by equities researchers at BidaskClub from a “strong-buy” rating to a “buy” rating in a research report issued on Saturday, BidAskClub reports.

Other equities analysts also recently issued reports about the company. Roth Capital upped their price target on First Solar from $56.00 to $65.00 and gave the company a “neutral” rating in a report on Friday, August 7th. Cfra downgraded First Solar to a “sell” rating in a report on Wednesday, June 17th. Morgan Stanley upped their price target on First Solar from $37.00 to $38.00 and gave the company an “equal weight” rating in a report on Friday, July 17th. Barclays lowered their price target on First Solar from $51.00 to $45.00 and set an “underweight” rating for the company in a report on Friday, August 7th. Finally, Bank of America boosted their price objective on First Solar from $73.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, August 26th. Four research analysts have rated the stock with a sell rating, four have given a hold rating and ten have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $63.14.

Shares of First Solar stock opened at $61.75 on Friday. The business has a 50-day simple moving average of $71.68 and a 200-day simple moving average of $52.14. The company has a debt-to-equity ratio of 0.07, a quick ratio of 2.96 and a current ratio of 3.66. The company has a market cap of $7.57 billion, a PE ratio of 66.40, a P/E/G ratio of 1.41 and a beta of 1.54. First Solar has a one year low of $28.47 and a one year high of $81.87.

First Solar (NASDAQ:FSLR) last announced its quarterly earnings results on Thursday, August 6th. The solar cell manufacturer reported $0.35 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.28 by $0.07. The firm had revenue of $642.41 million during the quarter, compared to the consensus estimate of $490.53 million. First Solar had a return on equity of 7.18% and a net margin of 3.17%. The firm’s quarterly revenue was up 9.8% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.18) earnings per share. On average, sell-side analysts predict that First Solar will post 2.89 earnings per share for the current fiscal year.

In other First Solar news, CEO Mark R. Widmar sold 79,918 shares of the stock in a transaction on Monday, August 10th. The stock was sold at an average price of $73.31, for a total value of $5,858,788.58. Following the completion of the transaction, the chief executive officer now owns 150,008 shares in the company, valued at $10,997,086.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director R Craig Kennedy sold 550 shares of the stock in a transaction on Monday, August 17th. The stock was sold at an average price of $75.15, for a total value of $41,332.50. Following the completion of the transaction, the director now owns 28,579 shares of the company’s stock, valued at approximately $2,147,711.85. The disclosure for this sale can be found here. Insiders sold 81,018 shares of company stock valued at $5,940,029 in the last quarter. 0.54% of the stock is currently owned by company insiders.

Institutional investors have recently bought and sold shares of the business. AQR Capital Management LLC grew its holdings in First Solar by 1,432.5% in the first quarter. AQR Capital Management LLC now owns 121,221 shares of the solar cell manufacturer’s stock valued at $4,294,000 after purchasing an additional 113,311 shares during the last quarter. State of Tennessee Treasury Department grew its holdings in First Solar by 10.3% in the first quarter. State of Tennessee Treasury Department now owns 66,190 shares of the solar cell manufacturer’s stock valued at $2,387,000 after purchasing an additional 6,190 shares during the last quarter. M&T Bank Corp grew its holdings in First Solar by 17.5% in the second quarter. M&T Bank Corp now owns 6,572 shares of the solar cell manufacturer’s stock valued at $326,000 after purchasing an additional 978 shares during the last quarter. Squarepoint Ops LLC acquired a new stake in First Solar in the first quarter valued at $3,976,000. Finally, Exchange Traded Concepts LLC acquired a new stake in First Solar in the second quarter valued at $336,000. 60.90% of the stock is currently owned by institutional investors.

First Solar Company Profile

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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