First Solar Inc. (FSLR) Stock Price Down 9.6%
First Solar Inc. (NASDAQ:FSLR)’s share price traded down 9.6% during trading on Thursday . The stock traded as low as $44.33 and last traded at $44.40, with a volume of 7,227,343 shares changing hands. The stock had previously closed at $49.13.
A number of research firms have issued reports on FSLR. Deutsche Bank AG reissued a “buy” rating on shares of First Solar in a research report on Saturday, April 2nd. Roth Capital reduced their price target on shares of First Solar from $80.00 to $70.00 and set a “buy” rating for the company in a research report on Thursday, April 28th. Janney Montgomery Scott lowered shares of First Solar to a “buy” rating and raised their price target for the stock from $86.00 to $89.00 in a research report on Thursday, April 28th. Standpoint Research raised shares of First Solar from a “hold” rating to a “buy” rating in a research report on Friday, April 29th. Finally, Barclays PLC reissued a “buy” rating on shares of First Solar in a research report on Saturday, April 30th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and fourteen have given a buy rating to the company’s stock. First Solar has a consensus rating of “Buy” and a consensus price target of $68.55.
The firm’s 50-day moving average is $48.76 and its 200-day moving average is $60.10. The stock has a market capitalization of $4.53 billion and a P/E ratio of 5.83.
First Solar (NASDAQ:FSLR) last posted its earnings results on Wednesday, April 27th. The solar cell manufacturer reported $1.66 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.93 by $0.73. The firm earned $848 million during the quarter, compared to analyst estimates of $962.87 million. During the same period last year, the company posted ($0.62) EPS. The firm’s revenue for the quarter was up 80.7% on a year-over-year basis. On average, analysts anticipate that First Solar Inc. will post $4.31 earnings per share for the current year.
In other First Solar news, CTO Raffi Garabedian sold 2,467 shares of the company’s stock in a transaction on Wednesday, April 13th. The stock was sold at an average price of $61.25, for a total value of $151,103.75. Following the sale, the chief technology officer now owns 2,007 shares of the company’s stock, valued at $122,928.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO James Alton Hughes sold 12,884 shares of the company’s stock in a transaction on Monday, May 2nd. The shares were sold at an average price of $55.43, for a total value of $714,160.12. Following the completion of the sale, the chief executive officer now directly owns 25,587 shares in the company, valued at approximately $1,418,287.41. The disclosure for this sale can be found here.
Several hedge funds recently bought and sold shares of FSLR. Trexquant Investment LP bought a new stake in First Solar during the fourth quarter worth approximately $3,638,000. Adams Natural Resources Fund Inc. bought a new stake in First Solar during the fourth quarter worth approximately $4,738,000. SFE Investment Counsel raised its stake in First Solar by 1.5% in the fourth quarter. SFE Investment Counsel now owns 27,430 shares of the solar cell manufacturer’s stock worth $1,810,000 after buying an additional 395 shares during the last quarter. Principal Financial Group Inc. raised its stake in First Solar by 10.7% in the fourth quarter. Principal Financial Group Inc. now owns 120,846 shares of the solar cell manufacturer’s stock worth $7,974,000 after buying an additional 11,657 shares during the last quarter. Finally, Bank of Montreal Can raised its stake in First Solar by 150.2% in the fourth quarter. Bank of Montreal Can now owns 326,266 shares of the solar cell manufacturer’s stock worth $21,530,000 after buying an additional 195,849 shares during the last quarter.
First Solar, Inc is a provider of photovoltaic (PV) solar energy solutions. The Company designs, manufactures and sells PV solar modules with thin-film semiconductor technology, and also develops, designs, constructs and sells PV solar power solutions. The Company operates through two segments: components and systems.