First Solar (NASDAQ:FSLR) Shares Gap Down – Here’s What Happened

First Solar, Inc. (NASDAQ:FSLR)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $215.89, but opened at $188.54. First Solar shares last traded at $177.75, with a volume of 3,102,617 shares changing hands.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on FSLR. Clarkson Capital began coverage on First Solar in a research report on Wednesday, August 14th. They set a “buy” rating and a $270.00 target price on the stock. Jefferies Financial Group lowered their price objective on shares of First Solar from $271.00 to $266.00 and set a “buy” rating on the stock in a report on Thursday, October 10th. BMO Capital Markets reiterated an “outperform” rating and set a $260.00 price objective (down from $286.00) on shares of First Solar in a report on Wednesday, October 30th. Evercore ISI lowered their target price on shares of First Solar from $281.00 to $278.00 and set an “outperform” rating on the stock in a report on Wednesday, October 30th. Finally, Piper Sandler cut their price target on First Solar from $250.00 to $245.00 and set an “overweight” rating for the company in a research note on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, First Solar has an average rating of “Moderate Buy” and a consensus price target of $281.13.

First Solar Stock Down 10.1 %

The stock’s 50-day moving average price is $220.87 and its two-hundred day moving average price is $225.16. The company has a current ratio of 2.14, a quick ratio of 1.44 and a debt-to-equity ratio of 0.05. The stock has a market capitalization of $20.77 billion, a P/E ratio of 15.29, a P/E/G ratio of 0.36 and a beta of 1.48.

First Solar (NASDAQ:FSLR) last released its earnings results on Tuesday, October 29th. The solar cell manufacturer reported $2.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.10 by ($0.19). First Solar had a return on equity of 17.56% and a net margin of 32.41%. The firm had revenue of $887.70 million during the quarter, compared to analysts’ expectations of $1.07 billion. During the same period in the prior year, the business earned $2.50 earnings per share. The business’s quarterly revenue was up 10.7% compared to the same quarter last year. As a group, research analysts expect that First Solar, Inc. will post 13.12 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Patrick James Buehler sold 8,619 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The shares were 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 directly owns 3,468 shares of the company’s stock, valued at approximately $769,896. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CAO Byron Michael Jeffers sold 500 shares of the business’s stock in a transaction that occurred on 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 Securities & Exchange Commission, which is accessible through this link. Also, insider Patrick James Buehler sold 8,619 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $222.00, for a total transaction of $1,913,418.00. Following the sale, the insider now directly owns 3,468 shares in the company, valued at $769,896. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.58% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. AlphaMark Advisors LLC bought a new stake in First Solar during the third quarter valued at $25,000. Kennebec Savings Bank bought a new stake in First Solar in the third quarter worth $29,000. Atlas Capital Advisors LLC boosted its holdings in First Solar by 411.1% during the 2nd quarter. Atlas Capital Advisors LLC now owns 138 shares of the solar cell manufacturer’s stock valued at $31,000 after acquiring an additional 111 shares during the period. Summit Securities Group LLC purchased a new stake in shares of First Solar during the second quarter valued at approximately $36,000. Finally, Itau Unibanco Holding S.A. bought a new stake in First Solar in the 2nd quarter worth $38,000. 92.08% of the stock is currently owned by hedge funds and other institutional investors.

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.