Zacks Investment Research Downgrades First Solar (FSLR) to Hold

Zacks Investment Research downgraded shares of First Solar (NASDAQ:FSLR) from a buy rating to a hold rating in a research report report published on Tuesday.

According to Zacks, “First Solar continues to focus on retaining its competitive edge and aims to further consolidate its position in the solar market.  In fact, First Solar’s constant product innovation efforts will continue to attract customers and expand its revenue stream. The company also outperformed the broader industry in the last year.  However, President Trump’s recent walk out from the landmark Paris deal, apart from initiatives to repeal the Clean Power Plan and boost coal production has kept the entire solar industry under immense pressure. First Solar also faces intense competition from manufacturers of crystalline-silicon solar modules, and other types of solar modules and PV systems.”

Other equities research analysts have also recently issued research reports about the company. Vetr cut First Solar from a strong-buy rating to a buy rating and set a $51.52 price objective for the company. in a research note on Wednesday, October 18th. ValuEngine cut First Solar from a strong-buy rating to a buy rating in a research note on Friday, December 1st. Needham & Company LLC reiterated a buy rating and issued a $65.00 price objective on shares of First Solar in a research note on Friday, December 1st. Roth Capital set a $70.00 price objective on First Solar and gave the company a buy rating in a research note on Friday, December 1st. Finally, Deutsche Bank boosted their price objective on First Solar from $65.00 to $75.00 and gave the company a buy rating in a research note on Wednesday, December 6th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. The stock has an average rating of Hold and a consensus target price of $65.20.

Shares of First Solar (NASDAQ FSLR) opened at $61.22 on Tuesday. The company has a quick ratio of 6.47, a current ratio of 6.85 and a debt-to-equity ratio of 0.06. First Solar has a 52 week low of $25.56 and a 52 week high of $76.61. The firm has a market capitalization of $6,450.00, a P/E ratio of -14.72 and a beta of 2.08.

In other news, insider Raffi Garabedian sold 11,284 shares of the business’s stock in a transaction that occurred on Monday, December 18th. The stock was sold at an average price of $70.06, for a total value of $790,557.04. Following the transaction, the insider now owns 9,227 shares of the company’s stock, valued at $646,443.62. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Philip Dejong sold 15,304 shares of the business’s stock in a transaction that occurred on Thursday, January 4th. The shares were sold at an average price of $67.83, for a total value of $1,038,070.32. Following the completion of the transaction, the chief operating officer now directly owns 10,424 shares in the company, valued at approximately $707,059.92. The disclosure for this sale can be found here. In the last three months, insiders sold 46,858 shares of company stock worth $3,134,015. Corporate insiders own 0.58% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the company. Thompson Davis & CO. Inc. acquired a new position in First Solar during the fourth quarter worth $101,000. NuWave Investment Management LLC acquired a new position in First Solar during the fourth quarter worth $162,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in First Solar by 64.3% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,383 shares of the solar cell manufacturer’s stock worth $201,000 after acquiring an additional 1,716 shares during the period. Cigna Investments Inc. New acquired a new position in First Solar during the fourth quarter worth $201,000. Finally, WealthTrust Fairport LLC acquired a new position in First Solar during the fourth quarter worth $203,000. 50.74% of the stock is currently owned by institutional investors and hedge funds.

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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 a thin-film semiconductor technology. The Company also develops, designs, constructs and sells PV solar power systems that primarily use the modules it manufactures.

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