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

First Solar, Inc. (NASDAQ:FSLR) reached a new 52-week low on Thursday after Guggenheim lowered their price target on the stock from $335.00 to $304.00. Guggenheim currently has a buy rating on the stock. First Solar traded as low as $143.95 and last traded at $144.23, with a volume of 2661475 shares trading hands. The stock had previously closed at $156.84.

Several other research firms also recently weighed in on FSLR. UBS Group decreased their target price on First Solar from $360.00 to $285.00 and set a “buy” rating on the stock in a research report on Wednesday. Susquehanna reduced their target price on First Solar from $280.00 to $252.00 and set a “positive” rating on the stock in a research report on Wednesday, October 30th. StockNews.com upgraded First Solar from a “sell” rating to a “hold” rating in a research report on Thursday, January 2nd. Citigroup cut their price target on First Solar from $254.00 to $236.00 and set a “neutral” rating on the stock in a report on Wednesday. Finally, Morgan Stanley cut their target price on First Solar from $297.00 to $238.00 and set an “overweight” rating on the stock in a research report on Thursday. Three investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, First Solar has a consensus rating of “Moderate Buy” and an average target price of $263.63.

Institutional Trading of First Solar

Hedge funds have recently modified their holdings of the business. Norges Bank purchased a new stake in shares of First Solar during the 4th quarter valued at about $317,399,000. Wellington Management Group LLP lifted its holdings in shares of First Solar by 75.8% in the 3rd quarter. Wellington Management Group LLP now owns 2,097,364 shares of the solar cell manufacturer’s stock worth $523,166,000 after buying an additional 904,498 shares during the period. Demars Financial Group LLC raised its holdings in First Solar by 17,404.5% in the fourth quarter. Demars Financial Group LLC now owns 722,760 shares of the solar cell manufacturer’s stock worth $127,379,000 after purchasing an additional 718,631 shares in the last quarter. Mirova US LLC increased its holdings in shares of First Solar by 961.0% during the fourth quarter. Mirova US LLC now owns 646,310 shares of the solar cell manufacturer’s stock valued at $113,906,000 after acquiring an additional 585,394 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. lifted its holdings in shares of First Solar by 1,757.2% during the third quarter. Robeco Institutional Asset Management B.V. now owns 546,193 shares of the solar cell manufacturer’s stock worth $136,242,000 after purchasing an additional 516,783 shares during the period. Institutional investors own 92.08% of the company’s stock.

First Solar Stock Down 8.1 %

The company has a quick ratio of 1.44, a current ratio of 2.14 and a debt-to-equity ratio of 0.05. The business has a 50 day moving average price of $174.00 and a 200 day moving average price of $199.08. The stock has a market cap of $15.44 billion, a PE ratio of 12.45, a P/E/G ratio of 0.19 and a beta of 1.47.

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

About First Solar

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.