First Solar Inc. (NASDAQ:FSLR) shares continued their downward trend on Tuesday, adding to the stock’s persistent sell-off since the beginning of January. Despite the lack of any company-specific news, the stock fell another 7% on Tuesday, ending the day at $149.10.
First Solar had a strong end to 2023, with the stock rising to a three-month high by the close of the year. However, the new year brought a steady decline in the stock’s value. Analyst Michael Blum from Wells Fargo downgraded the stock from Overweight to Equal-Weight and lowered the price target from $215 to $187 during the month-long downtrend.
On a positive note, First Solar recently inaugurated its new facility in Tamil Nadu, India. This move was seen as a positive development for the company and its expansion plans. The facility’s opening took place last Thursday, but it did not have a significant impact on the stock’s performance.
Despite the pullback in January, shares of First Solar have not yet reached the lows seen in mid-December, suggesting that the stock’s uptrend, which began in November, may still be valid.
It is important to note that the overall market conditions and investor sentiment towards the renewable energy sector could be influencing First Solar’s stock performance. As the industry continues to evolve and face regulatory changes, there may be fluctuations in the stock’s value.
Investors and analysts will closely watch the future performance of First Solar to determine if the recent sell-off is a temporary setback or a trend that will continue in the coming months.
Disclaimer: The information provided here is for informational purposes only and should not be considered as financial advice.
