First Solar (FSLR) was Downgraded by Macquarie to ” Neutral”. Earlier the firm had a rating of “Outperform ” on the company shares. Macquarie advised their investors in a research report released on Nov 23, 2016.
Many Wall Street Analysts have commented on First Solar. Shares were Downgraded by UBS on Nov 18, 2016 to ” Sell” and Lowered the Price Target to $ 25 from a previous price target of $45 .Shares were Reiterated by Mizuho on Nov 17, 2016 to “Neutral” and Lowered the Price Target to $ 30 from a previous price target of $46 .First Solar was Upgraded by JMP Securities to ” Mkt Perform” on Nov 17, 2016.
On the company’s financial health, First Solar reported $1.22 EPS for the quarter, beating the analyst consensus estimate by $ 0.56 according to the earnings call on Nov 2, 2016. Analyst had a consensus of $0.66. The company had revenue of $688.00 million for the quarter, compared to analysts expectations of $985.39 million. The company’s revenue was down -45.9 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $3.38 EPS.
First Solar closed down -1.95 points or -6.26% at $29.21 with 75,22,578 shares getting traded on Monday. Post opening the session at $30.54, the shares hit an intraday low of $29.05 and an intraday high of $30.95 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.
In a different news, on Aug 9, 2016, Alexander R. Bradley (Chief Financial Officer) sold 566 shares at $43.77 per share price. According to the SEC, on Aug 8, 2016, Philip Dejong (Chief Operating Officer) sold 67,251 shares at $44.17 per share price. On Aug 8, 2016, Raffi Garabedian (Chief Technology Officer) sold 90,000 shares at $44.17 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.