First Solar (NASDAQ:FSLR) Sets New 52-Week Low Following Analyst Downgrade

First Solar, Inc. (NASDAQ:FSLR)’s share price hit a new 52-week low during trading on Thursday after Guggenheim lowered their price target on the stock from $335.00 to $304.00. Guggenheim currently has a buy rating on the stock. First Solar traded as low as $143.95 and last traded at $144.23, with a volume of 2661475 shares trading hands. The stock had previously closed at $156.84.

A number of other research firms have also issued reports on FSLR. Deutsche Bank Aktiengesellschaft set a $265.00 target price on First Solar in a research note on Thursday. Wells Fargo & Company dropped their price objective on shares of First Solar from $240.00 to $209.00 and set an “overweight” rating for the company in a research report on Wednesday, January 8th. Bank of America dropped their target price on First Solar from $246.00 to $236.00 and set a “buy” rating on the stock in a report on Tuesday, January 28th. Morgan Stanley cut their price target on First Solar from $297.00 to $238.00 and set an “overweight” rating on the stock in a research note on Thursday. Finally, Evercore ISI decreased their price objective on shares of First Solar from $281.00 to $278.00 and set an “outperform” rating for the company in a report on Wednesday, October 30th. Three equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, First Solar presently has an average rating of “Moderate Buy” and an average target price of $263.63.

Institutional Trading of First Solar

A number of hedge funds have recently modified their holdings of FSLR. Strengthening Families & Communities LLC purchased a new stake in shares of First Solar during the 3rd quarter valued at about $25,000. Kennebec Savings Bank bought a new stake in First Solar during the third quarter valued at about $29,000. Larson Financial Group LLC boosted its stake in First Solar by 214.0% in the 3rd quarter. Larson Financial Group LLC now owns 157 shares of the solar cell manufacturer’s stock worth $39,000 after purchasing an additional 107 shares during the period. Smartleaf Asset Management LLC increased its holdings in First Solar by 31.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 262 shares of the solar cell manufacturer’s stock valued at $47,000 after acquiring an additional 63 shares during the last quarter. Finally, Crews Bank & Trust purchased a new stake in shares of First Solar in the fourth quarter worth about $53,000. Institutional investors own 92.08% of the company’s stock.

First Solar Stock Performance

The stock has a market capitalization of $15.44 billion, a PE ratio of 12.45, a price-to-earnings-growth 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. The business’s fifty day moving average is $174.00 and its two-hundred day moving average is $199.08.

First Solar (NASDAQ:FSLR) last posted 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 business had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.48 billion. As a group, research analysts anticipate that First Solar, Inc. will post 13.05 EPS for the current fiscal year.

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.