First Solar (NASDAQ:FSLR) Stock Falls 4.8% on Analyst Downgrade

First Solar, Inc. (NASDAQ:FSLR)’s share price was down 4.8% on Monday after Piper Sandler lowered their price target on the stock from $251.00 to $222.00. Piper Sandler currently has an overweight rating on the stock. First Solar traded as low as $189.33 and last traded at $191.4640. 974,635 shares were traded during mid-day trading, a decline of 60% from the average session volume of 2,413,429 shares. The stock had previously closed at $201.14.

A number of other research analysts also recently commented on FSLR. Morgan Stanley dropped their price objective on First Solar from $326.00 to $307.00 and set an “overweight” rating on the stock in a report on Friday, October 30th. Glj Research cut First Solar from a “buy” rating to a “hold” rating and set a $161.00 target price for the company. in a research note on Friday, October 30th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $255.00 price target on shares of First Solar in a report on Friday, October 30th. Roth Capital reaffirmed a “buy” rating and issued a $300.00 price target on shares of First Solar in a report on Friday, July 24th. Finally, Oppenheimer reiterated a “market perform” rating on shares of First Solar in a research note on Friday, October 30th. Three analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, First Solar currently has an average rating of “Moderate Buy” and a consensus target price of $256.38.

Insider Buying and Selling at First Solar

In other First Solar news, CTO Markus Gloeckler sold 800 shares of the firm’s stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $174.00, for a total transaction of $139,200.00. Following the transaction, the chief technology officer owned 5,042 shares of the company’s stock, valued at approximately $877,308. This trade represents a 13.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Jason Dymbort sold 3,700 shares of First Solar stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $249.38, for a total value of $922,706.00. Following the sale, the general counsel owned 5,624 shares in the company, valued at $1,402,513.12. This trade represents a 39.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 5,427 shares of company stock worth $1,250,221 over the last 90 days. Corporate insiders own 0.39% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Phoenix Financial Ltd. grew its position in shares of First Solar by 95.8% during the third quarter. Phoenix Financial Ltd. now owns 4,585 shares of the solar cell manufacturer’s stock worth $804,000 after acquiring an additional 2,243 shares during the last quarter. Danica Pension Livsforsikringsaktieselskab purchased a new position in First Solar during the 3rd quarter worth $1,487,000. Danske Bank A S grew its position in First Solar by 3.2% during the 3rd quarter. Danske Bank A S now owns 95,559 shares of the solar cell manufacturer’s stock worth $16,738,000 after purchasing an additional 2,987 shares during the last quarter. Aberdeen Group plc grew its position in First Solar by 2.8% during the 3rd quarter. Aberdeen Group plc now owns 151,911 shares of the solar cell manufacturer’s stock worth $26,609,000 after purchasing an additional 4,180 shares during the last quarter. Finally, Moors & Cabot Inc. increased its stake in First Solar by 25.0% in the third quarter. Moors & Cabot Inc. now owns 1,623 shares of the solar cell manufacturer’s stock valued at $284,000 after purchasing an additional 325 shares during the period. Institutional investors and hedge funds own 92.08% of the company’s stock.

First Solar Price Performance

The business’s 50 day simple moving average is $186.99 and its 200 day simple moving average is $214.96. The company has a market capitalization of $20.68 billion, a price-to-earnings ratio of 11.10, a price-to-earnings-growth ratio of 0.55 and a beta of 1.73.

First Solar (NASDAQ:FSLR) last announced its earnings results on Thursday, October 29th. The solar cell manufacturer reported $5.30 earnings per share for the quarter, topping the consensus estimate of $4.67 by $0.63. First Solar had a net margin of 37.12% and a return on equity of 18.33%. The business had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.29 billion. During the same quarter in the prior year, the firm earned $4.24 earnings per share. The business’s quarterly revenue was down 22.8% compared to the same quarter last year. As a group, analysts expect that First Solar, Inc. will post 17.66 EPS for the current fiscal year.

About First Solar

First Solar, Inc is a U.S.-based solar technology company that designs and manufactures photovoltaic modules for utility-scale solar power projects. Its products use thin-film cadmium telluride (CdTe) technology, an alternative to the crystalline-silicon cells commonly used in solar panels.

Founded in 1999, the company also provides services related to its modules, including recycling designed to recover and reuse materials at the end of a product’s useful life. First Solar serves customers in markets across the Americas, Europe, and Asia-Pacific.

The company is headquartered in Tempe, Arizona.