First Solar (NASDAQ:FSLR) Shares Down 2.1% on Analyst Downgrade

Shares of First Solar, Inc. (NASDAQ:FSLR) were down 2.1% during mid-day trading on Tuesday after Robert W. Baird lowered their price target on the stock from $344.00 to $307.00. Robert W. Baird currently has an outperform rating on the stock. First Solar traded as low as $217.55 and last traded at $218.03. Approximately 848,042 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 2,486,547 shares. The stock had previously closed at $222.71.

FSLR has been the topic of several other reports. Piper Sandler increased their price target on First Solar from $195.00 to $219.00 and gave the company an “overweight” rating in a report on Tuesday, May 21st. BMO Capital Markets lifted their target price on shares of First Solar from $224.00 to $311.00 and gave the company an “outperform” rating in a research note on Monday, June 10th. Evercore ISI upgraded First Solar from an “in-line” rating to an “outperform” rating and set a $227.00 price target for the company in a research note on Tuesday, April 23rd. DZ Bank lowered First Solar from a “buy” rating to a “hold” rating and set a $270.00 price objective for the company. in a research report on Wednesday, May 29th. Finally, Roth Mkm restated a “buy” rating and issued a $320.00 price target (up previously from $230.00) on shares of First Solar in a research report on Friday, May 31st. Five research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company’s stock. According to data from MarketBeat, First Solar has an average rating of “Moderate Buy” and a consensus target price of $267.12.

Insiders Place Their Bets

In other First Solar news, Director R Craig Kennedy sold 2,000 shares of the company’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $196.73, for a total transaction of $393,460.00. Following the completion of the sale, the director now owns 13,908 shares in the company, valued at $2,736,120.84. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other First Solar news, Director R Craig Kennedy sold 2,000 shares of First Solar stock in a transaction on Monday, May 6th. The shares were sold at an average price of $196.73, for a total value of $393,460.00. Following the transaction, the director now directly owns 13,908 shares of the company’s stock, valued at $2,736,120.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Kuntal Kumar Verma sold 1,621 shares of the stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $260.00, for a total value of $421,460.00. Following the completion of the sale, the insider now owns 3,549 shares of the company’s stock, valued at $922,740. The disclosure for this sale can be found here. In the last ninety days, insiders sold 51,153 shares of company stock worth $12,540,428. 0.58% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On First Solar

A number of large investors have recently made changes to their positions in FSLR. Dixon Mitchell Investment Counsel Inc. purchased a new stake in First Solar during the 1st quarter valued at about $25,000. University of Texas Texas AM Investment Managment Co. acquired a new position in First Solar in the 4th quarter worth approximately $27,000. Baystate Wealth Management LLC purchased a new position in First Solar during the 4th quarter worth approximately $29,000. Headinvest LLC acquired a new stake in First Solar during the 3rd quarter valued at approximately $30,000. Finally, Riverview Trust Co purchased a new stake in shares of First Solar in the 1st quarter valued at $32,000. 92.08% of the stock is owned by hedge funds and other institutional investors.

First Solar Price Performance

The company has a quick ratio of 1.86, a current ratio of 2.41 and a debt-to-equity ratio of 0.06. The stock’s 50 day moving average price is $235.30 and its two-hundred day moving average price is $186.60. The stock has a market cap of $24.74 billion, a price-to-earnings ratio of 24.23, a price-to-earnings-growth ratio of 0.30 and a beta of 1.44.

First Solar (NASDAQ:FSLR) last released its quarterly earnings data on Wednesday, May 1st. The solar cell manufacturer reported $2.20 earnings per share for the quarter, beating analysts’ consensus estimates of $1.90 by $0.30. The business had revenue of $794.10 million during the quarter, compared to analyst estimates of $718.19 million. First Solar had a return on equity of 16.24% and a net margin of 28.75%. The company’s revenue was up 44.8% on a year-over-year basis. During the same quarter last year, the business posted $0.40 EPS. Equities research analysts forecast that First Solar, Inc. will post 13.58 EPS for the current fiscal year.

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.