First Solar (NASDAQ:FSLR) Trading Down 2.7%

First Solar, Inc. (NASDAQ:FSLR)’s share price was down 2.7% during mid-day trading on Friday . The company traded as low as $220.80 and last traded at $224.87. Approximately 1,031,247 shares were traded during mid-day trading, a decline of 59% from the average daily volume of 2,504,224 shares. The stock had previously closed at $231.11.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on FSLR shares. The Goldman Sachs Group lifted their target price on First Solar from $268.00 to $302.00 and gave the company a “buy” rating in a research report on Tuesday, June 4th. Oppenheimer lifted their target price on First Solar from $271.00 to $325.00 and gave the company an “outperform” rating in a research report on Wednesday, June 12th. Bank of America lifted their target price on First Solar from $187.00 to $194.00 and gave the company a “buy” rating in a research report on Wednesday, April 10th. Janney Montgomery Scott cut First Solar from a “buy” rating to a “neutral” rating in a report on Tuesday, June 18th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on First Solar from $215.00 to $280.00 and gave the stock a “buy” rating in a report on Friday, June 28th. Five investment analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $267.12.

First Solar Price Performance

The company has a current ratio of 2.41, a quick ratio of 1.86 and a debt-to-equity ratio of 0.06. The business has a 50-day moving average price of $236.43 and a 200 day moving average price of $186.91. The stock has a market cap of $23.75 billion, a PE ratio of 23.57, a PEG ratio of 0.30 and a beta of 1.44.

First Solar (NASDAQ:FSLR) last issued its quarterly earnings results on Wednesday, May 1st. The solar cell manufacturer reported $2.20 EPS for the quarter, beating analysts’ consensus estimates of $1.90 by $0.30. First Solar had a return on equity of 16.24% and a net margin of 28.75%. The firm had revenue of $794.10 million for the quarter, compared to analysts’ expectations of $718.19 million. During the same quarter in the prior year, the firm earned $0.40 EPS. The business’s revenue for the quarter was up 44.8% compared to the same quarter last year. As a group, research analysts forecast that First Solar, Inc. will post 13.58 earnings per share for the current fiscal year.

Insider Activity

In related news, Director R Craig Kennedy sold 2,000 shares of the stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $196.73, for a total transaction of $393,460.00. Following the sale, the director now owns 13,908 shares of the company’s stock, valued at approximately $2,736,120.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Kuntal Kumar Verma sold 1,621 shares of the stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $260.00, for a total transaction of $421,460.00. Following the sale, the insider now owns 3,549 shares of the company’s stock, valued at approximately $922,740. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director R Craig Kennedy sold 2,000 shares of the firm’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $196.73, for a total value of $393,460.00. Following the completion of the sale, the director now directly owns 13,908 shares in the company, valued at approximately $2,736,120.84. The disclosure for this sale can be found here. Insiders have sold 51,153 shares of company stock valued at $12,540,428 in the last 90 days. Insiders own 0.58% of the company’s stock.

Institutional Trading of First Solar

Several institutional investors and hedge funds have recently modified their holdings of the business. Massmutual Trust Co. FSB ADV raised its holdings in shares of First Solar by 24.9% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 311 shares of the solar cell manufacturer’s stock valued at $70,000 after acquiring an additional 62 shares in the last quarter. First Hawaiian Bank purchased a new stake in shares of First Solar in the 2nd quarter valued at about $537,000. GAMMA Investing LLC increased its position in shares of First Solar by 54.9% during the 2nd quarter. GAMMA Investing LLC now owns 1,698 shares of the solar cell manufacturer’s stock valued at $383,000 after purchasing an additional 602 shares during the last quarter. Cambridge Trust Co. increased its position in shares of First Solar by 1.6% during the 1st quarter. Cambridge Trust Co. now owns 3,232 shares of the solar cell manufacturer’s stock valued at $546,000 after purchasing an additional 50 shares during the last quarter. Finally, Clean Yield Group increased its position in shares of First Solar by 35.6% during the 1st quarter. Clean Yield Group now owns 27,034 shares of the solar cell manufacturer’s stock valued at $4,563,000 after purchasing an additional 7,104 shares during the last quarter. Hedge funds and other institutional investors 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.