First Solar (NASDAQ:FSLR) Shares Gap Down – Here’s What Happened

Shares of First Solar, Inc. (NASDAQ:FSLR) gapped down before the market opened on Wednesday . The stock had previously closed at $215.89, but opened at $188.54. First Solar shares last traded at $177.75, with a volume of 3,102,617 shares traded.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on FSLR. BMO Capital Markets reissued an “outperform” rating and issued a $260.00 target price (down previously from $286.00) on shares of First Solar in a research report on Wednesday, October 30th. JPMorgan Chase & Co. increased their target price on shares of First Solar from $262.00 to $282.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 16th. Oppenheimer lifted their price target on shares of First Solar from $325.00 to $326.00 and gave the company an “outperform” rating in a research report on Wednesday, July 31st. Wells Fargo & Company reduced their price target on First Solar from $250.00 to $240.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 30th. Finally, Royal Bank of Canada dropped their price objective on First Solar from $315.00 to $280.00 and set an “outperform” rating for the company in a report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, First Solar presently has an average rating of “Moderate Buy” and a consensus target price of $281.13.

First Solar Price Performance

The company has a 50 day moving average price of $220.87 and a 200-day moving average price of $225.16. The company has a market cap of $20.77 billion, a price-to-earnings ratio of 15.29, a P/E/G ratio of 0.36 and a beta of 1.48. 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 quarterly earnings results on Tuesday, October 29th. The solar cell manufacturer reported $2.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.10 by ($0.19). The business had revenue of $887.70 million during the quarter, compared to analyst estimates of $1.07 billion. First Solar had a net margin of 32.41% and a return on equity of 17.56%. The company’s revenue was up 10.7% compared to the same quarter last year. During the same quarter last year, the company posted $2.50 earnings per share. As a group, equities research analysts predict that First Solar, Inc. will post 13.12 EPS for the current fiscal year.

Insider Transactions at First Solar

In related news, CAO Byron Michael Jeffers sold 500 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $220.00, for a total value of $110,000.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, insider Patrick James Buehler sold 8,619 shares of First Solar stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $222.00, for a total value of $1,913,418.00. Following the completion of the transaction, 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Byron Michael Jeffers sold 500 shares of the company’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $220.00, for a total value of $110,000.00. The disclosure for this sale can be found here. 0.58% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On First Solar

A number of hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in shares of First Solar by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 12,257,053 shares of the solar cell manufacturer’s stock worth $2,068,991,000 after buying an additional 105,236 shares during the period. Electron Capital Partners LLC grew its holdings in First Solar by 81,947.0% in the second quarter. Electron Capital Partners LLC now owns 7,669,757 shares of the solar cell manufacturer’s stock worth $1,729,223,000 after purchasing an additional 7,660,409 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its stake in First Solar by 11.1% in the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 2,801,916 shares of the solar cell manufacturer’s stock valued at $472,963,000 after purchasing an additional 279,719 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of First Solar by 8.8% during the second quarter. Dimensional Fund Advisors LP now owns 795,393 shares of the solar cell manufacturer’s stock valued at $179,478,000 after purchasing an additional 64,265 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in shares of First Solar by 0.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 652,354 shares of the solar cell manufacturer’s stock worth $147,080,000 after purchasing an additional 2,378 shares in the last quarter. 92.08% of the stock is currently owned by 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.