First Solar (NASDAQ:FSLR) Trading Down 0.6% – Here’s What Happened

First Solar, Inc. (NASDAQ:FSLR) traded down 0.6% on Wednesday . The company traded as low as $129.22 and last traded at $130.43. 411,571 shares traded hands during trading, a decline of 84% from the average session volume of 2,646,831 shares. The stock had previously closed at $131.23.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on FSLR shares. JPMorgan Chase & Co. dropped their price target on shares of First Solar from $282.00 to $268.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 26th. Piper Sandler lowered their target price on First Solar from $250.00 to $230.00 and set an “overweight” rating on the stock in a report on Wednesday, February 26th. Bank of America dropped their price target on shares of First Solar from $246.00 to $236.00 and set a “buy” rating on the stock in a research note on Tuesday, January 28th. Guggenheim reduced their target price on shares of First Solar from $335.00 to $304.00 and set a “buy” rating for the company in a report on Thursday, February 27th. Finally, BMO Capital Markets restated an “outperform” rating and issued a $230.00 price objective (down from $260.00) on shares of First Solar in a research report on Wednesday, February 26th. Four analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $262.08.

First Solar Stock Performance

The firm has a 50-day moving average price of $170.10 and a two-hundred day moving average price of $196.30. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.14 and a quick ratio of 1.44. The firm has a market capitalization of $14.12 billion, a P/E ratio of 11.36, a P/E/G ratio of 0.19 and a beta of 1.47.

First Solar (NASDAQ:FSLR) last released its quarterly earnings data on Tuesday, February 25th. The solar cell manufacturer reported $3.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.81 by ($1.16). The company had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.48 billion. First Solar had a net margin of 32.41% and a return on equity of 17.56%. On average, analysts forecast that First Solar, Inc. will post 13.05 EPS for the current fiscal year.

Insider Buying and Selling at First Solar

In related news, insider Kuntal Kumar Verma sold 7,475 shares of First Solar stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $136.60, for a total transaction of $1,021,085.00. Following the transaction, the insider now directly owns 3,549 shares of the company’s stock, valued at $484,793.40. This trade represents a 67.81 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Mark R. Widmar sold 21,542 shares of the business’s stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $141.09, for a total transaction of $3,039,360.78. Following the completion of the transaction, the chief executive officer now directly owns 103,403 shares of the company’s stock, valued at $14,589,129.27. This trade represents a 17.24 % decrease in their position. The disclosure for this sale can be found here. 0.58% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On First Solar

Several institutional investors and hedge funds have recently added to or reduced their stakes in FSLR. Strengthening Families & Communities LLC acquired a new stake in shares of First Solar in the 3rd quarter worth $25,000. Kennebec Savings Bank acquired a new stake in First Solar during the 3rd quarter worth about $29,000. Larson Financial Group LLC raised its position in First Solar by 214.0% during the third quarter. Larson Financial Group LLC now owns 157 shares of the solar cell manufacturer’s stock valued at $39,000 after acquiring an additional 107 shares in the last quarter. Smartleaf Asset Management LLC raised its position in shares of First Solar by 31.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 262 shares of the solar cell manufacturer’s stock worth $47,000 after acquiring an additional 63 shares during the period. Finally, Crews Bank & Trust acquired a new position in shares of First Solar during the 4th quarter worth approximately $53,000. Hedge funds and other institutional investors 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.