First Solar (FSLR) was Downgraded by Deutsche Bank to ” Hold” while Lowering the Price Target of the company shares to $ 44 from a previous price target of $80 . Earlier the firm had a rating of “Buy ” on the company shares. Deutsche Bank advised their investors in a research report released on Jul 7, 2016.
Many Wall Street Analysts have commented on First Solar. First Solar was Initiated by Wells Fargo to “Market Perform” on Jun 2, 2016. First Solar was Upgraded by Standpoint Research to ” Buy” on Apr 29, 2016. Shares were Reiterated by Barclays on Apr 29, 2016 to “Overweight” and Lowered the Price Target to $ 68 from a previous price target of $90 .
On the company’s financial health, First Solar reported $1.60 EPS for the quarter, beating the analyst consensus estimate by $ 0.63 according to the earnings call on Apr 27, 2016. Analyst had a consensus of $0.97. The company had revenue of $848.00 million for the quarter, compared to analysts expectations of $940.04 million. The company’s revenue was up 80.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $-0.62 EPS.
First Solar closed down -0.72 points or -1.48% at $47.77 with 18,96,749 shares getting traded on Tuesday. Post opening the session at $48.21, the shares hit an intraday low of $47.05 and an intraday high of $48.28 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.
In a different news, on May 3, 2016, James Alton Hughes (Chief Executive Officer) sold 12,884 shares at $55.53 per share price. According to the SEC, on Apr 18, 2016, Timothy Brian Rebhorn (EVP, Corp Dev & Strategic Mktg) sold 18,335 shares at $61.27 per share price. On Apr 14, 2016, Raffi Garabedian (Chief Technology Officer) sold 2,467 shares at $61.25 per share price, according to the Form-4 filing with the securities and exchange commission.
First Solar Inc. is a global provider of solar energy solutions. The Company designs manufactures and sells photovoltaic (PV) solar modules and also develops designs constructs and sells PV solar power solutions. The Company operates through two segments: components and systems. The Companys components segment involves the design manufacture and sale of solar modules which convert sunlight into electricity. The systems segment provides turn-key PV solar power systems or solar solutions for systems primarily using its solar modules. The Company also manufactures crystalline silicon solar modules and single-axis mounting systems with tracking capabilities. The Company offers its products and services for residential commercial and industrial applications including solar power system project developers system integrators and solar plant operators throughout the Americas Asia Australia the Middle East and Africa.