First Solar (NASDAQ:FSLR) Lifted to Hold at Vertical Group

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First Solar (NASDAQ:FSLR) was upgraded by equities researchers at Vertical Group from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Thursday, October 25th, The Fly reports.

Several other brokerages have also issued reports on FSLR. ValuEngine lowered shares of First Solar from a “buy” rating to a “hold” rating in a report on Tuesday, July 24th. Zacks Investment Research lowered shares of First Solar from a “hold” rating to a “sell” rating in a report on Friday, October 12th. Morgan Stanley reduced their price objective on shares of First Solar from $64.00 to $61.00 and set an “equal weight” rating on the stock in a report on Monday, July 16th. Roth Capital set a $90.00 price objective on shares of First Solar and gave the company a “buy” rating in a report on Friday, July 27th. Finally, JPMorgan Chase & Co. set a $79.00 price objective on shares of First Solar and gave the company a “buy” rating in a report on Wednesday, August 1st. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have assigned a buy rating to the company. First Solar presently has an average rating of “Hold” and a consensus price target of $68.03.

Shares of FSLR stock traded down $0.45 on Thursday, hitting $42.22. 1,155,156 shares of the stock traded hands, compared to its average volume of 2,201,252. The company has a current ratio of 4.48, a quick ratio of 4.14 and a debt-to-equity ratio of 0.09. The stock has a market cap of $4.63 billion, a price-to-earnings ratio of 72.41, a PEG ratio of 1.81 and a beta of 1.38. First Solar has a twelve month low of $36.51 and a twelve month high of $81.72.

First Solar (NASDAQ:FSLR) last announced its quarterly earnings results on Thursday, October 25th. The solar cell manufacturer reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.09. The firm had revenue of $676.22 million for the quarter, compared to analysts’ expectations of $683.93 million. First Solar had a negative net margin of 17.98% and a positive return on equity of 1.29%. As a group, equities research analysts predict that First Solar will post 1.52 EPS for the current year.

In other First Solar news, insider Raffi Garabedian sold 3,863 shares of the business’s stock in a transaction dated Tuesday, September 4th. The shares were sold at an average price of $51.61, for a total transaction of $199,369.43. Following the sale, the insider now directly owns 2,057 shares in the company, valued at $106,161.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.54% of the stock is owned by corporate insiders.

Several hedge funds have recently added to or reduced their stakes in FSLR. Sei Investments Co. increased its stake in shares of First Solar by 25.4% during the first quarter. Sei Investments Co. now owns 7,112 shares of the solar cell manufacturer’s stock worth $504,000 after buying an additional 1,440 shares during the period. LPL Financial LLC increased its stake in shares of First Solar by 5.7% during the first quarter. LPL Financial LLC now owns 29,072 shares of the solar cell manufacturer’s stock worth $2,064,000 after buying an additional 1,564 shares during the period. Xact Kapitalforvaltning AB increased its stake in shares of First Solar by 44.6% during the first quarter. Xact Kapitalforvaltning AB now owns 10,381 shares of the solar cell manufacturer’s stock worth $737,000 after buying an additional 3,200 shares during the period. Principal Financial Group Inc. increased its stake in shares of First Solar by 2.6% during the first quarter. Principal Financial Group Inc. now owns 355,463 shares of the solar cell manufacturer’s stock worth $25,231,000 after buying an additional 8,998 shares during the period. Finally, Clinton Group Inc. purchased a new stake in shares of First Solar during the second quarter worth approximately $499,000. Hedge funds and other institutional investors own 53.47% of the company’s stock.

About First Solar

First Solar, Inc provides photovoltaic solar energy solutions in the United States and internationally. It operates through two segments, Components 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.

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Analyst Recommendations for First Solar (NASDAQ:FSLR)

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