First Solar (FSLR) Rating Lowered to Hold at Zacks Investment Research

First Solar (NASDAQ:FSLR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued 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.”

A number of other equities research analysts have also issued reports on the stock. Vetr raised shares of First Solar from a “sell” rating to a “hold” rating and set a $66.50 target price for the company in a research note on Thursday, December 14th. Guggenheim reissued a “neutral” rating on shares of First Solar in a research note on Thursday, January 18th. They noted that the move was a valuation call. Goldman Sachs Group reaffirmed a “neutral” rating and issued a $65.00 price objective (up previously from $50.00) on shares of First Solar in a research note on Thursday, November 30th. Cowen reaffirmed an “outperform” rating and issued a $77.00 price objective (up previously from $60.00) on shares of First Solar in a research note on Wednesday, December 6th. Finally, Robert W. Baird raised shares of First Solar from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $69.00 to $82.00 in a research note on Monday, December 11th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $65.20.

Shares of First Solar (NASDAQ:FSLR) opened at $62.94 on Tuesday. The stock has a market cap of $6,570.00, a price-to-earnings ratio of -15.13 and a beta of 2.08. First Solar has a 52 week low of $25.56 and a 52 week high of $76.61. The company has a debt-to-equity ratio of 0.06, a quick ratio of 6.47 and a current ratio of 6.85.

In other news, CEO Mark R. Widmar sold 20,270 shares of the business’s stock in a transaction dated Thursday, December 7th. The shares were sold at an average price of $64.40, for a total transaction of $1,305,388.00. Following the transaction, the chief executive officer now owns 100,754 shares in the company, valued at approximately $6,488,557.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, COO Philip Dejong sold 15,304 shares of the business’s stock in a transaction dated Thursday, January 4th. The stock was sold at an average price of $67.83, for a total transaction of $1,038,070.32. Following the transaction, the chief operating officer now owns 10,424 shares in the company, valued at approximately $707,059.92. The disclosure for this sale can be found here. Insiders sold a total of 46,858 shares of company stock worth $3,134,015 in the last quarter. Insiders own 0.58% of the company’s stock.

Large investors have recently bought and sold shares of the company. Suffolk Capital Management LLC bought a new position in shares of First Solar during the 3rd quarter worth about $1,576,000. Vident Investment Advisory LLC bought a new position in shares of First Solar during the 3rd quarter worth about $2,720,000. Janus Henderson Group PLC bought a new stake in First Solar in the third quarter valued at about $1,519,000. Wells Fargo & Company MN increased its stake in First Solar by 307.0% in the third quarter. Wells Fargo & Company MN now owns 111,843 shares of the solar cell manufacturer’s stock valued at $5,132,000 after acquiring an additional 165,863 shares during the period. Finally, Scott & Selber Inc. bought a new stake in First Solar in the third quarter valued at about $1,472,000. Institutional investors own 50.74% of the company’s stock.

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About First Solar

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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