First Solar (NASDAQ:FSLR) Shares Down 4.4% – Here’s Why

First Solar, Inc. (NASDAQ:FSLR) dropped 4.4% during mid-day trading on Tuesday . The stock traded as low as $126.02 and last traded at $127.21. Approximately 1,012,238 shares were traded during trading, a decline of 60% from the average daily volume of 2,544,866 shares. The stock had previously closed at $133.03.

Wall Street Analysts Forecast Growth

FSLR has been the topic of several recent analyst reports. Bank of America cut their target price on shares of First Solar from $246.00 to $236.00 and set a “buy” rating on the stock in a research note on Tuesday, January 28th. Piper Sandler reduced 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. Mizuho raised First Solar from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $218.00 to $259.00 in a research note on Tuesday, February 11th. Roth Mkm reissued a “buy” rating and issued a $280.00 price target on shares of First Solar in a research report on Wednesday, February 26th. Finally, JPMorgan Chase & Co. decreased their price target on shares of First Solar from $282.00 to $268.00 and set an “overweight” rating for the company in a report on Wednesday, February 26th. Four research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, First Solar presently has a consensus rating of “Moderate Buy” and a consensus price target of $262.08.

First Solar Stock Down 3.5 %

The company has a market cap of $13.74 billion, a P/E ratio of 11.06, a PEG ratio of 0.19 and a beta of 1.52. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.14 and a quick ratio of 1.44. The business’s 50 day moving average price is $161.31 and its 200-day moving average price is $190.44.

First Solar (NASDAQ:FSLR) last issued its quarterly earnings results 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 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%. On average, analysts anticipate that First Solar, Inc. will post 13.05 earnings per share for the current fiscal year.

Insider Buying and Selling at First Solar

In other news, insider Kuntal Kumar Verma sold 7,475 shares of the stock in a transaction on Friday, February 28th. The shares were sold at an average price of $136.60, for a total transaction of $1,021,085.00. Following the completion of the sale, the insider now owns 3,549 shares of the company’s stock, valued at $484,793.40. This represents a 67.81 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Mark R. Widmar sold 21,542 shares of the firm’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 of the company’s stock, valued at $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 90 days, insiders sold 30,739 shares of company stock worth $4,289,403. Insiders own 0.58% of the company’s stock.

Institutional Investors Weigh In On First Solar

A number of large investors have recently added to or reduced their stakes in FSLR. Wealth Enhancement Advisory Services LLC lifted its stake in shares of First Solar by 3.8% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 6,134 shares of the solar cell manufacturer’s stock worth $1,081,000 after buying an additional 222 shares during the last quarter. Lighthouse Financial LLC bought a new stake in shares of First Solar during the fourth quarter worth approximately $363,000. Siemens Fonds Invest GmbH boosted its holdings in shares of First Solar by 147.9% during the fourth quarter. Siemens Fonds Invest GmbH now owns 2,749 shares of the solar cell manufacturer’s stock worth $484,000 after acquiring an additional 1,640 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of First Solar in the fourth quarter valued at about $43,442,000. Finally, Mackenzie Financial Corp increased its holdings in shares of First Solar by 4.7% during the fourth quarter. Mackenzie Financial Corp now owns 16,276 shares of the solar cell manufacturer’s stock worth $2,868,000 after purchasing an additional 738 shares during the period. 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.