First Solar (NASDAQ:FSLR) Shares Gap Up – Still a Buy?

Shares of First Solar, Inc. (NASDAQ:FSLR) gapped up before the market opened on Tuesday . The stock had previously closed at $122.45, but opened at $131.50. First Solar shares last traded at $138.28, with a volume of 1,298,169 shares.

Wall Street Analyst Weigh In

FSLR has been the subject of a number of analyst reports. Royal Bank of Canada dropped their price objective on First Solar from $280.00 to $251.00 and set an “outperform” rating for the company in a research note on Wednesday, February 26th. Wells Fargo & Company lowered their price objective on shares of First Solar from $240.00 to $209.00 and set an “overweight” rating for the company in a report on Wednesday, January 8th. Roth Mkm reaffirmed a “buy” rating and set a $280.00 price objective on shares of First Solar in a research report on Wednesday, February 26th. Barclays cut their target price on First Solar from $236.00 to $204.00 and set an “overweight” rating on the stock in a research note on Friday, April 11th. Finally, Morgan Stanley decreased their price objective on shares of First Solar from $297.00 to $238.00 and set an “overweight” rating for the company in a report on Thursday, February 27th. Four equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, First Solar presently has a consensus rating of “Moderate Buy” and a consensus price target of $250.58.

First Solar Stock Performance

The company has a quick ratio of 1.44, a current ratio of 2.14 and a debt-to-equity ratio of 0.05. The business’s 50-day simple moving average is $135.41 and its two-hundred day simple moving average is $170.83. The firm has a market cap of $14.69 billion, a price-to-earnings ratio of 11.82, a P/E/G ratio of 0.19 and a beta of 1.48.

First Solar (NASDAQ:FSLR) last released its quarterly earnings results on Tuesday, February 25th. The solar cell manufacturer reported $3.65 earnings per share for the quarter, missing the consensus estimate of $4.81 by ($1.16). The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.48 billion. First Solar had a return on equity of 17.56% and a net margin of 32.41%. As a group, sell-side analysts expect that First Solar, Inc. will post 13.05 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Mark R. Widmar sold 21,542 shares of the stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $141.09, for a total value of $3,039,360.78. Following the completion of the sale, the chief executive officer now owns 103,403 shares of the company’s stock, valued at $14,589,129.27. This represents a 17.24 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Kuntal Kumar Verma sold 419 shares of the firm’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of $132.96, for a total value of $55,710.24. Following the sale, the insider now directly owns 4,695 shares of the company’s stock, valued at approximately $624,247.20. This trade represents a 8.19 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 34,311 shares of company stock valued at $4,767,158 in the last ninety days. 0.48% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in FSLR. Canton Hathaway LLC purchased a new position in shares of First Solar in the 1st quarter valued at about $569,000. Praxis Investment Management Inc. raised its holdings in First Solar by 131.2% during the first quarter. Praxis Investment Management Inc. now owns 4,300 shares of the solar cell manufacturer’s stock worth $544,000 after purchasing an additional 2,440 shares in the last quarter. Congress Park Capital LLC acquired a new stake in shares of First Solar in the 1st quarter valued at about $322,000. Lumbard & Kellner LLC boosted its holdings in shares of First Solar by 71.0% in the first quarter. Lumbard & Kellner LLC now owns 46,393 shares of the solar cell manufacturer’s stock valued at $5,865,000 after acquiring an additional 19,266 shares during the period. Finally, State of Alaska Department of Revenue grew its position in shares of First Solar by 2.6% during the first quarter. State of Alaska Department of Revenue now owns 12,529 shares of the solar cell manufacturer’s stock worth $1,584,000 after acquiring an additional 320 shares during the last quarter. Institutional investors and hedge funds own 92.08% of the company’s stock.

First Solar Company Profile

First Solar, Inc, a solar technology company, provides photovoltaic (PV) solar energy solutions in the United States, France, Japan, Chile, and internationally. The company manufactures and sells PV solar modules with a thin film semiconductor technology that provides a lower-carbon alternative to conventional crystalline silicon PV solar modules.