First Solar (NASDAQ:FSLR) Trading Down 3.9% – Here’s Why

First Solar, Inc. (NASDAQ:FSLR) dropped 3.9% on Friday . The company traded as low as $180.45 and last traded at $178.86. Approximately 1,625,151 shares were traded during mid-day trading, a decline of 55% from the average daily volume of 3,591,843 shares. The stock had previously closed at $186.18.

Wall Street Analysts Forecast Growth

FSLR has been the subject of a number of research analyst reports. Wolfe Research upgraded First Solar from a “peer perform” rating to an “outperform” rating and set a $221.00 price target for the company in a report on Tuesday, May 13th. Oppenheimer downgraded First Solar from an “outperform” rating to a “market perform” rating in a report on Wednesday, April 30th. Susquehanna lowered their price target on First Solar from $223.00 to $217.00 and set a “positive” rating for the company in a report on Monday, April 14th. BMO Capital Markets lowered their price target on First Solar from $200.00 to $187.00 and set an “outperform” rating for the company in a report on Wednesday, April 30th. Finally, Royal Bank of Canada lowered their price objective on First Solar from $237.00 to $214.00 and set an “outperform” rating for the company in a research note on Wednesday, April 30th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, twenty-four have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $224.48.

First Solar Price Performance

The company has a market capitalization of $19.14 billion, a price-to-earnings ratio of 15.37, a price-to-earnings-growth ratio of 0.19 and a beta of 1.46. 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 business has a fifty day moving average price of $134.97 and a 200 day moving average price of $163.14.

First Solar (NASDAQ:FSLR) last released its earnings results on Tuesday, April 29th. The solar cell manufacturer reported $1.95 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.50 by ($0.55). The firm had revenue of $844.57 million for the quarter, compared to analyst estimates of $863.11 million. First Solar had a return on equity of 17.56% and a net margin of 32.41%. First Solar’s revenue was up 6.4% on a year-over-year basis. During the same period in the previous year, the firm earned $2.20 earnings per share. On average, research analysts expect that First Solar, Inc. will post 13.05 earnings per share for the current fiscal year.

Insider Buying and Selling

In other First Solar news, insider Georges Antoun sold 229 shares of the firm’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $133.75, for a total value of $30,628.75. Following the completion of the transaction, the insider now directly owns 52,836 shares in the company, valued at $7,066,815. This trade represents a 0.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Mark R. Widmar sold 21,542 shares of the firm’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 completion of the transaction, the chief executive officer now owns 103,403 shares of the company’s stock, valued at approximately $14,589,129.27. The trade was a 17.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 34,311 shares of company stock valued at $4,767,158 over the last three months. Company insiders own 0.48% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Clear Harbor Asset Management LLC boosted its holdings in shares of First Solar by 0.6% in the fourth quarter. Clear Harbor Asset Management LLC now owns 9,210 shares of the solar cell manufacturer’s stock worth $1,623,000 after buying an additional 55 shares during the period. Smartleaf Asset Management LLC boosted its position in First Solar by 31.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 262 shares of the solar cell manufacturer’s stock worth $47,000 after acquiring an additional 63 shares during the period. Independent Advisor Alliance boosted its position in First Solar by 3.1% during the 4th quarter. Independent Advisor Alliance now owns 2,090 shares of the solar cell manufacturer’s stock worth $368,000 after acquiring an additional 63 shares during the period. Harvest Portfolios Group Inc. boosted its position in First Solar by 3.9% during the 1st quarter. Harvest Portfolios Group Inc. now owns 1,658 shares of the solar cell manufacturer’s stock worth $210,000 after acquiring an additional 63 shares during the period. Finally, Legend Financial Advisors Inc. boosted its position in First Solar by 1.4% during the 1st quarter. Legend Financial Advisors Inc. now owns 4,726 shares of the solar cell manufacturer’s stock worth $598,000 after acquiring an additional 64 shares during the period. 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.