First Solar (NASDAQ:FSLR) Reaches New 1-Year Low on Analyst Downgrade

Shares of First Solar, Inc. (NASDAQ:FSLR) reached a new 52-week low during trading on Tuesday after Bank of America lowered their price target on the stock from $236.00 to $215.00. Bank of America currently has a buy rating on the stock. First Solar traded as low as $118.57 and last traded at $120.38, with a volume of 4321282 shares traded. The stock had previously closed at $130.05.

A number of other equities research analysts have also issued reports on the stock. Wells Fargo & Company cut their target price on First Solar from $240.00 to $209.00 and set an “overweight” rating for the company in a research note on Wednesday, January 8th. Morgan Stanley dropped their price target on shares of First Solar from $297.00 to $238.00 and set an “overweight” rating for the company in a research report on Thursday, February 27th. Citigroup decreased their price target on First Solar from $254.00 to $236.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 26th. Royal Bank of Canada decreased their price target on shares of First Solar from $280.00 to $251.00 and set an “outperform” rating for the company in a research report on Wednesday, February 26th. Finally, UBS Group cut their target price on shares of First Solar from $360.00 to $285.00 and set a “buy” rating on the stock in a research note on Wednesday, February 26th. Four research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, First Solar has a consensus rating of “Moderate Buy” and a consensus price target of $257.42.

Insider Buying and Selling at First Solar

In related news, CEO Mark R. Widmar sold 21,542 shares of the stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $141.09, for a total transaction of $3,039,360.78. Following the transaction, the chief executive officer now directly owns 103,403 shares in the company, valued at approximately $14,589,129.27. This represents a 17.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Alexander R. Bradley sold 599 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $133.75, for a total transaction of $80,116.25. Following the completion of the sale, the chief financial officer now owns 45,717 shares of the company’s stock, valued at approximately $6,114,648.75. The trade was a 1.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 34,311 shares of company stock worth $4,767,158. 0.58% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On First Solar

Several large investors have recently made changes to their positions in the business. Whalen Wealth Management Inc. increased its position in shares of First Solar by 47.0% during the fourth quarter. Whalen Wealth Management Inc. now owns 4,859 shares of the solar cell manufacturer’s stock worth $856,000 after acquiring an additional 1,554 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in First Solar by 665.8% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 39,192 shares of the solar cell manufacturer’s stock worth $7,308,000 after purchasing an additional 34,074 shares during the last quarter. Stifel Financial Corp lifted its position in shares of First Solar by 36.9% in the 3rd quarter. Stifel Financial Corp now owns 21,446 shares of the solar cell manufacturer’s stock worth $5,350,000 after buying an additional 5,780 shares during the last quarter. Paragon Capital Management Inc. acquired a new stake in First Solar during the fourth quarter worth about $1,240,000. Finally, Robeco Institutional Asset Management B.V. lifted its holdings in shares of First Solar by 9.0% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 595,267 shares of the solar cell manufacturer’s stock worth $104,910,000 after purchasing an additional 49,074 shares during the last quarter. Institutional investors and hedge funds own 92.08% of the company’s stock.

First Solar Trading Down 7.4 %

The firm has a market capitalization of $12.89 billion, a P/E ratio of 10.37, a PEG ratio of 0.19 and a beta of 1.48. The business’s 50 day moving average is $144.76 and its two-hundred day moving average is $180.27. The company has a quick ratio of 1.44, a current ratio of 2.14 and a debt-to-equity ratio of 0.05.

First Solar (NASDAQ:FSLR) last posted its quarterly earnings data on Tuesday, February 25th. The solar cell manufacturer reported $3.65 EPS for the quarter, missing analysts’ consensus estimates of $4.81 by ($1.16). First Solar had a return on equity of 17.56% and a net margin of 32.41%. The firm had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.48 billion. Analysts expect that First Solar, Inc. will post 13.05 EPS for the current year.

First Solar Company Profile

First Solar, Inc, a solar technology company, provides photovoltaic (PV) solar energy solutions in the United States, France, Japan, Chile, and internationally. The company manufactures and sells PV solar modules with a thin film semiconductor technology that provides a lower-carbon alternative to conventional crystalline silicon PV solar modules.