First Solar (NASDAQ:FSLR) Shares Gap Down – Here’s What Happened

First Solar, Inc. (NASDAQ:FSLR)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $175.25, but opened at $137.95. First Solar shares last traded at $143.73, with a volume of 5,211,832 shares.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Piper Sandler decreased their price objective on shares of First Solar from $230.00 to $205.00 and set an “overweight” rating for the company in a research note on Monday, April 21st. Wolfe Research raised First Solar from a “peer perform” rating to an “outperform” rating and set a $221.00 price objective on the stock in a research report on Tuesday, May 13th. Roth Mkm reissued a “buy” rating and issued a $280.00 price objective on shares of First Solar in a research report on Wednesday, February 26th. Susquehanna dropped their price target on First Solar from $223.00 to $217.00 and set a “positive” rating on the stock in a research report on Monday, April 14th. Finally, KeyCorp downgraded First Solar from a “sector weight” rating to an “underweight” rating and set a $100.00 price target on the stock. in a report on Wednesday, April 30th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, twenty-five have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $229.19.

First Solar Trading Down 0.2%

The company has a market capitalization of $15.41 billion, a PE ratio of 12.22, a PEG ratio of 0.29 and a beta of 1.53. The company has a fifty day simple moving average of $149.44 and a 200-day simple moving average of $158.09. The company has a current ratio of 1.93, a quick ratio of 1.39 and a debt-to-equity ratio of 0.04.

First Solar (NASDAQ:FSLR) last announced its quarterly earnings data 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). First Solar had a net margin of 29.72% and a return on equity of 16.32%. The firm had revenue of $844.57 million during the quarter, compared to analysts’ expectations of $863.11 million. During the same period in the prior year, the company posted $2.20 EPS. The company’s revenue for the quarter was up 6.4% compared to the same quarter last year. Analysts predict that First Solar, Inc. will post 13.05 EPS for the current year.

Insider Buying and Selling at First Solar

In other First Solar news, insider Patrick James Buehler sold 1,868 shares of the company’s stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $149.08, for a total transaction of $278,481.44. Following the transaction, the insider now directly owns 5,998 shares in the company, valued at $894,181.84. This represents a 23.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Michael Koralewski sold 2,951 shares of the stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $158.21, for a total transaction of $466,877.71. Following the completion of the sale, the insider now directly owns 11,369 shares in the company, valued at approximately $1,798,689.49. This represents a 20.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 14,376 shares of company stock worth $2,227,172 over the last quarter. 0.48% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Garde Capital Inc. purchased a new position in First Solar in the 1st quarter valued at approximately $25,000. Wealth Preservation Advisors LLC purchased a new position in First Solar during the first quarter worth $25,000. Colonial Trust Advisors acquired a new position in shares of First Solar in the first quarter worth $32,000. Larson Financial Group LLC lifted its position in shares of First Solar by 591.9% in the first quarter. Larson Financial Group LLC now owns 256 shares of the solar cell manufacturer’s stock valued at $32,000 after acquiring an additional 219 shares in the last quarter. Finally, Smartleaf Asset Management LLC boosted its stake in shares of First Solar by 31.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 262 shares of the solar cell manufacturer’s stock valued at $47,000 after acquiring an additional 63 shares during the last quarter. Institutional investors and hedge funds own 92.08% of the company’s stock.

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.