First Solar (NASDAQ:FSLR) Trading Down 3.7% – Here’s What Happened

First Solar, Inc. (NASDAQ:FSLR) shares traded down 3.7% during mid-day trading on Wednesday . The stock traded as low as $126.51 and last traded at $126.57. Approximately 1,069,351 shares changed hands 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 Analysts Forecast Growth

A number of brokerages recently commented on FSLR. JPMorgan Chase & Co. dropped their price target on First Solar from $282.00 to $268.00 and set an “overweight” rating for the company in a research note on Wednesday, February 26th. Bank of America dropped their price target 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. Roth Mkm reaffirmed a “buy” rating and issued a $280.00 price objective on shares of First Solar in a research report on Wednesday, February 26th. Guggenheim reduced their target price on First Solar from $335.00 to $304.00 and set a “buy” rating for the company in a report on Thursday, February 27th. Finally, Seaport Res Ptn raised First Solar from a “hold” rating to a “strong-buy” rating in a report on Wednesday, January 15th. Four analysts have rated the stock with a hold rating, twenty-three have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $262.08.

First Solar Price Performance

The firm has a market cap of $13.63 billion, a PE ratio of 10.97, a P/E/G ratio of 0.19 and a beta of 1.52. The firm’s fifty day simple moving average is $151.59 and its two-hundred day simple moving average is $185.87. 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 released 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). The firm had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.48 billion. First Solar had a net margin of 32.41% and a return on equity of 17.56%. As a group, research analysts expect that First Solar, Inc. will post 13.05 EPS for the current year.

Insider Buying and Selling

In other news, insider Georges Antoun sold 229 shares of the business’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $133.75, for a total value of $30,628.75. Following the transaction, the insider now owns 52,836 shares of the company’s stock, valued at approximately $7,066,815. The trade was a 0.43 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Mark R. Widmar sold 21,542 shares of First Solar stock in a transaction on Friday, February 28th. The shares were sold at an average price of $141.09, for a total transaction of $3,039,360.78. Following the completion of the sale, 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 disclosure for this sale can be found here. In the last three months, insiders have sold 34,311 shares of company stock valued at $4,767,158. Corporate insiders own 0.58% of the company’s stock.

Hedge Funds Weigh In On First Solar

Several institutional investors have recently added to or reduced their stakes in the company. Larson Financial Group LLC boosted its position in shares of First Solar by 214.0% during the 3rd quarter. Larson Financial Group LLC now owns 157 shares of the solar cell manufacturer’s stock valued at $39,000 after acquiring an additional 107 shares during the last quarter. Smartleaf Asset Management LLC lifted its position in First Solar by 31.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 262 shares of the solar cell manufacturer’s stock valued at $47,000 after purchasing an additional 63 shares during the last quarter. Crews Bank & Trust purchased a new position in shares of First Solar in the 4th quarter worth $53,000. Hudson Edge Investment Partners Inc. bought a new stake in shares of First Solar in the 4th quarter worth about $53,000. Finally, Banque Transatlantique SA purchased a new stake in shares of First Solar during the 4th quarter valued at about $53,000. Hedge funds and other institutional investors own 92.08% of the company’s stock.

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.