First Solar (NASDAQ:FSLR) Trading Down 2.7%

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

Analyst Upgrades and Downgrades

Several analysts have issued reports on FSLR shares. Susquehanna increased their target price on First Solar from $258.00 to $285.00 and gave the company a “positive” rating in a research report on Wednesday. Robert W. Baird lowered their price objective on First Solar from $344.00 to $307.00 and set an “outperform” rating for the company in a research report on Tuesday. Barclays raised their price objective on First Solar from $227.00 to $228.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 15th. Bank of America raised their price objective on First Solar from $187.00 to $194.00 and gave the stock a “buy” rating in a research report on Wednesday, April 10th. Finally, Morgan Stanley raised their price objective on First Solar from $248.00 to $331.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 4th. Five research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $267.12.

First Solar Price Performance

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

First Solar (NASDAQ:FSLR) last announced its quarterly earnings results on Wednesday, May 1st. The solar cell manufacturer reported $2.20 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $718.19 million. During the same quarter in the previous year, the business earned $0.40 EPS. First Solar’s revenue for the quarter was up 44.8% compared to the same quarter last year. Sell-side analysts expect that First Solar, Inc. will post 13.58 earnings per share for the current year.

Insider Activity at First Solar

In related news, Director R Craig Kennedy sold 2,000 shares of First Solar stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $196.73, for a total value of $393,460.00. Following the completion of the transaction, the director now owns 13,908 shares in the company, valued at approximately $2,736,120.84. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other First Solar news, Director R Craig Kennedy sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $196.73, for a total transaction 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 transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Kuntal Kumar Verma sold 1,621 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $260.00, for a total value of $421,460.00. Following the sale, the insider now owns 3,549 shares of the company’s stock, valued at $922,740. The disclosure for this sale can be found here. Insiders sold a total of 51,153 shares of company stock worth $12,540,428 in the last 90 days. Corporate insiders own 0.58% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of First Solar by 4.0% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 548,058 shares of the solar cell manufacturer’s stock worth $94,419,000 after purchasing an additional 20,946 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of First Solar by 504.1% during the 4th quarter. Assenagon Asset Management S.A. now owns 399,650 shares of the solar cell manufacturer’s stock worth $68,852,000 after purchasing an additional 333,496 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of First Solar by 2.4% during the 3rd quarter. Vanguard Group Inc. now owns 12,040,031 shares of the solar cell manufacturer’s stock worth $1,945,549,000 after purchasing an additional 279,424 shares during the last quarter. Northern Trust Corp lifted its holdings in First Solar by 1.7% in the fourth quarter. Northern Trust Corp now owns 1,020,527 shares of the solar cell manufacturer’s stock valued at $175,816,000 after acquiring an additional 16,756 shares during the last quarter. Finally, Bull Oak Capital LLC lifted its holdings in First Solar by 304,592.2% in the fourth quarter. Bull Oak Capital LLC now owns 155,393 shares of the solar cell manufacturer’s stock valued at $26,771,000 after acquiring an additional 155,342 shares during the last quarter. 92.08% of the stock is currently owned by institutional investors and hedge funds.

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.