First Solar (NASDAQ:FSLR) Shares Gap Down Following Weak Earnings

First Solar, Inc. (NASDAQ:FSLR) shares gapped down before the market opened on Wednesday following a weaker than expected earnings announcement. The stock had previously closed at $199.67, but opened at $187.63. First Solar shares last traded at $184.75, with a volume of 1,350,268 shares.

The solar cell manufacturer reported $2.91 earnings per share for the quarter, missing analysts’ consensus estimates of $3.10 by ($0.19). First Solar had a net margin of 31.98% and a return on equity of 17.73%. The firm had revenue of $887.70 million during the quarter, compared to the consensus estimate of $1.07 billion. During the same quarter in the prior year, the business posted $2.50 earnings per share. The firm’s quarterly revenue was up 10.7% on a year-over-year basis.

Analyst Ratings Changes

FSLR has been the topic of a number of recent analyst reports. DZ Bank raised First Solar from a “hold” rating to a “buy” rating and set a $280.00 price target on the stock in a research report on Thursday, August 1st. Robert W. Baird decreased their price target on First Solar from $344.00 to $307.00 and set an “outperform” rating for the company in a research note on Tuesday, July 2nd. Barclays boosted their price target on First Solar from $280.00 to $290.00 and gave the stock an “overweight” rating in a research note on Friday, August 2nd. Hsbc Global Res raised shares of First Solar to a “strong-buy” rating in a research report on Wednesday, October 9th. Finally, Clarkson Capital assumed coverage on shares of First Solar in a research report on Wednesday, August 14th. They set a “buy” rating and a $270.00 target price on the stock. Two investment analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $285.88.

Insider Transactions at First Solar

In related news, insider Patrick James Buehler sold 8,619 shares of First Solar stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $222.00, for a total value of $1,913,418.00. Following the completion of the transaction, the insider now owns 3,468 shares in the company, valued at $769,896. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CAO Byron Michael Jeffers sold 500 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $220.00, for a total transaction of $110,000.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Patrick James Buehler sold 8,619 shares of the stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $222.00, for a total value of $1,913,418.00. Following the completion of the transaction, the insider now owns 3,468 shares of the company’s stock, valued at $769,896. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 10,885 shares of company stock valued at $2,405,757 in the last ninety days. 0.58% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On First Solar

A number of institutional investors have recently modified their holdings of the company. QRG Capital Management Inc. lifted its position in shares of First Solar by 29.2% during the 3rd quarter. QRG Capital Management Inc. now owns 2,307 shares of the solar cell manufacturer’s stock worth $576,000 after purchasing an additional 522 shares during the last quarter. Asset Management One Co. Ltd. raised its holdings in First Solar by 2.2% during the third quarter. Asset Management One Co. Ltd. now owns 41,934 shares of the solar cell manufacturer’s stock worth $10,460,000 after purchasing an additional 904 shares in the last quarter. National Pension Service boosted its position in shares of First Solar by 6.7% during the 3rd quarter. National Pension Service now owns 185,883 shares of the solar cell manufacturer’s stock worth $46,367,000 after purchasing an additional 11,683 shares in the last quarter. Robeco Institutional Asset Management B.V. raised its holdings in First Solar by 1,757.2% during the third quarter. Robeco Institutional Asset Management B.V. now owns 546,193 shares of the solar cell manufacturer’s stock worth $136,242,000 after purchasing an additional 516,783 shares during the last quarter. Finally, Nvwm LLC lifted its holdings in shares of First Solar by 122,080.0% in the third quarter. Nvwm LLC now owns 6,109 shares of the solar cell manufacturer’s stock valued at $1,524,000 after purchasing an additional 6,104 shares in the last quarter. 92.08% of the stock is owned by institutional investors and hedge funds.

First Solar Trading Down 7.5 %

The firm has a market cap of $19.78 billion, a price-to-earnings ratio of 20.93, a price-to-earnings-growth ratio of 0.34 and a beta of 1.44. The company has a quick ratio of 1.65, a current ratio of 2.23 and a debt-to-equity ratio of 0.06. The business has a 50 day moving average of $223.18 and a 200 day moving average of $224.11.

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.