First Solar (NASDAQ:FSLR) Shares Gap Up - Still a Buy?

First Solar, Inc. (NASDAQ:FSLR - Get Free Report) gapped up prior to trading on Wednesday . The stock had previously closed at $164.62, but opened at $170.00. First Solar shares last traded at $169.32, with a volume of 801,078 shares.

Wall Street Analysts Forecast Growth

FSLR has been the subject of several analyst reports. Royal Bank of Canada cut their target price on First Solar from $237.00 to $214.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. Morgan Stanley set a $223.00 target price on First Solar and gave the stock an "overweight" rating in a research report on Wednesday, April 23rd. Truist Financial restated a "buy" rating and issued a $200.00 target price (down previously from $245.00) on shares of First Solar in a research report on Thursday, May 1st. Glj Research raised First Solar from a "hold" rating to a "buy" rating and set a $172.37 price target on the stock in a research note on Thursday, May 1st. Finally, Piper Sandler decreased their price target on First Solar from $230.00 to $205.00 and set an "overweight" rating on the stock in a research note on Monday, April 21st. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, twenty-five have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, First Solar currently has an average rating of "Moderate Buy" and a consensus price target of $229.19.

First Solar Price Performance

The company has a current ratio of 2.14, a quick ratio of 1.44 and a debt-to-equity ratio of 0.05. The stock has a 50 day moving average of $146.68 and a 200-day moving average of $159.05. The stock has a market capitalization of $18.02 billion, a P/E ratio of 14.47, a price-to-earnings-growth ratio of 0.19 and a beta of 1.53.

First Solar (NASDAQ:FSLR - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The solar cell manufacturer reported $1.95 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.50 by ($0.55). First Solar had a net margin of 32.41% and a return on equity of 17.56%. The company had revenue of $844.57 million during the quarter, compared to analysts' expectations of $863.11 million. During the same quarter in the prior year, the business posted $2.20 earnings per share. The company's revenue was up 6.4% compared to the same quarter last year. On average, equities research analysts anticipate that First Solar, Inc. will post 13.05 earnings per share for the current fiscal year.

Insider Buying and Selling

In other First Solar news, CFO Alexander R. Bradley sold 599 shares of the stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $133.75, for a total transaction of $80,116.25. Following the completion of the transaction, the chief financial officer now owns 45,717 shares of the company's stock, valued at $6,114,648.75. This represents a 1.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Mark R. Widmar sold 1,966 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 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 $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 have sold a total of 17,948 shares of company stock worth $2,704,927 in the last ninety days. 0.48% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of FSLR. Garde Capital Inc. purchased a new position in First Solar in the first quarter valued at $25,000. Wealth Preservation Advisors LLC acquired a new position in First Solar in the 1st quarter valued at about $25,000. Colonial Trust Advisors acquired a new position in First Solar in the 1st quarter valued at about $32,000. Larson Financial Group LLC increased its position in First Solar by 591.9% in the 1st quarter. Larson Financial Group LLC now owns 256 shares of the solar cell manufacturer's stock valued at $32,000 after acquiring an additional 219 shares during the period. Finally, Smartleaf Asset Management LLC boosted its stake in shares of First Solar by 31.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 262 shares of the solar cell manufacturer's stock worth $47,000 after acquiring an additional 63 shares in the last quarter. 92.08% of the stock is currently 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.