First Solar (NASDAQ:FSLR) Hits New 1-Year Low – Here’s What Happened

First Solar, Inc. (NASDAQ:FSLR)’s stock price reached a new 52-week low on Wednesday . The stock traded as low as $124.96 and last traded at $131.23, with a volume of 4349071 shares. The stock had previously closed at $127.63.

Analysts Set New Price Targets

Several analysts recently commented on the company. Royal Bank of Canada reduced their target price on First Solar from $280.00 to $251.00 and set an “outperform” rating on the stock in a report on Wednesday, February 26th. Bank of America cut their target price on First Solar from $246.00 to $236.00 and set a “buy” rating on the stock in a research note on Tuesday, January 28th. Redburn Atlantic began coverage on First Solar in a research report on Monday. They set a “neutral” rating for the company. Wells Fargo & Company dropped 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. Finally, Citigroup reduced their price objective on First Solar from $254.00 to $236.00 and set a “neutral” rating for the company in a research note on Wednesday, February 26th. Four equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $262.08.

First Solar Stock Performance

The firm has a market capitalization of $14.05 billion, a PE ratio of 11.30, a PEG ratio of 0.19 and a beta of 1.47. 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 company has a 50-day moving average of $170.10 and a 200 day moving average of $196.30.

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

Insiders Place Their Bets

In other news, CEO Mark R. Widmar sold 21,542 shares of the company’s 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 transaction, the chief executive officer now owns 103,403 shares in the company, valued at approximately $14,589,129.27. This represents a 17.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Kuntal Kumar Verma sold 7,475 shares of the firm’s 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 sale, 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 position. The disclosure for this sale can be found here. Company insiders own 0.58% of the company’s stock.

Institutional Investors Weigh In On First Solar

Institutional investors have recently modified their holdings of the business. Whalen Wealth Management Inc. boosted its holdings in shares of First Solar by 47.0% during the 4th quarter. Whalen Wealth Management Inc. now owns 4,859 shares of the solar cell manufacturer’s stock valued at $856,000 after acquiring an additional 1,554 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in First Solar by 665.8% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 39,192 shares of the solar cell manufacturer’s stock worth $7,308,000 after purchasing an additional 34,074 shares during the period. Stifel Financial Corp increased its position in First Solar by 36.9% during the third quarter. Stifel Financial Corp now owns 21,446 shares of the solar cell manufacturer’s stock valued at $5,350,000 after acquiring an additional 5,780 shares during the last quarter. Paragon Capital Management Inc. bought a new stake in First Solar during the fourth quarter valued at about $1,240,000. Finally, Robeco Institutional Asset Management B.V. boosted its holdings in shares of First Solar by 9.0% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 595,267 shares of the solar cell manufacturer’s stock valued at $104,910,000 after purchasing an additional 49,074 shares during the last quarter. 92.08% of the stock is owned by hedge funds and other institutional investors.

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.