First Solar Target of Unusually Large Options Trading (NASDAQ:FSLR)

Key Points

• First Solar saw unusually heavy put buying on Monday, with 22,309 put options traded, about 18% above the average volume. That suggests some investors were positioning for downside protection or a bearish move.
• Insider selling has been notable, including CEO Mark R. Widmar’s sale of 1,300 shares and another insider sale by Michael Koralewski. Over the last three months, insiders have sold 92,430 shares worth about $18.7 million.
• The stock slipped 0.7% to $231.83 despite solid fundamentals and a recent earnings beat, with Q1 EPS of $3.22 versus $2.87 expected. Analysts currently have a consensus Moderate Buy rating and an average price target of $247.03.

First Solar, Inc. (NASDAQ:FSLR - Get Free Report) saw unusually large options trading on Monday. Investors acquired 22,309 put options on the stock. This is an increase of approximately 18% compared to the average volume of 18,952 put options.

Insider Activity at First Solar

In other news, CEO Mark R. Widmar sold 1,300 shares of First Solar stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $240.02, for a total transaction of $312,026.00. Following the sale, the chief executive officer owned 93,848 shares of the company's stock, valued at approximately $22,525,396.96. This trade represents a 1.37% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Michael Koralewski sold 215 shares of First Solar stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $215.63, for a total value of $46,360.45. Following the sale, the insider directly owned 14,642 shares in the company, valued at $3,157,254.46. The trade was a 1.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 92,430 shares of company stock worth $18,670,055 in the last three months. Company insiders own 0.39% of the company's stock.

Institutional Investors Weigh In On First Solar

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FSLR. Woodline Partners LP increased its stake in First Solar by 40.7% in the 1st quarter. Woodline Partners LP now owns 9,044 shares of the solar cell manufacturer's stock valued at $1,143,000 after buying an additional 2,615 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in shares of First Solar by 50.9% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 516 shares of the solar cell manufacturer's stock worth $85,000 after purchasing an additional 174 shares during the last quarter. Brown Advisory Inc. increased its position in shares of First Solar by 84.3% during the 2nd quarter. Brown Advisory Inc. now owns 4,529 shares of the solar cell manufacturer's stock worth $750,000 after purchasing an additional 2,072 shares during the last quarter. Cerity Partners LLC acquired a new position in shares of First Solar during the 2nd quarter worth approximately $494,000. Finally, AXA S.A. increased its position in shares of First Solar by 6.3% during the 2nd quarter. AXA S.A. now owns 18,862 shares of the solar cell manufacturer's stock worth $3,122,000 after purchasing an additional 1,115 shares during the last quarter. 92.08% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

FSLR has been the topic of several recent analyst reports. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of First Solar in a research note on Friday, March 27th. Morgan Stanley reduced their target price on shares of First Solar from $275.00 to $230.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 28th. Freedom Capital upgraded shares of First Solar from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 5th. Deutsche Bank Aktiengesellschaft lowered shares of First Solar from a "buy" rating to a "hold" rating and reduced their price target for the company from $300.00 to $245.00 in a research report on Wednesday, February 25th. Finally, Citigroup reduced their price objective on First Solar from $300.00 to $243.00 and set a "buy" rating on the stock in a research note on Tuesday, April 21st. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $247.03.

First Solar Trading Down 0.7%

NASDAQ FSLR traded down $1.54 during trading on Monday, reaching $231.83. 1,356,066 shares of the stock traded hands, compared to its average volume of 2,374,504. The stock's 50-day moving average price is $200.53 and its 200 day moving average price is $231.29. The company has a quick ratio of 2.15, a current ratio of 2.56 and a debt-to-equity ratio of 0.02. The firm has a market cap of $24.91 billion, a price-to-earnings ratio of 14.98, a price-to-earnings-growth ratio of 0.51 and a beta of 1.57. First Solar has a fifty-two week low of $135.50 and a fifty-two week high of $285.99.

First Solar (NASDAQ:FSLR - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The solar cell manufacturer reported $3.22 EPS for the quarter, topping analysts' consensus estimates of $2.87 by $0.35. First Solar had a return on equity of 18.01% and a net margin of 30.73%.The company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same quarter last year, the firm posted $1.95 earnings per share. First Solar's revenue was up 23.6% compared to the same quarter last year. Analysts predict that First Solar will post 17.64 EPS for the current year.

First Solar Company Profile

First Solar, Inc NASDAQ: FSLR is a United States–based solar technology company best known for designing and manufacturing thin‑film photovoltaic (PV) modules that use cadmium telluride (CdTe) semiconductor technology. The company supplies PV modules and delivers integrated solar power solutions for utility‑scale projects, positioning itself as a provider of both components and complete solar energy systems rather than solely a parts supplier. First Solar was founded in 1999 and is headquartered in Tempe, Arizona.

Beyond module manufacturing, First Solar offers a range of project services including development support, engineering, procurement and construction (EPC) services, and operations and maintenance (O&M) for large-scale solar installations.

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