First Solar (NASDAQ:FSLR) Stock Price Down 0.6% – Time to Sell?

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

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on FSLR. Citigroup dropped their target price on shares of First Solar from $254.00 to $236.00 and set a “neutral” rating for the company in a report on Wednesday, February 26th. Truist Financial reissued a “buy” rating and set a $285.00 target price (down previously from $300.00) on shares of First Solar in a research note on Wednesday, February 26th. Seaport Res Ptn upgraded First Solar from a “hold” rating to a “strong-buy” rating in a report on Wednesday, January 15th. Redburn Atlantic started coverage on shares of First Solar in a report on Monday. They issued a “neutral” rating on the stock. Finally, Royal Bank of Canada decreased their price objective on shares of First Solar from $280.00 to $251.00 and set an “outperform” rating on the stock in a report on Wednesday, February 26th. Four research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $262.08.

First Solar Price Performance

The stock has a market cap of $14.90 billion, a PE ratio of 11.98, a P/E/G ratio of 0.19 and a beta of 1.47. 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 business has a fifty day moving average of $167.95 and a 200 day moving average of $195.40.

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

Insider Buying and Selling at First Solar

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

Hedge Funds Weigh In On First Solar

Several hedge funds have recently added to or reduced their stakes in the stock. Norges Bank acquired a new position in First Solar in the 4th quarter worth $317,399,000. Wellington Management Group LLP raised its stake in First Solar by 75.8% in the third quarter. Wellington Management Group LLP now owns 2,097,364 shares of the solar cell manufacturer’s stock valued at $523,166,000 after purchasing an additional 904,498 shares in the last quarter. Demars Financial Group LLC lifted its position in shares of First Solar by 17,404.5% during the 4th quarter. Demars Financial Group LLC now owns 722,760 shares of the solar cell manufacturer’s stock worth $127,379,000 after buying an additional 718,631 shares during the last quarter. Mirova US LLC grew its holdings in shares of First Solar by 961.0% during the 4th quarter. Mirova US LLC now owns 646,310 shares of the solar cell manufacturer’s stock valued at $113,906,000 after purchasing an additional 585,394 shares during the last quarter. Finally, Amundi raised its position in First Solar by 31.0% in the fourth quarter. Amundi now owns 1,805,244 shares of the solar cell manufacturer’s stock valued at $336,871,000 after purchasing an additional 426,797 shares during the last quarter. Institutional investors and hedge funds own 92.08% of the company’s stock.

About First Solar

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.