Benzinga - by Ryan Gustafson, Benzinga Staff Writer.
First Solar Inc. (NASDAQ: FSLR) shares traded lower on Tuesday. The losses added to the stock's persistent sell-off which has lasted since the beginning of January.
What To Know: First Solar stock ended 2023 on a strong note, rising to a three-month high by the close of the year. However, the stock sold off steadily since the new year began. Shares fell another 7% on Tuesday despite any company-specific news.
During the stock's downtrend throughout January, Wells Fargo analyst Michael Blum downgraded the stock from Overweight to Equal-Weight and lowered the price target from $215 to $187.
More recently, the company inaugurated its new facility in Tamil Nadu, India, which took place last Thursday.
Despite the pullback during the month, shares have not yet reached the low seen in mid-December, lending continued validity to the stock's uptrend which began in November.
FSLR Price Action: Shares of First Solar were down 7.07% at $149.10 at the close of the market Tuesday, according to Benzinga Pro.
Related Link: Why Progress Software Stock Jumped After-Hours
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