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

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

Analysts Set New Price Targets

A number of research analysts have weighed in on FSLR shares. Deutsche Bank Aktiengesellschaft set a $265.00 price objective on shares of First Solar in a report on Thursday, February 27th. Wells Fargo & Company cut their price objective on shares of First Solar from $240.00 to $209.00 and set an “overweight” rating for the company in a report on Wednesday, January 8th. UBS Group cut 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. BMO Capital Markets reaffirmed an “outperform” rating and issued a $230.00 price target (down previously from $260.00) on shares of First Solar in a research note on Wednesday, February 26th. Finally, Guggenheim cut their target price on First Solar from $335.00 to $304.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. Four investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $262.08.

First Solar Trading Down 1.9 %

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 stock has a market capitalization of $14.60 billion, a price-to-earnings ratio of 11.74, a PEG ratio of 0.19 and a beta of 1.52. The business has a 50 day simple moving average of $165.43 and a 200-day simple moving average of $193.16.

First Solar (NASDAQ:FSLR) last posted its quarterly earnings data 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). The company had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.48 billion. First Solar had a net margin of 32.41% and a return on equity of 17.56%. As a group, equities analysts expect that First Solar, Inc. will post 13.05 earnings per share for the current year.

Insider Activity

In other news, CEO Mark R. Widmar sold 21,542 shares of the 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 completion of the transaction, the chief executive officer now directly owns 103,403 shares in the company, valued at $14,589,129.27. This represents a 17.24 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Kuntal Kumar Verma sold 419 shares of First Solar stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $132.96, for a total value of $55,710.24. Following the completion of the sale, the insider now directly owns 4,695 shares in the company, valued at approximately $624,247.20. This represents a 8.19 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 30,739 shares of company stock worth $4,289,403 over the last ninety days. Insiders own 0.58% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in FSLR. Strengthening Families & Communities LLC acquired a new stake in First Solar during the 3rd quarter worth approximately $25,000. Kennebec Savings Bank acquired a new stake in First Solar during the third quarter worth about $29,000. Larson Financial Group LLC raised its position in shares of First Solar by 214.0% in the 3rd quarter. Larson Financial Group LLC now owns 157 shares of the solar cell manufacturer’s stock valued at $39,000 after buying an additional 107 shares in the last quarter. Smartleaf Asset Management LLC increased its stake in First Solar by 31.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 262 shares of the solar cell manufacturer’s stock valued at $47,000 after acquiring an additional 63 shares during the last quarter. Finally, Crews Bank & Trust acquired a new position in First Solar during the fourth quarter valued at approximately $53,000. 92.08% of the stock is owned by institutional investors and hedge funds.

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.