First Solar (NASDAQ:FSLR) Hits New 52-Week Low on Analyst Downgrade

First Solar, Inc. (NASDAQ:FSLR)’s stock price hit a new 52-week low during trading on Tuesday after Bank of America lowered their price target on the stock from $236.00 to $215.00. Bank of America currently has a buy rating on the stock. First Solar traded as low as $118.57 and last traded at $120.38, with a volume of 4321282 shares changing hands. The stock had previously closed at $130.05.

Several other analysts have also recently commented on the company. Piper Sandler lowered their price target on First Solar from $250.00 to $230.00 and set an “overweight” rating for the company in a report on Wednesday, February 26th. Citigroup lowered their target price on shares of First Solar from $254.00 to $236.00 and set a “neutral” rating for the company in a report on Wednesday, February 26th. UBS Group cut their price target on shares of First Solar from $360.00 to $285.00 and set a “buy” rating on the stock in a research note on Wednesday, February 26th. Barclays decreased their price target on shares of First Solar from $273.00 to $236.00 and set an “overweight” rating on the stock in a report on Friday, February 28th. Finally, Royal Bank of Canada cut their target price on First Solar from $280.00 to $251.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 26th. Four equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $257.42.

Insider Activity

In other news, CEO Mark R. Widmar sold 21,542 shares of the firm’s stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $141.09, for a total transaction 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 approximately $14,589,129.27. This trade represents a 17.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Georges Antoun sold 229 shares of the company’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $133.75, for a total transaction of $30,628.75. Following the completion of the sale, the insider now directly owns 52,836 shares in the company, valued at $7,066,815. This represents a 0.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 34,311 shares of company stock worth $4,767,158 over the last ninety days. Corporate insiders own 0.58% of the company’s stock.

Institutional Trading of First Solar

Hedge funds and other institutional investors have recently bought and sold shares of the company. Norges Bank acquired a new position in shares of First Solar in the 4th quarter worth approximately $317,399,000. Demars Financial Group LLC boosted its holdings in First Solar by 17,404.5% in the fourth quarter. Demars Financial Group LLC now owns 722,760 shares of the solar cell manufacturer’s stock worth $127,379,000 after purchasing an additional 718,631 shares during the period. Mirova US LLC boosted its holdings in First Solar by 961.0% in the fourth quarter. Mirova US LLC now owns 646,310 shares of the solar cell manufacturer’s stock worth $113,906,000 after purchasing an additional 585,394 shares during the period. Amundi increased its stake in First Solar by 31.0% during the fourth quarter. Amundi now owns 1,805,244 shares of the solar cell manufacturer’s stock valued at $336,871,000 after purchasing an additional 426,797 shares during the last quarter. Finally, Royal Bank of Canada lifted its position in shares of First Solar by 218.6% in the 4th quarter. Royal Bank of Canada now owns 446,799 shares of the solar cell manufacturer’s stock worth $78,744,000 after buying an additional 306,581 shares during the last quarter. 92.08% of the stock is owned by institutional investors.

First Solar Stock Performance

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 stock’s 50-day moving average price is $141.53 and its 200-day moving average price is $177.84. The company has a market capitalization of $13.88 billion, a P/E ratio of 11.17, a P/E/G ratio of 0.19 and a beta of 1.48.

First Solar (NASDAQ:FSLR) last issued its earnings results on Tuesday, February 25th. The solar cell manufacturer reported $3.65 EPS for the quarter, missing analysts’ consensus estimates of $4.81 by ($1.16). The company had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.48 billion. First Solar had a net margin of 32.41% and a return on equity of 17.56%. As a group, equities analysts expect 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.