First Solar (NASDAQ:FSLR) Shares Down 2.9% – Here’s Why

First Solar, Inc. (NASDAQ:FSLR) shares traded down 2.9% during trading on Monday . The company traded as low as $120.60 and last traded at $123.63. 1,031,497 shares traded hands during mid-day trading, a decline of 61% from the average session volume of 2,637,038 shares. The stock had previously closed at $127.32.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on FSLR shares. Bank of America lowered their price objective on First Solar from $246.00 to $236.00 and set a “buy” rating on the stock in a research report on Tuesday, January 28th. StockNews.com upgraded shares of First Solar from a “sell” rating to a “hold” rating in a research report on Thursday, January 2nd. Piper Sandler decreased their price objective on shares of First Solar from $250.00 to $230.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 26th. Barclays dropped their target price on shares of First Solar from $273.00 to $236.00 and set an “overweight” rating for the company in a report on Friday, February 28th. Finally, Citigroup decreased their price target on First Solar from $254.00 to $236.00 and set a “neutral” rating on the stock in a report on Wednesday, February 26th. Four analysts have rated the stock with a hold rating, twenty-three have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, First Solar currently has an average rating of “Moderate Buy” and an average price target of $262.08.

First Solar Trading Down 0.9 %

The firm has a market capitalization of $13.51 billion, a P/E ratio of 10.88, a price-to-earnings-growth ratio of 0.19 and a beta of 1.52. The stock has a 50-day simple moving average of $150.28 and a two-hundred day simple moving average of $184.79. The company has a current ratio of 2.14, a quick ratio of 1.44 and a debt-to-equity ratio of 0.05.

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 firm had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.48 billion. First Solar had a net margin of 32.41% and a return on equity of 17.56%. On average, equities research analysts anticipate that First Solar, Inc. will post 13.05 earnings per share for the current year.

Insider Activity at First Solar

In related news, insider Kuntal Kumar Verma sold 7,475 shares of the firm’s stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $136.60, for a total transaction of $1,021,085.00. Following the sale, the insider now owns 3,549 shares of the company’s stock, valued at $484,793.40. This trade represents a 67.81 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Mark R. Widmar sold 21,542 shares of First Solar stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 103,403 shares in the company, valued at $14,589,129.27. This trade represents a 17.24 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 34,311 shares of company stock valued at $4,767,158 over the last ninety days. 0.58% of the stock is owned by company insiders.

Institutional Trading of First Solar

A number of institutional investors have recently modified their holdings of the company. Smartleaf Asset Management LLC grew its holdings in First Solar by 31.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 262 shares of the solar cell manufacturer’s stock worth $47,000 after purchasing an additional 63 shares during the last quarter. Crews Bank & Trust acquired a new stake in shares of First Solar in the 4th quarter worth $53,000. Hudson Edge Investment Partners Inc. purchased a new position in First Solar during the 4th quarter worth $53,000. Banque Transatlantique SA acquired a new position in First Solar during the 4th quarter valued at about $53,000. Finally, CoreFirst Bank & Trust purchased a new stake in First Solar in the fourth quarter valued at about $54,000. 92.08% of the stock is currently owned by 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.