First Solar (NASDAQ:FSLR) Shares Down 5.2% – Here’s What Happened

First Solar, Inc. (NASDAQ:FSLR) shares traded down 5.2% during mid-day trading on Wednesday . The company traded as low as $192.28 and last traded at $191.7920. Approximately 1,036,022 shares changed hands during trading, a decline of 56% from the average daily volume of 2,353,033 shares. The stock had previously closed at $202.34.

Analysts Set New Price Targets

Several research firms have recently commented on FSLR. Citigroup lowered shares of First Solar from a “buy” rating to a “hold” rating in a research report on Thursday, August 27th. Susquehanna upped their target price on First Solar from $250.00 to $270.00 and gave the company a “positive” rating in a research note on Friday, July 10th. Guggenheim increased their target price on First Solar from $279.00 to $282.00 and gave the company a “buy” rating in a report on Monday, August 3rd. UBS Group raised their price target on First Solar from $290.00 to $330.00 and gave the stock a “buy” rating in a research report on Thursday, June 11th. Finally, Argus reissued a “buy” rating and issued a $275.00 price target on shares of First Solar in a report on Wednesday, August 26th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, twelve have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $266.06.

First Solar Stock Down 4.9%

The business’s fifty day moving average price is $215.48 and its 200 day moving average price is $221.29. The firm has a market capitalization of $20.68 billion, a PE ratio of 11.88, a P/E/G ratio of 0.55 and a beta of 1.74.

First Solar (NASDAQ:FSLR) last announced its earnings results on Thursday, July 30th. The solar cell manufacturer reported $3.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.90 by $1.02. The firm had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.06 billion. First Solar had a net margin of 32.47% and a return on equity of 18.02%. First Solar’s revenue was down 3.4% compared to the same quarter last year. During the same quarter last year, the business earned $3.18 earnings per share. As a group, sell-side analysts forecast that First Solar, Inc. will post 17.78 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other First Solar news, insider Michael Koralewski sold 7,000 shares of the firm’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $221.51, for a total value of $1,550,570.00. Following the sale, the insider directly owned 7,642 shares of the company’s stock, valued at approximately $1,692,779.42. This trade represents a 47.81% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Markus Gloeckler sold 800 shares of First Solar stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $200.00, for a total value of $160,000.00. Following the completion of the sale, the chief technology officer owned 5,842 shares of the company’s stock, valued at $1,168,400. This trade represents a 12.04% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 15,881 shares of company stock worth $3,617,086 over the last ninety days. Company insiders own 0.39% of the company’s stock.

Institutional Investors Weigh In On First Solar

Several hedge funds have recently modified their holdings of the stock. Root Financial Partners LLC increased its stake in First Solar by 18.2% during the fourth quarter. Root Financial Partners LLC now owns 292 shares of the solar cell manufacturer’s stock worth $76,000 after acquiring an additional 45 shares during the last quarter. Fiduciary Financial Group LLC lifted its stake in shares of First Solar by 2.3% in the 2nd quarter. Fiduciary Financial Group LLC now owns 2,026 shares of the solar cell manufacturer’s stock valued at $478,000 after purchasing an additional 45 shares in the last quarter. Fielder Capital Group LLC lifted its stake in shares of First Solar by 4.1% in the 4th quarter. Fielder Capital Group LLC now owns 1,196 shares of the solar cell manufacturer’s stock valued at $312,000 after purchasing an additional 47 shares in the last quarter. Burford Brothers Inc. grew its holdings in shares of First Solar by 0.3% during the 1st quarter. Burford Brothers Inc. now owns 19,131 shares of the solar cell manufacturer’s stock worth $3,774,000 after purchasing an additional 51 shares during the period. Finally, Huntington National Bank grew its holdings in shares of First Solar by 7.0% during the 4th quarter. Huntington National Bank now owns 806 shares of the solar cell manufacturer’s stock worth $211,000 after purchasing an additional 53 shares during the period. 92.08% of the stock is owned by institutional investors and hedge funds.

First Solar Company Profile

First Solar, Inc is a renewable energy technology company that designs and manufactures photovoltaic (PV) solar modules. Unlike conventional crystalline-silicon panels, its modules use thin-film semiconductor technology based on cadmium telluride (CdTe). The company also provides supporting services, including project development, engineering, procurement and construction support, operations and maintenance, and module recycling.

First Solar primarily serves utility-scale solar developers, system owners and operators, commercial customers, and government entities.