First Solar (NASDAQ:FSLR) Hits New 12-Month Low Following Analyst Downgrade

First Solar, Inc. (NASDAQ:FSLR - Get Free Report)'s stock price reached a new 52-week low on Tuesday after Barclays lowered their price target on the stock from $236.00 to $204.00. Barclays currently has an overweight rating on the stock. First Solar traded as low as $118.57 and last traded at $120.38, with a volume of 4321282 shares traded. The stock had previously closed at $130.05.

A number of other equities research analysts have also recently issued reports on the stock. Bank of America cut their price objective on shares of First Solar from $236.00 to $215.00 and set a "buy" rating for the company in a research note on Tuesday, April 8th. Roth Mkm reiterated a "buy" rating and issued a $280.00 price objective on shares of First Solar in a report on Wednesday, February 26th. Mizuho upgraded First Solar from a "neutral" rating to an "outperform" rating and increased their target price for the company from $218.00 to $259.00 in a report on Tuesday, February 11th. Morgan Stanley decreased 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, February 27th. Finally, Citigroup dropped their price objective on First Solar from $254.00 to $236.00 and set a "neutral" rating for the company in a research note on Wednesday, February 26th. Four analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $256.08.

Remove Ads

Insider Buying and Selling at First Solar

In other First Solar news, CTO Markus Gloeckler sold 380 shares of the stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $133.75, for a total value of $50,825.00. Following the transaction, the chief technology officer now directly owns 17,594 shares in the company, valued at approximately $2,353,197.50. This trade represents a 2.11 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Mark R. Widmar sold 21,542 shares of the company's stock in a transaction on Friday, February 28th. The stock was sold at an average price of $141.09, for a total value of $3,039,360.78. Following the completion of the sale, the chief executive officer now owns 103,403 shares of the company's stock, valued at $14,589,129.27. This trade represents a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 34,311 shares of company stock worth $4,767,158 in the last three months. 0.58% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Perkins Coie Trust Co bought a new position in shares of First Solar in the first quarter worth approximately $108,000. Princeton Global Asset Management LLC bought a new position in First Solar in the 1st quarter worth $51,000. Independence Bank of Kentucky boosted its holdings in First Solar by 367.5% in the 1st quarter. Independence Bank of Kentucky now owns 12,715 shares of the solar cell manufacturer's stock worth $1,608,000 after buying an additional 9,995 shares during the period. Intellectus Partners LLC raised its holdings in First Solar by 6.6% during the first quarter. Intellectus Partners LLC now owns 3,251 shares of the solar cell manufacturer's stock valued at $411,000 after acquiring an additional 200 shares during the period. Finally, E. Ohman J or Asset Management AB boosted its stake in shares of First Solar by 55.3% in the first quarter. E. Ohman J or Asset Management AB now owns 244,218 shares of the solar cell manufacturer's stock worth $30,876,000 after acquiring an additional 87,002 shares during the period. 92.08% of the stock is currently owned by institutional investors.

First Solar Price Performance

The firm has a 50-day moving average of $139.83 and a 200-day moving average of $176.18. The stock has a market cap of $13.48 billion, a PE ratio of 10.85, a PEG ratio of 0.19 and a beta of 1.48. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.14 and a quick ratio of 1.44.

First Solar (NASDAQ:FSLR - Get Free Report) last announced 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 company had revenue of $1.51 billion for the quarter, compared to analysts' expectations of $1.48 billion. Research analysts predict that First Solar, Inc. will post 13.05 EPS for the current 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.