Traders Purchase Large Volume of Put Options on First Solar (NASDAQ:FSLR)

First Solar, Inc. (NASDAQ:FSLR) was the target of unusually large options trading on Monday. Investors purchased 38,523 put options on the stock. This is an increase of 45% compared to the typical daily volume of 26,537 put options.

First Solar Stock Down 2.1%

Shares of FSLR stock traded down $3.66 on Monday, hitting $168.33. The stock had a trading volume of 1,510,006 shares, compared to its average volume of 2,347,158. The business has a 50 day moving average price of $192.86 and a 200 day moving average price of $218.37. The company has a market cap of $18.09 billion, a PE ratio of 10.38, a P/E/G ratio of 0.47 and a beta of 1.80. First Solar has a one year low of $165.86 and a one year high of $320.95.

First Solar (NASDAQ:FSLR) last announced its earnings results on Thursday, July 30th. The solar cell manufacturer reported $3.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.90 by $1.02. First Solar had a return on equity of 18.02% and a net margin of 32.47%. The business had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.06 billion. During the same quarter last year, the firm earned $3.18 EPS. The business’s revenue for the quarter was down 3.4% on a year-over-year basis. Equities research analysts expect that First Solar will post 17.63 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have commented on FSLR. Raymond James Financial started coverage on shares of First Solar in a research note on Thursday, August 27th. They issued a “market perform” rating on the stock. Wells Fargo & Company lifted their target price on First Solar from $300.00 to $313.00 and gave the stock an “overweight” rating in a report on Friday, August 7th. Deutsche Bank Aktiengesellschaft downgraded First Solar from a “buy” rating to a “hold” rating in a research report on Thursday, August 27th. Susquehanna increased their price target on First Solar from $250.00 to $270.00 and gave the company a “positive” rating in a research note on Friday, July 10th. Finally, Glj Research decreased their price objective on First Solar from $315.00 to $250.00 and set a “buy” rating on the stock in a report on Tuesday, September 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, First Solar has an average rating of “Moderate Buy” and an average price target of $265.73.

Insider Transactions at First Solar

In related news, General Counsel Jason Dymbort sold 3,700 shares of the business’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $249.38, for a total transaction of $922,706.00. Following the completion of the sale, the general counsel directly owned 5,624 shares in the company, valued at approximately $1,402,513.12. The trade was a 39.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Markus Gloeckler sold 800 shares of the company’s stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $174.00, for a total value of $139,200.00. Following the completion of the sale, the chief technology officer owned 5,042 shares of the company’s stock, valued at $877,308. This trade represents a 13.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 16,681 shares of company stock valued at $3,756,286. 0.39% of the stock is owned by company insiders.

Institutional Investors Weigh In On First Solar

A number of institutional investors and hedge funds have recently modified their holdings of the company. Clearstead Trust LLC acquired a new stake in First Solar during the 2nd quarter valued at approximately $34,000. Vega Investment Solutions acquired a new position in First Solar in the second quarter valued at approximately $40,000. Toth Financial Advisory Corp acquired a new position in First Solar in the third quarter valued at approximately $32,000. Rakuten Securities Inc. acquired a new position in First Solar in the second quarter valued at approximately $44,000. Finally, Allied Private Wealth LLC purchased a new stake in First Solar in the 2nd quarter worth approximately $45,000. Institutional investors and hedge funds own 92.08% of the company’s stock.

About First Solar

First Solar, Inc is a vertically integrated solar technology and manufacturing company that designs, manufactures and sells photovoltaic (PV) solar modules. Its modules use advanced thin-film semiconductor technology based on cadmium telluride (CdTe), rather than the crystalline-silicon technology used by most solar manufacturers. The company serves utility-scale solar developers, commercial and industrial customers, and other large-scale energy users.

Founded in 1999 and headquartered in Tempe, Arizona, First Solar operates research and development, manufacturing and recycling facilities in the United States and internationally.