The First Solar Inc. (FSLR) Downgraded by Vetr Inc. to Buy

The First Solar Inc. (FSLR) Downgraded by Vetr Inc. to Buy

Vetr lowered shares of First Solar Inc. (NASDAQ:FSLR) from a strong-buy rating to a buy rating in a report released on Wednesday. Vetr currently has $42.68 price target on the solar cell manufacturer’s stock.

Several other equities research analysts also recently issued reports on FSLR. Needham & Company LLC reiterated a hold rating on shares of First Solar in a report on Monday, June 27th. Deutsche Bank AG downgraded First Solar from a buy rating to a hold rating and cut their price objective for the company from $80.00 to $44.00 in a report on Thursday, July 7th. Robert W. Baird reiterated an outperform rating and issued a $60.00 price objective (down previously from $68.00) on shares of First Solar in a report on Friday, July 8th. Morgan Stanley set a $59.00 price objective on First Solar and gave the company a hold rating in a report on Wednesday, August 3rd. Finally, Goldman Sachs Group Inc. reiterated a buy rating and issued a $67.00 price objective on shares of First Solar in a report on Thursday, August 4th. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating and twelve have assigned a buy rating to the company. The company has an average rating of Hold and an average target price of $56.28.

Shares of First Solar (NASDAQ:FSLR) opened at 37.805 on Wednesday. The company has a market cap of $3.87 billion, a P/E ratio of 5.567 and a beta of 1.54. The company’s 50-day moving average price is $37.49 and its 200-day moving average price is $47.46. First Solar has a 12 month low of $33.74 and a 12 month high of $74.29.

First Solar (NASDAQ:FSLR) last announced its quarterly earnings results on Wednesday, August 3rd. The solar cell manufacturer reported $0.87 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.32. First Solar had a return on equity of 13.78% and a net margin of 17.45%. The business had revenue of $934.40 million for the quarter, compared to analyst estimates of $862.68 million. During the same quarter in the prior year, the company posted $0.93 EPS. The company’s quarterly revenue was up 4.2% on a year-over-year basis. Equities analysts forecast that First Solar will post $4.25 EPS for the current fiscal year.

In related news, insider Georges Antoun sold 133,761 shares of First Solar stock in a transaction on Friday, August 5th. The stock was sold at an average price of $44.54, for a total value of $5,957,714.94. Following the transaction, the insider now owns 151,471 shares in the company, valued at $6,746,518.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Christopher Bueter sold 29,384 shares of First Solar stock in a transaction on Friday, August 5th. The shares were sold at an average price of $44.23, for a total value of $1,299,654.32. Following the completion of the transaction, the executive vice president now owns 17,718 shares in the company, valued at approximately $783,667.14. The disclosure for this sale can be found here. 0.40% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of FSLR. BOKF NA boosted its position in shares of First Solar by 3.8% in the second quarter. BOKF NA now owns 2,202 shares of the solar cell manufacturer’s stock worth $106,000 after buying an additional 81 shares during the last quarter. LS Investment Advisors LLC boosted its position in shares of First Solar by 27.2% in the second quarter. LS Investment Advisors LLC now owns 2,782 shares of the solar cell manufacturer’s stock worth $135,000 after buying an additional 595 shares during the last quarter. Pacad Investment Ltd. purchased a new position in shares of First Solar during the second quarter worth $141,000. Signature Estate & Investment Advisors LLC purchased a new position in shares of First Solar during the second quarter worth $141,000. Finally, Northwestern Mutual Investment Management Company LLC boosted its position in shares of First Solar by 0.4% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 2,924 shares of the solar cell manufacturer’s stock worth $142,000 after buying an additional 11 shares during the last quarter. Hedge funds and other institutional investors own 57.51% of the company’s stock.

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 thin-film semiconductor technology, and also develops, designs, constructs and sells PV solar power solutions. The Company operates through two segments: components and systems.

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