First Solar (NASDAQ:FSLR) Sets New 12-Month Low – What’s Next?

First Solar, Inc. (NASDAQ:FSLR)’s stock price reached a new 52-week low during trading on Thursday . The stock traded as low as $124.53 and last traded at $126.34, with a volume of 3692912 shares trading hands. The stock had previously closed at $131.46.

Analysts Set New Price Targets

Several analysts recently issued reports on FSLR shares. Wells Fargo & Company cut their price target on First Solar from $240.00 to $209.00 and set an “overweight” rating on the stock in a report on Wednesday, January 8th. Citigroup reduced their price target 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. Barclays dropped their price objective on shares of First Solar from $273.00 to $236.00 and set an “overweight” rating on the stock in a report on Friday, February 28th. JPMorgan Chase & Co. decreased their target price on shares of First Solar from $282.00 to $268.00 and set an “overweight” rating for the company in a research report on Wednesday, February 26th. Finally, UBS Group cut their price target on First Solar from $360.00 to $285.00 and set a “buy” 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 given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $262.08.

First Solar Trading Down 3.9 %

The firm has a market capitalization of $13.53 billion, a price-to-earnings ratio of 10.88, a price-to-earnings-growth ratio of 0.19 and a beta of 1.52. 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 firm’s 50 day moving average is $152.88 and its 200 day moving average is $186.29.

First Solar (NASDAQ:FSLR) last released its quarterly earnings data 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 the consensus estimate of $1.48 billion. First Solar had a return on equity of 17.56% and a net margin of 32.41%. Equities analysts forecast that First Solar, Inc. will post 13.05 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Georges Antoun sold 229 shares of First Solar stock in a transaction on Monday, March 17th. The stock was sold at an average price of $133.75, for a total transaction of $30,628.75. Following the transaction, the insider now owns 52,836 shares in the company, valued at approximately $7,066,815. The trade was a 0.43 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Kuntal Kumar Verma sold 7,475 shares of the company’s stock in a transaction on Friday, February 28th. The shares were sold at an average price of $136.60, for a total value of $1,021,085.00. Following the transaction, the insider now directly owns 3,549 shares in the company, valued at $484,793.40. The trade was a 67.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 34,311 shares of company stock valued at $4,767,158. 0.58% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On First Solar

Several institutional investors and hedge funds have recently bought and sold shares of FSLR. Clear Harbor Asset Management LLC boosted its holdings in shares of First Solar by 0.6% during the fourth quarter. Clear Harbor Asset Management LLC now owns 9,210 shares of the solar cell manufacturer’s stock worth $1,623,000 after purchasing an additional 55 shares during the period. Doliver Advisors LP boosted its stake in shares of First Solar by 1.2% during the 4th quarter. Doliver Advisors LP now owns 4,713 shares of the solar cell manufacturer’s stock valued at $831,000 after buying an additional 56 shares during the period. Smartleaf Asset Management LLC grew its holdings in shares of First Solar by 31.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 262 shares of the solar cell manufacturer’s stock valued at $47,000 after acquiring an additional 63 shares in the last quarter. Independent Advisor Alliance increased its stake in shares of First Solar by 3.1% in the fourth quarter. Independent Advisor Alliance now owns 2,090 shares of the solar cell manufacturer’s stock worth $368,000 after acquiring an additional 63 shares during the last quarter. Finally, Huntington National Bank raised its holdings in shares of First Solar by 15.3% during the fourth quarter. Huntington National Bank now owns 511 shares of the solar cell manufacturer’s stock worth $90,000 after acquiring an additional 68 shares in the last quarter. Hedge funds and other institutional investors 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.