First Solar (NASDAQ:FSLR) Shares Gap Down Following Weak Earnings

First Solar, Inc. (NASDAQ:FSLR - Get Free Report) gapped down before the market opened on Wednesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $137.24, but opened at $120.76. First Solar shares last traded at $124.06, with a volume of 4,131,255 shares traded.

The solar cell manufacturer reported $1.95 earnings per share for the quarter, missing the consensus estimate of $2.50 by ($0.55). The business had revenue of $844.57 million for the quarter, compared to the consensus estimate of $863.11 million. First Solar had a net margin of 32.41% and a return on equity of 17.56%. First Solar's revenue for the quarter was up 6.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.20 EPS.

Analyst Ratings Changes

A number of brokerages have weighed in on FSLR. Oppenheimer downgraded shares of First Solar from an "outperform" rating to a "market perform" rating in a report on Wednesday. Morgan Stanley set a $223.00 target price on shares of First Solar and gave the company an "overweight" rating in a research note on Wednesday, April 23rd. Royal Bank of Canada lowered their price target on First Solar from $237.00 to $214.00 and set an "outperform" rating on the stock in a research note on Wednesday. Bank of America reduced their price objective on First Solar from $236.00 to $215.00 and set a "buy" rating for the company in a research report on Tuesday, April 8th. Finally, Wells Fargo & Company lowered their price objective on First Solar from $191.00 to $177.00 and set an "overweight" rating on the stock in a research report on Wednesday. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, twenty-three have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, First Solar presently has an average rating of "Moderate Buy" and an average target price of $223.87.

Insiders Place Their Bets

In other news, insider Georges Antoun sold 229 shares of the company's stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $133.75, for a total transaction of $30,628.75. Following the transaction, the insider now directly owns 52,836 shares in the company, valued at approximately $7,066,815. This represents a 0.43 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Mark R. Widmar sold 21,542 shares of the firm's stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $141.09, for a total transaction of $3,039,360.78. Following the completion of the sale, the chief executive officer now directly owns 103,403 shares of the company's stock, valued at approximately $14,589,129.27. This represents a 17.24 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 34,311 shares of company stock valued at $4,767,158 in the last 90 days. 0.48% of the stock is currently owned by insiders.

Hedge Funds Weigh In On First Solar

Several hedge funds have recently added to or reduced their stakes in the company. Whalen Wealth Management Inc. boosted its stake in shares of First Solar by 47.0% in the 4th quarter. Whalen Wealth Management Inc. now owns 4,859 shares of the solar cell manufacturer's stock valued at $856,000 after purchasing an additional 1,554 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in First Solar by 665.8% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 39,192 shares of the solar cell manufacturer's stock valued at $7,308,000 after acquiring an additional 34,074 shares during the last quarter. Paragon Capital Management Inc. acquired a new stake in First Solar during the 4th quarter worth $1,240,000. Robeco Institutional Asset Management B.V. raised its position in shares of First Solar by 9.0% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 595,267 shares of the solar cell manufacturer's stock valued at $104,910,000 after acquiring an additional 49,074 shares during the last quarter. Finally, Golden State Equity Partners lifted its stake in shares of First Solar by 41,342.9% in the 4th quarter. Golden State Equity Partners now owns 2,901 shares of the solar cell manufacturer's stock valued at $511,000 after purchasing an additional 2,894 shares during the period. Institutional investors own 92.08% of the company's stock.

First Solar Price Performance

The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.44 and a current ratio of 2.14. The company has a 50-day moving average price of $131.03 and a 200-day moving average price of $166.11. The firm has a market capitalization of $14.00 billion, a P/E ratio of 11.24, a price-to-earnings-growth ratio of 0.19 and a beta of 1.48.

First Solar Company Profile

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.