First Solar (NASDAQ:FSLR) Trading Down 0.6% – What’s Next?

First Solar, Inc. (NASDAQ:FSLR)’s share price traded down 0.6% during mid-day trading on Wednesday . The company traded as low as $129.22 and last traded at $130.43. 411,571 shares traded hands during trading, a decline of 84% from the average session volume of 2,646,831 shares. The stock had previously closed at $131.23.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on FSLR shares. Citigroup lowered their target price on shares of First Solar from $254.00 to $236.00 and set a “neutral” rating on the stock in a report on Wednesday, February 26th. Piper Sandler dropped their price objective on First Solar from $250.00 to $230.00 and set an “overweight” rating for the company in a report on Wednesday, February 26th. Roth Mkm reissued a “buy” rating and issued a $280.00 price objective on shares of First Solar in a research note on Wednesday, February 26th. Morgan Stanley dropped their price target on First Solar from $297.00 to $238.00 and set an “overweight” rating on the stock in a research note on Thursday, February 27th. Finally, UBS Group reduced their price objective on shares of First Solar from $360.00 to $285.00 and set a “buy” rating for the company in a research report on Wednesday, February 26th. Four investment 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. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $262.08.

First Solar Stock Performance

The firm has a 50 day moving average of $167.95 and a 200-day moving average of $195.40. The company has a market cap of $14.90 billion, a P/E ratio of 11.98, a PEG ratio of 0.19 and a beta of 1.47. 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 released its quarterly earnings data on Tuesday, February 25th. The solar cell manufacturer reported $3.65 earnings per share for the quarter, missing analysts’ consensus estimates of $4.81 by ($1.16). First Solar had a return on equity of 17.56% and a net margin of 32.41%. The business had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.48 billion. As a group, sell-side analysts anticipate that First Solar, Inc. will post 13.05 EPS for the current fiscal year.

Insider Activity

In other First Solar news, CEO Mark R. Widmar sold 21,542 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer now owns 103,403 shares in the company, valued at approximately $14,589,129.27. The trade was a 17.24 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Kuntal Kumar Verma sold 7,475 shares of the stock in a transaction on Friday, February 28th. The stock was 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 in the company, valued at $484,793.40. The trade was a 67.81 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.58% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FSLR. Norges Bank purchased a new stake in shares of First Solar in the fourth quarter worth about $317,399,000. Wellington Management Group LLP grew its stake in shares of First Solar by 75.8% during the 3rd quarter. Wellington Management Group LLP now owns 2,097,364 shares of the solar cell manufacturer’s stock worth $523,166,000 after purchasing an additional 904,498 shares during the period. Demars Financial Group LLC increased its holdings 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 in the last quarter. Mirova US LLC lifted its stake in shares of First Solar by 961.0% in the 4th quarter. Mirova US LLC now owns 646,310 shares of the solar cell manufacturer’s stock valued at $113,906,000 after purchasing an additional 585,394 shares during the period. Finally, Amundi increased its holdings in First Solar by 31.0% in the fourth quarter. Amundi now owns 1,805,244 shares of the solar cell manufacturer’s stock valued at $336,871,000 after buying an additional 426,797 shares in the last quarter. 92.08% of the stock is currently owned by institutional investors and hedge funds.

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.