First Solar (NASDAQ:FSLR) Shares Gap Down Following Weak Earnings

First Solar, Inc. (NASDAQ:FSLR) gapped down prior to trading on Wednesday following a weaker than expected earnings announcement. The stock had previously closed at $199.67, but opened at $187.63. First Solar shares last traded at $184.75, with a volume of 1,350,268 shares trading hands.

The solar cell manufacturer reported $2.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.10 by ($0.19). First Solar had a net margin of 31.98% and a return on equity of 17.73%. The business had revenue of $887.70 million for the quarter, compared to the consensus estimate of $1.07 billion. During the same period in the previous year, the firm earned $2.50 EPS. The company’s revenue was up 10.7% on a year-over-year basis.

Analysts Set New Price Targets

A number of analysts have recently issued reports on FSLR shares. Oppenheimer increased their price objective on shares of First Solar from $325.00 to $326.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 31st. Citigroup upgraded First Solar from a “neutral” rating to a “buy” rating and increased their price target for the stock from $200.00 to $254.00 in a research note on Tuesday, October 22nd. Barclays upped their price objective on First Solar from $280.00 to $290.00 and gave the stock an “overweight” rating in a research note on Friday, August 2nd. UBS Group boosted their price target on First Solar from $350.00 to $360.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Finally, William Blair started coverage on shares of First Solar in a report on Thursday, August 29th. They set a “market perform” rating for the company. Two research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $285.88.

Insider Activity

In related news, insider Patrick James Buehler sold 8,619 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $222.00, for a total transaction of $1,913,418.00. Following the completion of the sale, the insider now directly owns 3,468 shares of the company’s stock, valued at approximately $769,896. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Patrick James Buehler sold 8,619 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $222.00, for a total value of $1,913,418.00. Following the transaction, the insider now owns 3,468 shares of the company’s stock, valued at $769,896. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Byron Michael Jeffers sold 500 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $220.00, for a total transaction of $110,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 10,885 shares of company stock valued at $2,405,757. 0.58% of the stock is currently owned by insiders.

Institutional Investors Weigh In On First Solar

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Massmutual Trust Co. FSB ADV increased its stake in shares of First Solar by 14.5% during the third quarter. Massmutual Trust Co. FSB ADV now owns 356 shares of the solar cell manufacturer’s stock valued at $89,000 after buying an additional 45 shares during the period. Davis Investment Partners LLC raised its holdings in shares of First Solar by 0.6% in the 3rd quarter. Davis Investment Partners LLC now owns 7,698 shares of the solar cell manufacturer’s stock valued at $1,805,000 after purchasing an additional 46 shares in the last quarter. Oregon Public Employees Retirement Fund raised its holdings in shares of First Solar by 0.5% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 9,172 shares of the solar cell manufacturer’s stock valued at $2,068,000 after purchasing an additional 49 shares in the last quarter. Cambridge Trust Co. boosted its stake in shares of First Solar by 1.6% during the first quarter. Cambridge Trust Co. now owns 3,232 shares of the solar cell manufacturer’s stock valued at $546,000 after purchasing an additional 50 shares in the last quarter. Finally, Gilman Hill Asset Management LLC increased its holdings in First Solar by 2.8% during the third quarter. Gilman Hill Asset Management LLC now owns 1,825 shares of the solar cell manufacturer’s stock valued at $455,000 after buying an additional 50 shares during the period. 92.08% of the stock is owned by institutional investors.

First Solar Stock Down 7.5 %

The business’s 50 day moving average is $223.18 and its 200 day moving average is $224.11. The company has a quick ratio of 1.65, a current ratio of 2.23 and a debt-to-equity ratio of 0.06. The company has a market cap of $19.78 billion, a P/E ratio of 20.93, a P/E/G ratio of 0.34 and a beta of 1.44.

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.