First Solar (NASDAQ:FSLR) Shares Gap Down – Here’s What Happened

First Solar, Inc. (NASDAQ:FSLR) shares gapped down before the market opened on Thursday . The stock had previously closed at $249.41, but opened at $230.22. First Solar shares last traded at $215.5810, with a volume of 2,157,074 shares.

Wall Street Analyst Weigh In

FSLR has been the topic of a number of recent analyst reports. Citigroup increased their price target on shares of First Solar from $198.00 to $300.00 and gave the stock a “buy” rating in a report on Tuesday, October 14th. Wolfe Research upped their target price on shares of First Solar from $232.00 to $247.00 in a report on Friday, October 31st. TD Cowen raised their price target on shares of First Solar from $260.00 to $320.00 and gave the company a “buy” rating in a report on Friday, January 9th. Weiss Ratings restated a “hold (c+)” rating on shares of First Solar in a research report on Monday, December 29th. Finally, Glj Research upped their price target on shares of First Solar from $214.06 to $314.43 and gave the stock a “buy” rating in a report on Tuesday, November 4th. One analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $275.94.

First Solar Price Performance

The stock has a market capitalization of $24.20 billion, a PE ratio of 17.32, a PEG ratio of 0.29 and a beta of 1.60. The company has a current ratio of 1.91, a quick ratio of 1.55 and a debt-to-equity ratio of 0.03. The business has a fifty day moving average price of $255.74 and a 200-day moving average price of $229.47.

First Solar (NASDAQ:FSLR) last released its earnings results on Thursday, October 30th. The solar cell manufacturer reported $4.24 earnings per share for the quarter, missing analysts’ consensus estimates of $4.32 by ($0.08). First Solar had a return on equity of 16.61% and a net margin of 27.73%.The firm had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.56 billion. During the same quarter in the previous year, the firm earned $2.91 EPS. The business’s quarterly revenue was up 79.7% compared to the same quarter last year. Research analysts expect that First Solar, Inc. will post 13.05 EPS for the current fiscal year.

Insider Activity

In related news, Director Paul H. Stebbins sold 7,000 shares of the stock in a transaction on Friday, November 7th. The shares were sold at an average price of $262.40, for a total transaction of $1,836,800.00. Following the transaction, the director owned 15,287 shares of the company’s stock, valued at approximately $4,011,308.80. This trade represents a 31.41% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Georges Antoun sold 37,412 shares of First Solar stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $265.01, for a total transaction of $9,914,554.12. Following the completion of the transaction, the insider owned 15,424 shares in the company, valued at approximately $4,087,514.24. The trade was a 70.81% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 48,912 shares of company stock valued at $12,971,349. Corporate insiders own 0.48% of the company’s stock.

Hedge Funds Weigh In On First Solar

Institutional investors and hedge funds have recently bought and sold shares of the stock. SFE Investment Counsel lifted its position in First Solar by 9.1% during the 2nd quarter. SFE Investment Counsel now owns 69,810 shares of the solar cell manufacturer’s stock valued at $11,556,000 after acquiring an additional 5,852 shares during the period. Joule Financial LLC bought a new position in shares of First Solar during the third quarter valued at approximately $950,000. Atlantic Union Bankshares Corp purchased a new position in shares of First Solar during the second quarter valued at approximately $1,323,000. State Street Corp boosted its position in shares of First Solar by 2.1% in the 2nd quarter. State Street Corp now owns 5,326,082 shares of the solar cell manufacturer’s stock worth $881,680,000 after purchasing an additional 111,927 shares in the last quarter. Finally, Greenup Street Wealth Management LLC bought a new stake in shares of First Solar in the 3rd quarter worth approximately $2,147,000. 92.08% of the stock is currently owned by institutional investors.

About First Solar

First Solar, Inc (NASDAQ: FSLR) is a United States–based solar technology company best known for designing and manufacturing thin‑film photovoltaic (PV) modules that use cadmium telluride (CdTe) semiconductor technology. The company supplies PV modules and delivers integrated solar power solutions for utility‑scale projects, positioning itself as a provider of both components and complete solar energy systems rather than solely a parts supplier. First Solar was founded in 1999 and is headquartered in Tempe, Arizona.

Beyond module manufacturing, First Solar offers a range of project services including development support, engineering, procurement and construction (EPC) services, and operations and maintenance (O&M) for large-scale solar installations.