First Solar (NASDAQ:FSLR) Reaches New 1-Year Low After Analyst Downgrade

First Solar, Inc. (NASDAQ:FSLR)’s stock price reached a new 52-week low 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 changing hands. The stock had previously closed at $156.84.

A number of other research firms have also recently weighed in on FSLR. Barclays decreased their price objective on shares of First Solar from $275.00 to $273.00 and set an “overweight” rating for the company in a research report on Monday, January 27th. Seaport Res Ptn raised shares of First Solar from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, January 15th. Piper Sandler reduced their price target on shares of First Solar from $250.00 to $230.00 and set an “overweight” rating on the stock in a research report on Wednesday. Royal Bank of Canada reduced their price target on shares of First Solar from $280.00 to $251.00 and set an “outperform” rating on the stock in a research report on Wednesday. Finally, Morgan Stanley reduced their price target on shares of First Solar from $297.00 to $238.00 and set an “overweight” rating on the stock in a research report on Thursday. 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. Based on data from MarketBeat.com, First Solar currently has a consensus rating of “Moderate Buy” and a consensus target price of $263.63.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Whalen Wealth Management Inc. raised its holdings in First Solar by 47.0% in the 4th quarter. Whalen Wealth Management Inc. now owns 4,859 shares of the solar cell manufacturer’s stock worth $856,000 after acquiring an additional 1,554 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in First Solar by 665.8% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 39,192 shares of the solar cell manufacturer’s stock worth $7,308,000 after acquiring an additional 34,074 shares during the period. Stifel Financial Corp increased its holdings in shares of First Solar by 36.9% during the 3rd quarter. Stifel Financial Corp now owns 21,446 shares of the solar cell manufacturer’s stock worth $5,350,000 after purchasing an additional 5,780 shares during the period. Robeco Institutional Asset Management B.V. boosted its position in First Solar by 9.0% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 595,267 shares of the solar cell manufacturer’s stock valued at $104,910,000 after buying an additional 49,074 shares in the last quarter. Finally, Paragon Capital Management Inc. acquired a new position in First Solar in the fourth quarter valued at about $1,240,000. Institutional investors own 92.08% of the company’s stock.

First Solar Stock Performance

The stock has a market capitalization of $14.77 billion, a price-to-earnings ratio of 11.85, 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 stock’s 50-day simple moving average is $173.30 and its 200 day simple moving average is $198.68.

First Solar (NASDAQ:FSLR) last released its quarterly earnings results on Tuesday, February 25th. The solar cell manufacturer reported $3.65 EPS for the quarter, missing the consensus estimate 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 the consensus estimate of $1.48 billion. Analysts expect that First Solar, Inc. will post 13.05 earnings per share 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.