First Solar (NASDAQ:FSLR) Stock Price Down 2.9% - Here's Why

Shares of First Solar, Inc. (NASDAQ:FSLR - Get Free Report) dropped 2.9% during trading on Monday . The stock traded as low as $120.60 and last traded at $123.63. Approximately 1,031,497 shares changed hands during mid-day trading, a decline of 61% from the average daily volume of 2,637,038 shares. The stock had previously closed at $127.32.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on FSLR shares. Barclays cut their target price on shares of First Solar from $273.00 to $236.00 and set an "overweight" rating for the company in a research note on Friday, February 28th. Seaport Res Ptn raised First Solar from a "hold" rating to a "strong-buy" rating in a report on Wednesday, January 15th. Mizuho upgraded First Solar from a "neutral" rating to an "outperform" rating and boosted their target price for the stock from $218.00 to $259.00 in a research report on Tuesday, February 11th. Redburn Atlantic initiated coverage on First Solar in a report on Monday, March 3rd. They set a "neutral" rating for the company. Finally, JPMorgan Chase & Co. decreased their price objective on First Solar from $282.00 to $268.00 and set an "overweight" rating on the stock in a report on Wednesday, February 26th. Four investment analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, First Solar has an average rating of "Moderate Buy" and an average price target of $260.42.

First Solar Stock Performance

The firm has a market cap of $14.59 billion, a PE ratio of 11.73, a price-to-earnings-growth ratio of 0.19 and a beta of 1.52. The company has a quick ratio of 1.44, a current ratio of 2.14 and a debt-to-equity ratio of 0.05. The business has a 50 day simple moving average of $146.99 and a two-hundred day simple moving average of $182.93.

First Solar (NASDAQ:FSLR - Get Free Report) last announced 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). The company had revenue of $1.51 billion for 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 research analysts forecast that First Solar, Inc. will post 13.05 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Mark R. Widmar sold 21,542 shares of the stock in a transaction on 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 transaction, the chief executive officer now owns 103,403 shares of the company's stock, valued at approximately $14,589,129.27. This represents a 17.24 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Kuntal Kumar Verma sold 7,475 shares of First Solar stock in a transaction dated 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 sale, the insider now owns 3,549 shares of the company's stock, valued at $484,793.40. The trade was a 67.81 % 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 quarter. 0.58% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On First Solar

Hedge funds and other institutional investors have recently modified their holdings of the business. Wealth Enhancement Advisory Services LLC lifted its holdings in First Solar by 3.8% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 6,134 shares of the solar cell manufacturer's stock worth $1,081,000 after buying an additional 222 shares during the period. Lighthouse Financial LLC purchased a new stake in shares of First Solar during the 4th quarter worth $363,000. Siemens Fonds Invest GmbH boosted its position in First Solar by 147.9% during the fourth quarter. Siemens Fonds Invest GmbH now owns 2,749 shares of the solar cell manufacturer's stock valued at $484,000 after purchasing an additional 1,640 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in First Solar in the fourth quarter valued at about $43,442,000. Finally, Mackenzie Financial Corp raised its holdings in First Solar by 4.7% in the fourth quarter. Mackenzie Financial Corp now owns 16,276 shares of the solar cell manufacturer's stock worth $2,868,000 after purchasing an additional 738 shares in the last quarter. 92.08% of the stock is currently owned by institutional investors.

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.