StockNews.com Downgrades First Solar (NASDAQ:FSLR) to Sell

First Solar (NASDAQ:FSLR) was downgraded by research analysts at StockNews.com from a “hold” rating to a “sell” rating in a report released on Wednesday.

Several other equities research analysts have also issued reports on the stock. Piper Sandler lifted their price target on shares of First Solar from $210.00 to $250.00 and gave the company an “overweight” rating in a report on Monday, December 2nd. BMO Capital Markets reaffirmed an “outperform” rating and set a $260.00 target price (down previously from $286.00) on shares of First Solar in a research note on Wednesday, October 30th. Evercore ISI dropped their price target on First Solar from $281.00 to $278.00 and set an “outperform” rating for the company in a research note on Wednesday, October 30th. Morgan Stanley reduced their price objective on First Solar from $329.00 to $297.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 30th. Finally, The Goldman Sachs Group dropped their target price on First Solar from $311.00 to $279.00 and set a “buy” rating for the company in a research report on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $279.04.

First Solar Stock Performance

Shares of First Solar stock opened at $183.71 on Wednesday. The company has a current ratio of 2.14, a quick ratio of 1.44 and a debt-to-equity ratio of 0.05. The company has a market cap of $19.67 billion, a PE ratio of 15.82, a price-to-earnings-growth ratio of 0.35 and a beta of 1.46. The company has a 50 day moving average of $194.44 and a 200-day moving average of $218.32. First Solar has a 1-year low of $135.88 and a 1-year high of $306.77.

First Solar (NASDAQ:FSLR) last released its earnings results on Tuesday, October 29th. The solar cell manufacturer reported $2.91 earnings per share for the quarter, missing the consensus estimate of $3.10 by ($0.19). First Solar had a return on equity of 17.56% and a net margin of 32.41%. The business had revenue of $887.70 million for the quarter, compared to the consensus estimate of $1.07 billion. During the same quarter in the previous year, the company earned $2.50 earnings per share. The firm’s revenue for the quarter was up 10.7% on a year-over-year basis. As a group, equities research analysts forecast that First Solar will post 13.15 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of FSLR. Allspring Global Investments Holdings LLC boosted its position in shares of First Solar by 5.2% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 5,548 shares of the solar cell manufacturer’s stock worth $1,251,000 after purchasing an additional 276 shares in the last quarter. HB Wealth Management LLC acquired a new stake in First Solar in the second quarter valued at approximately $285,000. Banco Santander S.A. increased its holdings in shares of First Solar by 78.7% during the second quarter. Banco Santander S.A. now owns 2,850 shares of the solar cell manufacturer’s stock valued at $643,000 after acquiring an additional 1,255 shares in the last quarter. F M Investments LLC acquired a new position in shares of First Solar during the second quarter worth approximately $2,207,000. Finally, UMB Bank n.a. lifted its holdings in shares of First Solar by 17.7% in the 2nd quarter. UMB Bank n.a. now owns 552 shares of the solar cell manufacturer’s stock worth $124,000 after purchasing an additional 83 shares in the last quarter. 92.08% of the stock is owned by institutional investors.

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.