First Solar (NASDAQ:FSLR) Stock Falls 4.8% on Analyst Downgrade

Shares of First Solar, Inc. (NASDAQ:FSLR) fell 4.8% during mid-day trading on Monday after Piper Sandler lowered their price target on the stock from $251.00 to $222.00. Piper Sandler currently has an overweight rating on the stock. First Solar traded as low as $189.33 and last traded at $191.4640. 974,635 shares changed hands during trading, a decline of 60% from the average session volume of 2,413,429 shares. The stock had previously closed at $201.14.

A number of other analysts also recently commented on FSLR. Raymond James Financial assumed coverage on shares of First Solar in a report on Thursday, August 27th. They issued a “market perform” rating for the company. Oppenheimer restated a “market perform” rating on shares of First Solar in a report on Friday, October 30th. HC Wainwright assumed coverage on shares of First Solar in a research report on Thursday, August 27th. They set a “buy” rating for the company. Morgan Stanley reduced their target price on shares of First Solar from $326.00 to $307.00 and set an “overweight” rating on the stock in a research note on Friday, October 30th. Finally, The Goldman Sachs Group reiterated a “buy” rating on shares of First Solar in a report on Friday, October 30th. Three research analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $256.38.

Insider Transactions at First Solar

In other news, CTO Markus Gloeckler sold 800 shares of the firm’s stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $174.00, for a total value of $139,200.00. Following the completion of the transaction, the chief technology officer owned 5,042 shares of the company’s stock, valued at approximately $877,308. This trade represents a 13.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Samantha Sloan sold 127 shares of First Solar stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $222.95, for a total transaction of $28,314.65. Following the completion of the transaction, the executive vice president owned 2,018 shares of the company’s stock, valued at $449,913.10. This trade represents a 5.92% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 5,427 shares of company stock valued at $1,250,221. 0.39% of the stock is currently owned by corporate insiders.

Institutional Trading of First Solar

A number of large investors have recently modified their holdings of the stock. Fiduciary Financial Group LLC raised its position in 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. Allworth Financial LP grew its position in shares of First Solar by 4.4% during the third quarter. Allworth Financial LP now owns 1,240 shares of the solar cell manufacturer’s stock worth $217,000 after buying an additional 52 shares in the last quarter. Hilltop Holdings Inc. grew its position in shares of First Solar by 3.5% during the first quarter. Hilltop Holdings Inc. now owns 1,608 shares of the solar cell manufacturer’s stock worth $317,000 after buying an additional 54 shares in the last quarter. TD Waterhouse Canada Inc. increased its stake in shares of First Solar by 0.3% during the second quarter. TD Waterhouse Canada Inc. now owns 17,102 shares of the solar cell manufacturer’s stock worth $3,973,000 after buying an additional 55 shares during the period. Finally, Cox Capital Mgt LLC increased its stake in shares of First Solar by 0.4% during the third quarter. Cox Capital Mgt LLC now owns 13,989 shares of the solar cell manufacturer’s stock worth $2,450,000 after buying an additional 58 shares during the period. Hedge funds and other institutional investors own 92.08% of the company’s stock.

First Solar Stock Down 4.3%

The company’s fifty day moving average is $186.99 and its two-hundred day moving average is $214.96. The stock has a market cap of $20.68 billion, a price-to-earnings ratio of 11.10, a PEG ratio of 0.55 and a beta of 1.73.

First Solar (NASDAQ:FSLR) last issued its quarterly earnings results on Thursday, October 29th. The solar cell manufacturer reported $5.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.67 by $0.63. First Solar had a net margin of 37.12% and a return on equity of 18.33%. The company had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.29 billion. During the same quarter in the previous year, the firm earned $4.24 earnings per share. The firm’s quarterly revenue was down 22.8% on a year-over-year basis. Sell-side analysts predict that First Solar, Inc. will post 17.66 EPS for the current fiscal year.

First Solar Company Profile

First Solar, Inc is a U.S.-based solar technology company that designs and manufactures photovoltaic modules for utility-scale solar power projects. Its products use thin-film cadmium telluride (CdTe) technology, an alternative to the crystalline-silicon cells commonly used in solar panels.

Founded in 1999, the company also provides services related to its modules, including recycling designed to recover and reuse materials at the end of a product’s useful life. First Solar serves customers in markets across the Americas, Europe, and Asia-Pacific.

The company is headquartered in Tempe, Arizona.