First Solar (NASDAQ:FSLR) Sets New 12-Month Low - What's Next?

First Solar, Inc. (NASDAQ:FSLR - Get Free Report) shares reached a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $124.96 and last traded at $131.23, with a volume of 4349071 shares traded. The stock had previously closed at $127.63.

Analyst Ratings Changes

Several analysts recently commented on the stock. JPMorgan Chase & Co. cut their price objective on shares of First Solar from $282.00 to $268.00 and set an "overweight" rating on the stock in a research report on Wednesday, February 26th. Truist Financial reissued a "buy" rating and set a $285.00 price target (down previously from $300.00) on shares of First Solar in a research report on Wednesday, February 26th. Redburn Atlantic assumed coverage on First Solar in a research report on Monday, March 3rd. They issued a "neutral" rating on the stock. Mizuho upgraded First Solar from a "neutral" rating to an "outperform" rating and boosted their price target for the stock from $218.00 to $259.00 in a research note on Tuesday, February 11th. Finally, Wells Fargo & Company lowered their price target on First Solar from $240.00 to $209.00 and set an "overweight" rating on the stock in a report on Wednesday, January 8th. Four equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, First Solar presently has a consensus rating of "Moderate Buy" and an average target price of $262.08.

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First Solar Trading Up 6.1 %

The stock has a market cap of $14.90 billion, a P/E ratio of 11.98, a price-to-earnings-growth ratio of 0.19 and a beta of 1.52. The stock's 50-day moving average is $167.95 and its two-hundred day moving average is $195.40. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.14 and a quick ratio of 1.44.

First Solar (NASDAQ:FSLR - Get Free Report) last released 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). First Solar had a net margin of 32.41% and a return on equity of 17.56%. The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.48 billion. Equities research analysts anticipate that First Solar, Inc. will post 13.05 EPS for the current year.

Insider Transactions at First Solar

In other First Solar news, insider Kuntal Kumar Verma sold 7,475 shares of First Solar stock in a transaction on Friday, February 28th. The shares were sold at an average price of $136.60, for a total value of $1,021,085.00. Following the completion of the transaction, the insider now directly owns 3,549 shares of the company's stock, valued at $484,793.40. This trade represents a 67.81 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, 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 completion of the sale, the chief executive officer now owns 103,403 shares in the company, valued at approximately $14,589,129.27. This trade represents a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.58% of the company's stock.

Hedge Funds Weigh In On First Solar

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Norges Bank bought a new stake in First Solar in the fourth quarter worth $317,399,000. Wellington Management Group LLP lifted its holdings in shares of First Solar by 75.8% in 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 acquiring an additional 904,498 shares during the last quarter. Demars Financial Group LLC boosted its stake 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 worth $127,379,000 after purchasing an additional 718,631 shares during the period. Mirova US LLC grew its holdings in First Solar by 961.0% during 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 last quarter. Finally, Amundi raised its position in First Solar by 31.0% in the 4th quarter. Amundi now owns 1,805,244 shares of the solar cell manufacturer's stock worth $336,871,000 after purchasing an additional 426,797 shares during the period. Hedge funds and other institutional investors own 92.08% of the company's stock.

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.