First Solar, Inc. (NASDAQ:FSLR) CEO Sells $4,434,958.64 in Stock

Key Points

• CEO Mark R. Widmar of First Solar, Inc. sold 23,912 shares at a price of $185.47, totaling approximately $4.43 million, which reduced his ownership by 21.37%.
• First Solar recently reported a quarterly earnings of $3.18 EPS, surpassing estimates by $0.50 with revenue of $1.10 billion, an 8.6% year-over-year increase.
• Research analysts maintain a consensus rating of "Moderate Buy" for First Solar, with an average price target of $224.27, while several firms have varied ratings and price targets for the stock.

First Solar, Inc. (NASDAQ:FSLR - Get Free Report) CEO Mark R. Widmar sold 23,912 shares of the company's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $185.47, for a total value of $4,434,958.64. Following the transaction, the chief executive officer directly owned 87,978 shares in the company, valued at approximately $16,317,279.66. The trade was a 21.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

First Solar Price Performance

Shares of First Solar stock traded down $2.35 on Tuesday, hitting $216.98. The company's stock had a trading volume of 1,514,475 shares, compared to its average volume of 3,845,645. The firm has a fifty day moving average price of $172.44 and a 200-day moving average price of $154.07. The company has a market capitalization of $23.27 billion, a P/E ratio of 18.57, a price-to-earnings-growth ratio of 0.39 and a beta of 1.48. The company has a quick ratio of 1.41, a current ratio of 1.90 and a debt-to-equity ratio of 0.04. First Solar, Inc. has a 52-week low of $116.56 and a 52-week high of $262.72.

First Solar (NASDAQ:FSLR - Get Free Report) last released its earnings results on Thursday, July 31st. The solar cell manufacturer reported $3.18 earnings per share for the quarter, topping the consensus estimate of $2.68 by $0.50. First Solar had a return on equity of 15.57% and a net margin of 28.95%. The firm had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same period in the prior year, the business posted $3.25 earnings per share. The firm's revenue for the quarter was up 8.6% compared to the same quarter last year. On average, equities research analysts expect that First Solar, Inc. will post 13.05 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on FSLR shares. BMO Capital Markets boosted their target price on shares of First Solar from $194.00 to $203.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. Jefferies Financial Group set a $194.00 target price on First Solar and gave the company a "buy" rating in a research note on Tuesday, July 15th. Piper Sandler reduced their target price 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. Bank of America upped their price target on shares of First Solar from $185.00 to $201.00 and gave the stock a "buy" rating in a report on Tuesday, July 22nd. Finally, The Goldman Sachs Group lifted their price objective on shares of First Solar from $204.00 to $255.00 and gave the company a "buy" rating in a report on Monday, May 19th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty-two have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $222.44.

Hedge Funds Weigh In On First Solar

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Cetera Investment Advisers increased its stake in First Solar by 10.9% during the 1st quarter. Cetera Investment Advisers now owns 25,437 shares of the solar cell manufacturer's stock valued at $3,216,000 after buying an additional 2,510 shares during the period. Oppenheimer & Co. Inc. lifted its holdings in shares of First Solar by 396.5% in the first quarter. Oppenheimer & Co. Inc. now owns 11,777 shares of the solar cell manufacturer's stock valued at $1,489,000 after purchasing an additional 9,405 shares in the last quarter. Asset Management One Co. Ltd. raised its position in First Solar by 7.1% during the first quarter. Asset Management One Co. Ltd. now owns 48,722 shares of the solar cell manufacturer's stock valued at $6,160,000 after buying an additional 3,226 shares during the period. Vontobel Holding Ltd. boosted its position in First Solar by 14.2% during the 1st quarter. Vontobel Holding Ltd. now owns 189,320 shares of the solar cell manufacturer's stock worth $23,936,000 after acquiring an additional 23,528 shares during the period. Finally, Oakworth Capital Inc. grew its stake in First Solar by 24.7% during the 1st quarter. Oakworth Capital Inc. now owns 9,682 shares of the solar cell manufacturer's stock valued at $1,224,000 after acquiring an additional 1,916 shares in the last quarter. Hedge funds and other institutional investors own 92.08% of the company's stock.

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.