First Solar (NASDAQ:FSLR) Shares Gap Down - Here's Why

First Solar, Inc. (NASDAQ:FSLR - Get Free Report)'s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $175.25, but opened at $137.95. First Solar shares last traded at $143.73, with a volume of 5,211,832 shares changing hands.

Analyst Ratings Changes

A number of research firms recently weighed in on FSLR. Guggenheim dropped their price target on First Solar from $253.00 to $202.00 and set a "buy" rating for the company in a report on Thursday, May 1st. KeyCorp downgraded shares of First Solar from a "sector weight" rating to an "underweight" rating and set a $100.00 price target on the stock. in a research report on Wednesday, April 30th. Glj Research raised shares of First Solar from a "hold" rating to a "buy" rating and set a $172.37 target price for the company in a research note on Thursday, May 1st. Bank of America dropped their price objective on shares of 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 target price on First Solar from $191.00 to $177.00 and set an "overweight" rating for the company in a research note on Wednesday, April 30th. Two analysts have rated the stock with a sell rating, four have given a hold rating, twenty-five have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, First Solar has a consensus rating of "Moderate Buy" and an average target price of $229.19.

First Solar Stock Down 17.6%

The company has a market capitalization of $15.48 billion, a PE ratio of 12.51, a P/E/G ratio of 0.19 and a beta of 1.53. 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's 50-day moving average is $148.87 and its 200 day moving average is $158.29.

First Solar (NASDAQ:FSLR - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The solar cell manufacturer reported $1.95 EPS for the quarter, missing the consensus estimate of $2.50 by ($0.55). The firm had revenue of $844.57 million during the quarter, compared to the consensus estimate of $863.11 million. First Solar had a return on equity of 17.56% and a net margin of 32.41%. The business's revenue was up 6.4% on a year-over-year basis. During the same period in the previous year, the firm earned $2.20 EPS. As a group, analysts anticipate that First Solar, Inc. will post 13.05 EPS for the current year.

Insider Transactions at First Solar

In related news, insider Michael Koralewski sold 2,951 shares of the business's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $158.21, for a total transaction of $466,877.71. Following the completion of the transaction, the insider now directly owns 11,369 shares in the company, valued at $1,798,689.49. The trade was a 20.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Patrick James Buehler sold 1,868 shares of the stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $149.08, for a total value of $278,481.44. Following the sale, the insider now directly owns 5,998 shares in the company, valued at $894,181.84. This represents a 23.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 14,376 shares of company stock worth $2,227,172. 0.48% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On First Solar

Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its stake in First Solar by 3.0% during the 1st quarter. Vanguard Group Inc. now owns 13,200,342 shares of the solar cell manufacturer's stock valued at $1,668,919,000 after acquiring an additional 378,641 shares in the last quarter. Wellington Management Group LLP boosted its stake in First Solar by 17.2% during the first quarter. Wellington Management Group LLP now owns 2,765,303 shares of the solar cell manufacturer's stock worth $349,617,000 after buying an additional 405,457 shares during the last quarter. Geode Capital Management LLC grew its holdings in First Solar by 2.4% in the 4th quarter. Geode Capital Management LLC now owns 2,666,242 shares of the solar cell manufacturer's stock valued at $469,154,000 after buying an additional 63,739 shares in the last quarter. Invesco Ltd. raised its holdings in shares of First Solar by 32.3% during the 1st quarter. Invesco Ltd. now owns 2,427,500 shares of the solar cell manufacturer's stock worth $306,909,000 after acquiring an additional 592,444 shares during the period. Finally, Amundi boosted its position in shares of First Solar by 31.0% during the 4th quarter. Amundi now owns 1,805,244 shares of the solar cell manufacturer's stock valued at $336,871,000 after acquiring an additional 426,797 shares during the last quarter. 92.08% of the stock is owned by hedge funds and other institutional investors.

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.

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