First Solar (NASDAQ:FSLR) Trading Down 1.4% Following Insider Selling

First Solar, Inc. (NASDAQ:FSLR)’s share price fell 1.4% during mid-day trading on Monday after an insider sold shares in the company. The stock traded as low as $134.63 and last traded at $137.16. 823,882 shares changed hands during trading, a decline of 69% from the average session volume of 2,679,635 shares. The stock had previously closed at $139.13.

Specifically, insider Kuntal Kumar Verma sold 419 shares of the stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $132.96, for a total transaction of $55,710.24. Following the transaction, the insider now owns 4,695 shares in the company, valued at approximately $624,247.20. This represents a 8.19 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Mark R. Widmar sold 1,272 shares of the business’s stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $132.96, for a total value of $169,125.12. Following the completion of the sale, the chief executive officer now owns 109,000 shares of the company’s stock, valued at $14,492,640. This trade represents a 1.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analyst Ratings Changes

Several brokerages recently commented on FSLR. BMO Capital Markets reissued an “outperform” rating and issued a $230.00 price target (down previously from $260.00) on shares of First Solar in a report on Wednesday, February 26th. Roth Mkm restated a “buy” rating and set a $280.00 price target on shares of First Solar in a research report on Wednesday, February 26th. JPMorgan Chase & Co. decreased their price target on shares of First Solar from $282.00 to $268.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 26th. Piper Sandler cut their price objective on First Solar from $250.00 to $230.00 and set an “overweight” rating for the company in a research note on Wednesday, February 26th. Finally, Truist Financial restated a “buy” rating and issued a $285.00 target price (down previously from $300.00) on shares of First Solar in a research report on Wednesday, February 26th. Four research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and two have issued 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 price target of $262.08.

First Solar Price Performance

The stock has a 50-day simple moving average of $165.43 and a 200 day simple moving average of $193.16. The company has a market cap of $14.89 billion, a PE ratio of 11.98, a P/E/G ratio of 0.19 and a beta of 1.52. 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 issued its quarterly earnings data on Tuesday, February 25th. The solar cell manufacturer reported $3.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.81 by ($1.16). The company had revenue of $1.51 billion during 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%. Equities analysts expect that First Solar, Inc. will post 13.05 EPS for the current year.

Hedge Funds Weigh In On First Solar

A number of hedge funds have recently made changes to their positions in the stock. Norges Bank acquired a new position in First Solar during the fourth quarter worth $317,399,000. Wellington Management Group LLP raised its holdings in shares of First Solar by 75.8% in the 3rd quarter. Wellington Management Group LLP now owns 2,097,364 shares of the solar cell manufacturer’s stock valued at $523,166,000 after buying an additional 904,498 shares during the period. Demars Financial Group LLC lifted its stake in First Solar by 17,404.5% during the 4th quarter. Demars Financial Group LLC now owns 722,760 shares of the solar cell manufacturer’s stock worth $127,379,000 after acquiring an additional 718,631 shares in the last quarter. Mirova US LLC boosted its holdings in First Solar by 961.0% during the 4th quarter. Mirova US LLC now owns 646,310 shares of the solar cell manufacturer’s stock valued at $113,906,000 after acquiring an additional 585,394 shares during the period. Finally, Amundi grew its position in First Solar by 31.0% in the 4th quarter. Amundi now owns 1,805,244 shares of the solar cell manufacturer’s stock valued at $336,871,000 after acquiring an additional 426,797 shares in the last quarter. Hedge funds and other institutional investors own 92.08% of the company’s stock.

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.