First Solar (FSLR) saw its stock plummet by 6.91% in intraday trading on Monday, underperforming the broader market. The significant decline appears to be driven by multiple factors, including analyst rating downgrades and overall poor market performance.
One factor contributing to the drop is Redburn Atlantic initiating coverage on First Solar with a Neutral rating and a price target of $150, which is significantly lower than the current average analyst price target of $251.40. This downgrade in rating and lower price target may have dampened investor sentiment towards the stock.
Additionally, First Solar's stock performance mirrored the broader market's grim trading session. According to the news, First Solar's stock closed 58.4% short of its 52-week high of $306.77, and the trading volume totaled 4.7 million shares, compared to the 50-day average of 2.4 million. This suggests that the stock's plummet was likely influenced by overall market conditions and investor sentiment.
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