First Solar (NASDAQ:FSLR) Shares Gap Down After Analyst Downgrade

Shares of First Solar, Inc. (NASDAQ:FSLR) gapped down prior to trading on Thursday after Jefferies Financial Group lowered their price target on the stock from $271.00 to $266.00. The stock had previously closed at $226.05, but opened at $220.00. Jefferies Financial Group currently has a buy rating on the stock. First Solar shares last traded at $212.37, with a volume of 401,646 shares changing hands.

Several other equities research analysts also recently weighed in on the stock. Susquehanna lifted their price target on shares of First Solar from $258.00 to $285.00 and gave the company a “positive” rating in a research note on Wednesday, July 3rd. JPMorgan Chase & Co. lifted their price target on shares of First Solar from $262.00 to $282.00 and gave the company an “overweight” rating in a research note on Tuesday, July 16th. Oppenheimer boosted their target price on shares of First Solar from $325.00 to $326.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 31st. Clarkson Capital started coverage on shares of First Solar in a research report on Wednesday, August 14th. They set a “buy” rating and a $270.00 target price for the company. Finally, Barclays upped their price objective on shares of First Solar from $280.00 to $290.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. Four research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $285.44.

Insider Transactions at First Solar

In related news, CAO Byron Michael Jeffers sold 1,766 shares of the stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $216.50, for a total transaction of $382,339.00. Following the transaction, the chief accounting officer now owns 500 shares of the company’s stock, valued at approximately $108,250. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other First Solar news, insider Patrick James Buehler sold 8,619 shares of the stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $222.00, for a total transaction of $1,913,418.00. Following the completion of the sale, the insider now owns 3,468 shares of the company’s stock, valued at $769,896. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Byron Michael Jeffers sold 1,766 shares of the stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $216.50, for a total transaction of $382,339.00. Following the sale, the chief accounting officer now directly owns 500 shares of the company’s stock, valued at $108,250. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 10,885 shares of company stock valued at $2,405,757 in the last quarter. Insiders own 0.58% of the company’s stock.

Institutional Investors Weigh In On First Solar

Several institutional investors and hedge funds have recently modified their holdings of FSLR. Sumitomo Mitsui Trust Holdings Inc. lifted its position in First Solar by 6.3% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 259,177 shares of the solar cell manufacturer’s stock valued at $43,749,000 after acquiring an additional 15,430 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in First Solar by 20.3% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 121,055 shares of the solar cell manufacturer’s stock valued at $20,434,000 after acquiring an additional 20,465 shares during the period. Legend Financial Advisors Inc. bought a new stake in First Solar during the 1st quarter valued at about $759,000. Burford Brothers Inc. bought a new stake in First Solar during the 4th quarter valued at about $3,539,000. Finally, Vanguard Group Inc. increased its stake in First Solar by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 12,257,053 shares of the solar cell manufacturer’s stock valued at $2,068,991,000 after purchasing an additional 105,236 shares in the last quarter. 92.08% of the stock is owned by hedge funds and other institutional investors.

First Solar Stock Performance

The firm has a market capitalization of $22.73 billion, a P/E ratio of 22.26, a price-to-earnings-growth ratio of 0.42 and a beta of 1.44. The company has a current ratio of 2.23, a quick ratio of 1.65 and a debt-to-equity ratio of 0.06. The business’s 50 day simple moving average is $227.86 and its two-hundred day simple moving average is $220.82.

First Solar (NASDAQ:FSLR) last released its quarterly earnings data on Tuesday, July 30th. The solar cell manufacturer reported $3.25 earnings per share for the quarter, beating analysts’ consensus estimates of $2.69 by $0.56. The business had revenue of $1.01 billion during the quarter, compared to analyst estimates of $939.71 million. First Solar had a net margin of 31.98% and a return on equity of 17.73%. First Solar’s revenue was up 24.6% compared to the same quarter last year. During the same period last year, the business earned $1.85 EPS. Sell-side analysts anticipate that First Solar, Inc. will post 13.62 EPS for the current fiscal year.

About First Solar

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.