First Solar (NASDAQ:FSLR) Shares Down 3.7% – Here’s Why

First Solar, Inc. (NASDAQ:FSLR) traded down 3.7% during trading on Wednesday . The company traded as low as $126.51 and last traded at $126.57. 1,069,351 shares were traded during trading, a decline of 59% from the average session volume of 2,580,322 shares. The stock had previously closed at $131.46.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on FSLR shares. Mizuho upgraded First Solar from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $218.00 to $259.00 in a research report on Tuesday, February 11th. Truist Financial reissued a “buy” rating and set a $285.00 price objective (down previously from $300.00) on shares of First Solar in a report on Wednesday, February 26th. Redburn Atlantic assumed coverage on shares of First Solar in a research report on Monday, March 3rd. They issued a “neutral” rating for the company. Seaport Res Ptn raised shares of First Solar from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, January 15th. Finally, Roth Mkm reiterated a “buy” rating and issued a $280.00 price target on shares of First Solar in a report on Wednesday, February 26th. Four investment 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. Based on data from MarketBeat.com, First Solar presently has a consensus rating of “Moderate Buy” and an average price target of $262.08.

First Solar Stock Performance

The stock has a fifty day moving average of $154.08 and a 200-day moving average of $186.71. The firm has a market capitalization of $13.48 billion, a P/E ratio of 10.83, a P/E/G 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.

First Solar (NASDAQ:FSLR) last posted its quarterly earnings data 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). First Solar had a net margin of 32.41% and a return on equity of 17.56%. The business had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.48 billion. On average, research analysts anticipate that First Solar, Inc. will post 13.05 EPS for the current year.

Insiders Place Their Bets

In other First Solar news, General Counsel Jason E. Dymbort sold 363 shares of the stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $133.75, for a total value of $48,551.25. Following the transaction, the general counsel now directly owns 22,273 shares of the company’s stock, valued at $2,979,013.75. This represents a 1.60 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Georges Antoun sold 229 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $133.75, for a total value of $30,628.75. Following the sale, the insider now owns 52,836 shares of the company’s stock, valued at approximately $7,066,815. This represents a 0.43 % 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 90 days. 0.58% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FSLR. Advisors Asset Management Inc. raised its stake in First Solar by 8.6% in the 3rd quarter. Advisors Asset Management Inc. now owns 5,718 shares of the solar cell manufacturer’s stock worth $1,426,000 after purchasing an additional 452 shares in the last quarter. Cerity Partners LLC grew its position in First Solar by 60.0% during the third quarter. Cerity Partners LLC now owns 7,457 shares of the solar cell manufacturer’s stock worth $1,860,000 after buying an additional 2,796 shares in the last quarter. Larson Financial Group LLC increased its stake in First Solar by 214.0% during the 3rd quarter. Larson Financial Group LLC now owns 157 shares of the solar cell manufacturer’s stock worth $39,000 after acquiring an additional 107 shares during the period. Daiwa Securities Group Inc. raised its stake in First Solar by 5.3% in the third quarter. Daiwa Securities Group Inc. now owns 23,975 shares of the solar cell manufacturer’s stock valued at $5,980,000 after purchasing an additional 1,208 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in First Solar during the third quarter worth about $360,000. 92.08% of the stock is owned by institutional investors and hedge funds.

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.