First Solar (NASDAQ:FSLR) Shares Down 2.8% – Here’s Why

Shares of First Solar, Inc. (NASDAQ:FSLR) traded down 2.8% on Wednesday . The company traded as low as $135.21 and last traded at $135.16. 587,047 shares traded hands during mid-day trading, a decline of 78% from the average session volume of 2,715,328 shares. The stock had previously closed at $139.10.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Guggenheim reduced their price objective on shares of First Solar from $335.00 to $304.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. BMO Capital Markets reiterated an “outperform” rating and issued a $230.00 price objective (down from $260.00) on shares of First Solar in a research note on Wednesday, February 26th. Wells Fargo & Company decreased their target price on First Solar from $240.00 to $209.00 and set an “overweight” rating for the company in a research note on Wednesday, January 8th. Mizuho upgraded shares of First Solar from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $218.00 to $259.00 in a report on Tuesday, February 11th. Finally, Redburn Atlantic initiated coverage on First Solar in a research report on Monday, March 3rd. They issued a “neutral” rating for the company. Four research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $262.08.

First Solar Stock Down 1.9 %

The firm has a 50 day simple moving average of $165.43 and a two-hundred day simple moving average of $193.16. The stock has a market cap of $14.60 billion, a price-to-earnings ratio of 11.74, a price-to-earnings-growth 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.

First Solar (NASDAQ:FSLR) last released its earnings results on Tuesday, February 25th. The solar cell manufacturer reported $3.65 EPS for the quarter, missing the consensus estimate of $4.81 by ($1.16). First Solar had a net margin of 32.41% and a return on equity of 17.56%. The firm had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.48 billion. As a group, sell-side analysts expect that First Solar, Inc. will post 13.05 EPS for the current year.

Insider Transactions at First Solar

In related news, insider Kuntal Kumar Verma sold 419 shares of First Solar stock in a transaction 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 sale, the insider now directly owns 4,695 shares in the company, valued at approximately $624,247.20. This trade represents a 8.19 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Mark R. Widmar sold 21,542 shares of the company’s stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $141.09, for a total transaction of $3,039,360.78. Following the sale, the chief executive officer now directly owns 103,403 shares in the company, valued at approximately $14,589,129.27. This trade represents a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 30,739 shares of company stock valued at $4,289,403 in the last quarter. 0.58% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On First Solar

Several institutional investors have recently bought and sold shares of the stock. Norges Bank bought a new position in shares of First Solar during the fourth quarter valued at approximately $317,399,000. Wellington Management Group LLP grew its holdings in shares of First Solar by 75.8% in the third quarter. Wellington Management Group LLP now owns 2,097,364 shares of the solar cell manufacturer’s stock valued at $523,166,000 after purchasing an additional 904,498 shares in the last quarter. Demars Financial Group LLC increased its position in shares of 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 valued at $127,379,000 after purchasing an additional 718,631 shares during the last quarter. Mirova US LLC increased its stake in First Solar by 961.0% in the fourth quarter. Mirova US LLC now owns 646,310 shares of the solar cell manufacturer’s stock worth $113,906,000 after purchasing an additional 585,394 shares during the period. Finally, Amundi grew its position in shares of First Solar by 31.0% during the 4th quarter. Amundi now owns 1,805,244 shares of the solar cell manufacturer’s stock worth $336,871,000 after buying an additional 426,797 shares in the last quarter. 92.08% of the stock is currently owned by hedge funds and other institutional investors.

First Solar Company Profile

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.