First Solar (NASDAQ:FSLR) Shares Down 0.6% - Here's What Happened

Shares of First Solar, Inc. (NASDAQ:FSLR - Get Free Report) dropped 0.6% on Wednesday . The stock traded as low as $129.22 and last traded at $130.43. Approximately 411,571 shares traded hands during trading, a decline of 84% from the average daily volume of 2,646,831 shares. The stock had previously closed at $131.23.

Analyst Ratings Changes

FSLR has been the topic of several recent research reports. Guggenheim lowered their price objective 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. UBS Group lowered their price objective on First Solar from $360.00 to $285.00 and set a "buy" rating on the stock in a research report on Wednesday, February 26th. Barclays lowered their price objective on First Solar from $273.00 to $236.00 and set an "overweight" rating on the stock in a research report on Friday, February 28th. StockNews.com upgraded First Solar from a "sell" rating to a "hold" rating in a research report on Thursday, January 2nd. Finally, Morgan Stanley decreased their price target on First Solar from $297.00 to $238.00 and set an "overweight" 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 assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $262.08.

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First Solar Stock Up 6.1 %

The stock has a 50 day moving average price of $167.08 and a 200 day moving average price of $194.60. The stock has a market capitalization of $14.90 billion, a price-to-earnings ratio of 11.98, 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.

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 forecast that First Solar, Inc. will post 13.05 EPS for the current year.

Insider Activity

In related news, insider Kuntal Kumar Verma sold 7,475 shares of First Solar stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $136.60, for a total value of $1,021,085.00. Following the transaction, the insider now directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Mark R. Widmar sold 21,542 shares of First Solar stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $141.09, for a total value 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 approximately $14,589,129.27. This 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

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Strengthening Families & Communities LLC acquired a new position in shares of First Solar in the third quarter worth approximately $25,000. Kennebec Savings Bank bought a new stake in First Solar in the third quarter worth approximately $29,000. Larson Financial Group LLC increased its holdings in First Solar by 214.0% in the third quarter. Larson Financial Group LLC now owns 157 shares of the solar cell manufacturer's stock worth $39,000 after purchasing an additional 107 shares in the last quarter. Smartleaf Asset Management LLC increased its holdings 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 worth $47,000 after purchasing an additional 63 shares in the last quarter. Finally, Crews Bank & Trust 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 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.