First Solar (NASDAQ:FSLR) Shares Gap Down After Earnings Miss

First Solar, Inc. (NASDAQ:FSLR)’s share price gapped down before the market opened on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $199.67, but opened at $187.63. First Solar shares last traded at $184.75, with a volume of 1,350,268 shares trading hands.

The solar cell manufacturer reported $2.91 EPS for the quarter, missing analysts’ consensus estimates of $3.10 by ($0.19). First Solar had a return on equity of 17.73% and a net margin of 31.98%. The firm had revenue of $887.70 million during the quarter, compared to analyst estimates of $1.07 billion. During the same quarter in the prior year, the firm earned $2.50 EPS. The business’s quarterly revenue was up 10.7% compared to the same quarter last year.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Clarkson Capital assumed coverage on shares of First Solar in a report on Wednesday, August 14th. They issued a “buy” rating and a $270.00 price objective on the stock. JPMorgan Chase & Co. boosted their price objective on shares of First Solar from $262.00 to $282.00 and gave the stock an “overweight” rating in a report on Tuesday, July 16th. William Blair began coverage on shares of First Solar in a research note on Thursday, August 29th. They issued a “market perform” rating on the stock. Barclays upped their target price on shares of First Solar from $280.00 to $290.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. Finally, DZ Bank upgraded shares of First Solar from a “hold” rating to a “buy” rating and set a $280.00 target price on the stock in a research note on Thursday, August 1st. Two research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $281.83.

Insiders Place Their Bets

In other First Solar news, insider Patrick James Buehler sold 8,619 shares of the company’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $222.00, for a total value of $1,913,418.00. Following the completion of the transaction, the insider now owns 3,468 shares in the company, valued at approximately $769,896. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CAO Byron Michael Jeffers sold 1,766 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $216.50, for a total value of $382,339.00. Following the completion of the sale, the chief accounting officer now directly owns 500 shares of the company’s stock, valued at approximately $108,250. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Patrick James Buehler sold 8,619 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The stock was 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 directly owns 3,468 shares of the company’s stock, valued at approximately $769,896. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 10,885 shares of company stock worth $2,405,757. Insiders own 0.58% of the company’s stock.

Institutional Trading of First Solar

Institutional investors have recently made changes to their positions in the stock. Western Financial Corp CA acquired a new stake in shares of First Solar in the 3rd quarter worth approximately $1,209,000. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of First Solar by 6.3% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 259,177 shares of the solar cell manufacturer’s stock worth $43,749,000 after acquiring an additional 15,430 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in First Solar by 20.3% during the first 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 purchasing an additional 20,465 shares during the last quarter. Harbour Capital Advisors LLC lifted its stake in First Solar by 224.0% during the third quarter. Harbour Capital Advisors LLC now owns 5,217 shares of the solar cell manufacturer’s stock valued at $1,301,000 after purchasing an additional 3,607 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in First Solar by 0.9% during the first 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 during the last quarter. 92.08% of the stock is owned by institutional investors and hedge funds.

First Solar Trading Down 1.1 %

The firm has a market capitalization of $21.14 billion, a price-to-earnings ratio of 20.70, a price-to-earnings-growth ratio of 0.34 and a beta of 1.44. The firm’s 50 day moving average is $222.68 and its 200 day moving average is $223.93. The company has a quick ratio of 1.65, a current ratio of 2.23 and a debt-to-equity ratio of 0.06.

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.