First Solar (NASDAQ:FSLR) Sets New 12-Month Low After Analyst Downgrade

Shares of First Solar, Inc. (NASDAQ:FSLR) reached a new 52-week low during mid-day trading on Thursday after Barclays lowered their price target on the stock from $273.00 to $236.00. Barclays currently has an overweight rating on the stock. First Solar traded as low as $143.95 and last traded at $144.23, with a volume of 2661475 shares traded. The stock had previously closed at $156.84.

Several other brokerages have also issued reports on FSLR. Citigroup decreased their price target on shares of First Solar from $254.00 to $236.00 and set a “neutral” rating for the company in a research note on Wednesday. Seaport Res Ptn upgraded shares of First Solar from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, January 15th. Wells Fargo & Company decreased their price target on shares of First Solar from $240.00 to $209.00 and set an “overweight” rating for the company in a research note on Wednesday, January 8th. Roth Mkm restated a “buy” rating and set a $280.00 price target on shares of First Solar in a research note on Wednesday. Finally, Truist Financial restated a “buy” rating and set a $285.00 price target (down previously from $300.00) on shares of First Solar in a research note on Wednesday. Three investment analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, First Solar presently has an average rating of “Moderate Buy” and a consensus price target of $262.08.

Institutional Trading of First Solar

A number of hedge funds have recently made changes to their positions in FSLR. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in First Solar in the fourth quarter worth $43,442,000. Mackenzie Financial Corp increased its position in shares of First Solar by 4.7% in the fourth quarter. Mackenzie Financial Corp now owns 16,276 shares of the solar cell manufacturer’s stock valued at $2,868,000 after acquiring an additional 738 shares during the period. Amiral Gestion purchased a new position in shares of First Solar in the fourth quarter valued at about $529,000. Wormser Freres Gestion increased its position in shares of First Solar by 54.7% in the fourth quarter. Wormser Freres Gestion now owns 1,069 shares of the solar cell manufacturer’s stock valued at $195,000 after acquiring an additional 378 shares during the period. Finally, GF Fund Management CO. LTD. purchased a new position in shares of First Solar in the fourth quarter valued at about $2,129,000. 92.08% of the stock is owned by institutional investors.

First Solar Price Performance

The business’s 50-day simple moving average is $172.38 and its 200-day simple moving average is $198.11. The stock has a market cap of $14.58 billion, a PE ratio of 11.73, a PEG ratio of 0.19 and a beta of 1.47. 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 released its quarterly earnings data on Tuesday, February 25th. The solar cell manufacturer reported $3.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.81 by ($1.16). First Solar had a net margin of 32.41% and a return on equity of 17.56%. The firm had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.48 billion. On average, research analysts expect that First Solar, Inc. will post 13.05 EPS for the current fiscal 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.