NEW YORK (TheStreet) -- Shares of First Solar (FSLR) were falling 13.07% to $35.28 on heavy trading volume mid-morning Thursday as the Tempe, AZ-based solar energy solutions provider late yesterday reported 2016 fiscal third-quarter revenue that was below analysts' expectations and cut its full-year revenue forecast.
After yesterday's closing bell, First Solar posted revenue of $688.0 million, well below Wall Street's expected $985.4 million.
The company said adjusted earnings were $1.22 per share, which surpassed analysts' estimates of 75 cents per share.
First Solar reduced its full-year sales outlook to be in the range of $2.8 billion to $2.9 billion, down from its prior guidance of $3.8 billion to $4.0 billion.
Adjusted earnings are expected to be between $4.30 and $4.50 per share vs. its previous estimates of $4.20 to $4.50 per share.
First Solar said in a conference call yesterday that panel pricing impacted its third-quarter results, adding that the company passed on some opportunities because it "won't chase pricing to the bottom."
Oppenheimer, Roth Capital and Janney Capital subsequently downgraded First Solar's stock to the equivalent of "neutral" from "buy."
Oppenheimer said it would prefer to stay on the sidelines pending First Solar's strategic review, according to TheFly.
Roth Capital analysts also said they're remaining cautious until visibility improves. First Solar has a path to improved margins, but it could take more than a year to achieve that, Roth Capital noted.
Janney Capital said First Solar's outlook has worsened amid "bad" potential bookings and weak module pricing.
More than 4.70 million First Solar shares have traded so far today vs. the 30-day average of 2.70 million.