First Solar (NASDAQ:FSLR) Trading Down 3.7% - Here's Why

Shares of First Solar, Inc. (NASDAQ:FSLR - Get Free Report) dropped 3.7% during mid-day trading on Wednesday . The stock traded as low as $126.51 and last traded at $126.57. Approximately 1,069,351 shares traded hands during trading, a decline of 59% from the average daily volume of 2,580,322 shares. The stock had previously closed at $131.46.

Analyst Ratings Changes

Several research firms have recently commented on FSLR. Citigroup decreased their target price on First Solar from $254.00 to $236.00 and set a "neutral" rating on the stock in a research report on Wednesday, February 26th. Piper Sandler lowered their price objective on First Solar from $250.00 to $230.00 and set an "overweight" rating on the stock in a research report on Wednesday, February 26th. Wells Fargo & Company reduced their target price on shares of First Solar from $240.00 to $209.00 and set an "overweight" rating for the company in a research report on Wednesday, January 8th. Guggenheim lowered their price target on shares of First Solar from $335.00 to $304.00 and set a "buy" rating on the stock in a research report on Thursday, February 27th. Finally, StockNews.com raised shares of First Solar from a "sell" rating to a "hold" rating in a report on Thursday, January 2nd. Four 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 MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $262.08.

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First Solar Trading Up 0.6 %

The business's 50 day simple moving average is $150.28 and its two-hundred day simple moving average is $185.33. The stock has a market cap of $13.63 billion, a P/E ratio of 10.97, a PEG 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.

First Solar (NASDAQ:FSLR - Get Free Report) last announced its quarterly earnings results on Tuesday, February 25th. The solar cell manufacturer reported $3.65 EPS for the quarter, missing analysts' consensus estimates of $4.81 by ($1.16). First Solar had a net margin of 32.41% and a return on equity of 17.56%. The firm had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.48 billion. As a group, analysts expect that First Solar, Inc. will post 13.05 EPS for the current year.

Insider Buying and Selling

In related news, General Counsel Jason E. Dymbort sold 363 shares of the company's stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $133.75, for a total value of $48,551.25. Following the sale, the general counsel now directly owns 22,273 shares in the company, valued at $2,979,013.75. This represents a 1.60 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Georges Antoun sold 229 shares of the firm's stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $133.75, for a total transaction of $30,628.75. Following the transaction, the insider now owns 52,836 shares of the company's stock, valued at approximately $7,066,815. The trade was a 0.43 % decrease in their position. 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 90 days. 0.58% of the stock is owned by insiders.

Institutional Investors Weigh In On First Solar

A number of institutional investors have recently modified their holdings of FSLR. Larson Financial Group LLC boosted its position in First Solar by 214.0% during the third quarter. Larson Financial Group LLC now owns 157 shares of the solar cell manufacturer's stock valued at $39,000 after acquiring an additional 107 shares during the last quarter. Smartleaf Asset Management LLC boosted its position in shares of First Solar by 31.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 262 shares of the solar cell manufacturer's stock valued at $47,000 after purchasing an additional 63 shares in the last quarter. Crews Bank & Trust acquired a new stake in First Solar during the fourth quarter worth approximately $53,000. Hudson Edge Investment Partners Inc. acquired a new stake in First Solar during the fourth quarter worth approximately $53,000. Finally, Banque Transatlantique SA bought a new stake in First Solar in the fourth quarter worth approximately $53,000. 92.08% of the stock is owned by institutional investors.

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.