First Solar (NASDAQ:FSLR) Shares Gap Down - What's Next?

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.

Analysts Set New Price Targets

FSLR has been the subject of a number of research reports. Piper Sandler reduced their target price on shares of First Solar from $230.00 to $205.00 and set an "overweight" rating for the company in a report on Monday, April 21st. Wolfe Research raised shares of First Solar from a "peer perform" rating to an "outperform" rating and set a $221.00 price objective for the company in a report on Tuesday, May 13th. BMO Capital Markets dropped their price target on First Solar from $200.00 to $187.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. UBS Group reaffirmed a "buy" rating and issued a $255.00 price objective on shares of First Solar in a research note on Wednesday, May 14th. Finally, JPMorgan Chase & Co. cut their target price on First Solar from $282.00 to $268.00 and set an "overweight" rating on the stock in a research report on Wednesday, February 26th. Two analysts have rated the stock with a sell rating, four have issued a hold rating, twenty-five have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $229.19.

First Solar Stock Up 0.9%

The business has a 50 day moving average of $149.87 and a two-hundred day moving average of $157.65. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.39 and a current ratio of 1.93. The stock has a market capitalization of $15.55 billion, a PE ratio of 12.33, a PEG ratio of 0.29 and a beta of 1.53.

First Solar (NASDAQ:FSLR - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The solar cell manufacturer reported $1.95 earnings per share for the quarter, missing analysts' consensus estimates 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 net margin of 29.72% and a return on equity of 16.32%. The firm's quarterly revenue was up 6.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.20 earnings per share. Analysts predict that First Solar, Inc. will post 13.05 EPS for the current year.

Insider Buying and Selling

In related news, CTO Markus Gloeckler sold 9,557 shares of the firm's stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $155.05, for a total value of $1,481,812.85. Following the completion of the transaction, the chief technology officer now owns 8,037 shares in the company, valued at $1,246,136.85. This trade represents a 54.32% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Patrick James Buehler sold 1,868 shares of First Solar 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 of the company's stock, valued at $894,181.84. This trade represents a 23.75% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 14,376 shares of company stock worth $2,227,172 in the last ninety days. 0.48% of the stock is owned by insiders.

Hedge Funds Weigh In On First Solar

Institutional investors and hedge funds have recently modified their holdings of the stock. Garde Capital Inc. acquired a new stake in shares of First Solar in the first quarter worth approximately $25,000. Wealth Preservation Advisors LLC purchased a new position in First Solar in the first quarter worth approximately $25,000. Larson Financial Group LLC increased its position in shares of First Solar by 591.9% during the 1st quarter. Larson Financial Group LLC now owns 256 shares of the solar cell manufacturer's stock worth $32,000 after purchasing an additional 219 shares during the last quarter. Colonial Trust Advisors acquired a new stake in shares of First Solar during the first quarter valued at about $32,000. Finally, Abound Financial LLC acquired a new stake in First Solar in the 1st quarter valued at approximately $45,000. Institutional investors and hedge funds own 92.08% of the company's stock.

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.