First Solar (NASDAQ:FSLR) Stock Price Down 0.2% – Here’s What Happened

First Solar, Inc. (NASDAQ:FSLR)’s stock price was down 0.2% on Friday . The stock traded as low as $124.32 and last traded at $126.30. Approximately 807,844 shares traded hands during trading, a decline of 69% from the average daily volume of 2,587,190 shares. The stock had previously closed at $126.60.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Bank of America reduced their price objective on shares of First Solar from $246.00 to $236.00 and set a “buy” rating for the company in a research note on Tuesday, January 28th. Citigroup cut their target price on First Solar from $254.00 to $236.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 26th. Mizuho upgraded First Solar from a “neutral” rating to an “outperform” rating and boosted their price target for the stock from $218.00 to $259.00 in a research note on Tuesday, February 11th. Barclays reduced their price objective on First Solar from $273.00 to $236.00 and set an “overweight” rating for the company in a report on Friday, February 28th. Finally, Guggenheim dropped their price target on shares of First Solar from $335.00 to $304.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. Four research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $262.08.

First Solar Stock Up 0.6 %

The company has a market capitalization of $13.63 billion, a price-to-earnings ratio of 10.94, a P/E/G ratio of 0.19 and a beta of 1.52. The business’s 50-day moving average is $151.59 and its 200-day 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 announced its earnings results 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 business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.48 billion. First Solar had a return on equity of 17.56% and a net margin of 32.41%. As a group, equities analysts predict that First Solar, Inc. will post 13.05 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Mark R. Widmar sold 21,542 shares of the business’s stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $141.09, for a total transaction of $3,039,360.78. Following the transaction, the chief executive officer now directly owns 103,403 shares in the company, valued at $14,589,129.27. The trade was a 17.24 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Kuntal Kumar Verma sold 7,475 shares of the stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $136.60, for a total value of $1,021,085.00. Following the completion of the sale, the insider now directly owns 3,549 shares of the company’s stock, valued at approximately $484,793.40. This represents a 67.81 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 34,311 shares of company stock worth $4,767,158. Insiders own 0.58% of the company’s stock.

Institutional Investors Weigh In On First Solar

Several hedge funds and other institutional investors have recently bought and sold shares of FSLR. Larson Financial Group LLC increased its holdings 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 worth $39,000 after buying an additional 107 shares during the last quarter. Smartleaf Asset Management LLC increased its holdings in First Solar by 31.7% in the 4th 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 acquired a new position in First Solar during the 4th quarter worth about $53,000. Hudson Edge Investment Partners Inc. purchased a new position in First Solar during the 4th quarter valued at about $53,000. Finally, Banque Transatlantique SA acquired a new position in First Solar in the 4th quarter valued at about $53,000. 92.08% of the stock is currently owned by institutional investors and hedge funds.

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.