First Solar, Inc. (NASDAQ:FSLR – Get Free Report)’s stock price dropped 2.1% during trading on Tuesday after Robert W. Baird lowered their price target on the stock from $344.00 to $307.00. Robert W. Baird currently has an outperform rating on the stock. First Solar traded as low as $217.55 and last traded at $218.03. Approximately 848,042 shares changed hands during trading, a decline of 66% from the average daily volume of 2,486,547 shares. The stock had previously closed at $222.71.
A number of other research analysts have also weighed in on the company. Evercore ISI raised First Solar from an “in-line” rating to an “outperform” rating and set a $227.00 price target on the stock in a research note on Tuesday, April 23rd. Morgan Stanley increased their price target on First Solar from $248.00 to $331.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 4th. Oppenheimer increased their price target on First Solar from $271.00 to $325.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 12th. DZ Bank lowered First Solar from a “buy” rating to a “hold” rating and set a $270.00 price target on the stock. in a research note on Wednesday, May 29th. Finally, UBS Group increased their target price on First Solar from $270.00 to $350.00 and gave the stock a “buy” rating in a research report on Wednesday, May 29th. Five equities research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $266.04.
Insider Activity
In related news, insider Georges Antoun sold 2,400 shares of First Solar stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of $176.00, for a total value of $422,400.00. Following the completion of the transaction, the insider now directly owns 37,412 shares in the company, valued at $6,584,512. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other First Solar news, insider Georges Antoun sold 2,400 shares of the firm’s stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of $176.00, for a total value of $422,400.00. Following the transaction, the insider now owns 37,412 shares of the company’s stock, valued at $6,584,512. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Kuntal Kumar Verma sold 1,621 shares of the firm’s 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 completion of the transaction, the insider now directly owns 3,549 shares in the company, valued at approximately $922,740. The disclosure for this sale can be found here. Insiders sold 55,490 shares of company stock worth $13,301,803 over the last ninety days. Corporate insiders own 0.58% of the company’s stock.
Institutional Investors Weigh In On First Solar
Hedge funds have recently made changes to their positions in the business. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of First Solar by 4.0% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 548,058 shares of the solar cell manufacturer’s stock valued at $94,419,000 after buying an additional 20,946 shares during the last quarter. Assenagon Asset Management S.A. raised its holdings in shares of First Solar by 504.1% during the fourth quarter. Assenagon Asset Management S.A. now owns 399,650 shares of the solar cell manufacturer’s stock valued at $68,852,000 after buying an additional 333,496 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of First Solar by 2.4% during the third quarter. Vanguard Group Inc. now owns 12,040,031 shares of the solar cell manufacturer’s stock valued at $1,945,549,000 after buying an additional 279,424 shares during the last quarter. Northern Trust Corp raised its holdings in shares of First Solar by 1.7% during 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 buying an additional 16,756 shares during the last quarter. Finally, Bull Oak Capital LLC raised its holdings in First Solar by 304,592.2% during the fourth quarter. Bull Oak Capital LLC now owns 155,393 shares of the solar cell manufacturer’s stock worth $26,771,000 after purchasing an additional 155,342 shares in the last quarter. Institutional investors own 92.08% of the company’s stock.
First Solar Stock Performance
The stock has a market cap of $23.20 billion, a P/E ratio of 22.72, a PEG ratio of 0.30 and a beta of 1.44. The company has a fifty day moving average of $233.50 and a 200 day moving average of $185.95. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.41 and a quick ratio of 1.86.
First Solar (NASDAQ:FSLR – Get Free Report) last announced its earnings results on Wednesday, May 1st. The solar cell manufacturer reported $2.20 EPS for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $718.19 million. During the same quarter in the previous year, the company earned $0.40 earnings per share. The firm’s quarterly revenue was up 44.8% compared to the same quarter last year. On average, equities analysts predict that First Solar, Inc. will post 13.59 earnings per share for the current fiscal year.
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.