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

First Solar, Inc. (NASDAQ:FSLR - Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $122.45, but opened at $131.50. First Solar shares last traded at $138.28, with a volume of 1,298,169 shares.

Analyst Ratings Changes

A number of brokerages have issued reports on FSLR. Morgan Stanley set a $223.00 price objective on shares of First Solar and gave the company an "overweight" rating in a report on Wednesday. Piper Sandler cut their price objective on First Solar from $230.00 to $205.00 and set an "overweight" rating for the company in a research report on Monday, April 21st. BMO Capital Markets reiterated an "outperform" rating and issued a $230.00 target price (down from $260.00) on shares of First Solar in a research report on Wednesday, February 26th. Wells Fargo & Company decreased their price objective on First Solar from $240.00 to $209.00 and set an "overweight" rating on the stock in a report on Wednesday, January 8th. Finally, Citigroup decreased their price target on shares of First Solar from $254.00 to $236.00 and set a "neutral" rating on the stock in a research note on Wednesday, February 26th. Four research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $249.96.

First Solar Stock Performance

The company has a debt-to-equity ratio of 0.05, a current ratio of 2.14 and a quick ratio of 1.44. The company has a market cap of $15.21 billion, a PE ratio of 12.22, a price-to-earnings-growth ratio of 0.19 and a beta of 1.48. The business has a fifty day simple moving average of $133.46 and a two-hundred day simple moving average of $168.70.

First Solar (NASDAQ:FSLR - Get Free Report) last issued its quarterly earnings data on Tuesday, February 25th. The solar cell manufacturer reported $3.65 earnings per share for the quarter, missing analysts' consensus estimates of $4.81 by ($1.16). The company had revenue of $1.51 billion for the quarter, compared to analysts' expectations of $1.48 billion. First Solar had a return on equity of 17.56% and a net margin of 32.41%. Research analysts anticipate that First Solar, Inc. will post 13.05 earnings per share for the current year.

Insider Activity at First Solar

In related news, insider Kuntal Kumar Verma sold 7,475 shares of the company's stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $136.60, for a total transaction of $1,021,085.00. Following the transaction, the insider now directly owns 3,549 shares of the company's stock, valued at $484,793.40. This represents a 67.81 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Mark R. Widmar sold 1,966 shares of the stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $133.75, for a total value of $262,952.50. Following the completion of the sale, the chief executive officer now owns 111,890 shares of the company's stock, valued at approximately $14,965,287.50. This trade represents a 1.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 34,311 shares of company stock valued at $4,767,158 over the last 90 days. Insiders own 0.48% of the company's stock.

Hedge Funds Weigh In On First Solar

Hedge funds have recently modified their holdings of the stock. Garde Capital Inc. acquired a new position in First Solar during the 1st quarter valued at approximately $25,000. Smartleaf Asset Management LLC increased its position in shares of First Solar by 31.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 262 shares of the solar cell manufacturer's stock valued at $47,000 after acquiring an additional 63 shares during the period. Princeton Global Asset Management LLC acquired a new stake in First Solar during the 1st quarter worth about $51,000. Crews Bank & Trust purchased a new stake in First Solar during the 4th quarter valued at about $53,000. Finally, Hudson Edge Investment Partners Inc. acquired a new position in shares of First Solar in the fourth quarter valued at about $53,000. 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.