First Solar (NASDAQ:FSLR) Shares Gap Down to $261.33

First Solar, Inc. (NASDAQ:FSLR)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $261.33, but opened at $255.29. First Solar shares last traded at $254.81, with a volume of 307,423 shares traded.

Wall Street Analysts Forecast Growth

FSLR has been the subject of a number of research reports. Robert W. Baird upped their target price on shares of First Solar from $246.00 to $344.00 and gave the company an “outperform” rating in a report on Tuesday, June 11th. The Goldman Sachs Group increased their price target on shares of First Solar from $268.00 to $302.00 and gave the stock a “buy” rating in a report on Tuesday, June 4th. Wells Fargo & Company raised shares of First Solar from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $187.00 to $250.00 in a report on Friday, April 19th. Bank of America increased their price target on shares of First Solar from $187.00 to $194.00 and gave the stock a “buy” rating in a report on Wednesday, April 10th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $195.00 price target on shares of First Solar in a report on Wednesday, February 28th. Five investment analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $265.72.

First Solar Stock Performance

The stock’s 50-day moving average is $222.23 and its 200-day moving average is $180.16. The stock has a market cap of $28.08 billion, a price-to-earnings ratio of 27.50, a price-to-earnings-growth ratio of 0.34 and a beta of 1.48. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.41 and a quick ratio of 1.86.

First Solar (NASDAQ:FSLR) last posted its quarterly earnings results on Wednesday, May 1st. The solar cell manufacturer reported $2.20 earnings per share for the quarter, topping analysts’ consensus estimates of $1.90 by $0.30. The company had revenue of $794.10 million for the quarter, compared to the consensus estimate of $718.19 million. First Solar had a net margin of 28.75% and a return on equity of 16.24%. First Solar’s revenue was up 44.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.40 earnings per share. Analysts anticipate that First Solar, Inc. will post 13.6 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Alexander R. Bradley sold 16,051 shares of the firm’s stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $274.69, for a total value of $4,409,049.19. Following the transaction, the chief financial officer now owns 30,652 shares of the company’s stock, valued at approximately $8,419,797.88. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CFO Alexander R. Bradley sold 16,051 shares of the firm’s stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $274.69, for a total value of $4,409,049.19. Following the transaction, the chief financial officer now owns 30,652 shares of the company’s stock, valued at approximately $8,419,797.88. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Georges Antoun sold 2,400 shares of the firm’s stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $176.00, for a total transaction of $422,400.00. Following the transaction, the insider now directly owns 37,412 shares of the company’s stock, valued at $6,584,512. The disclosure for this sale can be found here. Insiders have sold a total of 56,269 shares of company stock valued at $13,287,671 over the last quarter. Company insiders own 0.58% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Dixon Mitchell Investment Counsel Inc. bought a new stake in First Solar in the 1st quarter valued at about $25,000. University of Texas Texas AM Investment Managment Co. bought a new stake in First Solar in the 4th quarter valued at about $27,000. Baystate Wealth Management LLC bought a new stake in First Solar in the 4th quarter valued at about $29,000. Headinvest LLC bought a new stake in First Solar in the 3rd quarter valued at about $30,000. Finally, Riverview Trust Co bought a new stake in First Solar in the 1st quarter valued at about $32,000. 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.