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

First Solar, Inc. (NASDAQ:FSLR) 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.

Analysts Set New Price Targets

Several analysts recently weighed in on FSLR shares. Evercore ISI raised their target price on shares of First Solar from $240.90 to $241.00 in a report on Friday, October 31st. Morgan Stanley set a $275.00 price objective on shares of First Solar in a research report on Friday, October 31st. Daiwa Capital Markets lifted their price objective on shares of First Solar from $215.00 to $284.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 9th. Needham & Company LLC assumed coverage on shares of First Solar in a research note on Wednesday, October 22nd. They set a “buy” rating and a $286.00 target price for the company. Finally, DZ Bank cut First Solar from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 31st. One analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and nine have assigned a Hold rating to the company’s stock. According to MarketBeat, First Solar has an average rating of “Moderate Buy” and a consensus target price of $275.94.

First Solar Stock Performance

The company has a debt-to-equity ratio of 0.03, a current ratio of 1.91 and a quick ratio of 1.55. The company has a market cap of $23.75 billion, a PE ratio of 17.07, a PEG ratio of 0.30 and a beta of 1.60. The stock has a 50 day simple moving average of $256.66 and a two-hundred day simple moving average of $229.06.

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

Insider Buying and Selling

In related news, insider Georges Antoun sold 37,412 shares of the firm’s stock in a transaction dated Tuesday, November 4th. The shares were sold at an average price of $265.01, for a total value of $9,914,554.12. Following the completion of the sale, the insider owned 15,424 shares in the company, valued at $4,087,514.24. This trade represents a 70.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Michael T. Sweeney sold 4,500 shares of the business’s stock in a transaction that occurred on Thursday, November 6th. The stock was sold at an average price of $271.11, for a total value of $1,219,995.00. Following the transaction, the director owned 13,662 shares in the company, valued at $3,703,904.82. The trade was a 24.78% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 48,912 shares of company stock valued at $12,971,349 over the last three months. 0.48% of the stock is currently owned by company insiders.

Institutional Trading of First Solar

Institutional investors have recently modified their holdings of the business. Linden Thomas Advisory Services LLC lifted its position in shares of First Solar by 1.7% during the 3rd quarter. Linden Thomas Advisory Services LLC now owns 2,287 shares of the solar cell manufacturer’s stock worth $504,000 after buying an additional 39 shares during the last quarter. Apollon Wealth Management LLC raised its stake in First Solar by 1.2% during the fourth quarter. Apollon Wealth Management LLC now owns 3,606 shares of the solar cell manufacturer’s stock worth $942,000 after acquiring an additional 44 shares in the last quarter. Signaturefd LLC lifted its holdings in shares of First Solar by 2.6% in the third quarter. Signaturefd LLC now owns 1,879 shares of the solar cell manufacturer’s stock worth $414,000 after acquiring an additional 47 shares during the last quarter. Figure 8 Investment Strategies LLC boosted its stake in shares of First Solar by 0.6% in the 3rd quarter. Figure 8 Investment Strategies LLC now owns 8,116 shares of the solar cell manufacturer’s stock valued at $1,790,000 after purchasing an additional 48 shares in the last quarter. Finally, Cromwell Holdings LLC grew its holdings in shares of First Solar by 15.8% during the 4th quarter. Cromwell Holdings LLC now owns 367 shares of the solar cell manufacturer’s stock valued at $96,000 after purchasing an additional 50 shares during the last quarter. 92.08% of the stock is currently owned by hedge funds and other institutional investors.

First Solar Company Profile

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.