First Solar (NASDAQ:FSLR) Stock Sees Heavy Put Option Buying

Key Points

• Put-option activity surged: Investors bought 31,358 put options in First Solar, about 21% above the average daily volume, signaling increased downside protection or bearish speculation.
• Shares declined sharply: FSLR fell to $172.11, near its 12-month low of $168.60 and well below its 50-day and 200-day moving averages, amid broader pressure from higher bond yields and reduced earnings forecasts.
• Fundamentals and analyst sentiment remain mixed: First Solar beat its latest EPS estimate, while analysts maintain a “Moderate Buy” consensus and a $266.23 average price target; however, KeyCorp lowered its future EPS forecasts and insiders have sold shares.

First Solar, Inc. (NASDAQ:FSLR - Get Free Report) was the recipient of some unusual options trading on Thursday. Stock investors acquired 31,358 put options on the company. This is an increase of approximately 21% compared to the typical daily volume of 25,870 put options.

Trending Headlines about First Solar

Here are the key news stories impacting First Solar this week:

• Positive Sentiment: Piper Sandler maintained an “overweight” rating and lowered its price target modestly to $251 from $260, still implying substantial upside from recent trading levels. Piper Sandler price-target report
• Positive Sentiment: First Solar has a strong earnings-surprise record, and Zacks says the company currently has favorable conditions for potentially exceeding estimates in its next quarterly report. Its most recent reported quarter also exceeded EPS expectations. Zacks earnings preview
• Neutral Sentiment: Sell-side analysts now give FSLR an overall “moderate buy” rating, suggesting constructive longer-term sentiment despite recent estimate reductions. Analyst consensus report
• Neutral Sentiment: Investor attention and online searches for First Solar have increased, which may support trading activity but does not by itself indicate a change in fundamentals. Investor search-interest report
• Negative Sentiment: Put-option activity was unusually high, with traders buying 31,358 puts—about 21% above average—signaling increased demand for downside protection or bearish speculation.
• Negative Sentiment: KeyCorp reduced its EPS forecasts across 2026–2029, including cuts to 2026 EPS from $17.66 to $16.85 and third-quarter EPS from $4.99 to $4.59. These revisions put pressure on expectations and likely contribute to the stock’s weakness. First Solar analyst estimates
• Negative Sentiment: Recent coverage has linked the solar-sector decline to higher bond yields, which can raise financing costs and reduce the appeal of growth-oriented renewable-energy stocks. Solar-sector yield report

First Solar Stock Performance

Shares of NASDAQ:FSLR traded down $3.05 during mid-day trading on Thursday, reaching $172.11. 2,541,438 shares of the company's stock were exchanged, compared to its average volume of 2,384,671. The firm has a market capitalization of $18.49 billion, a price-to-earnings ratio of 10.61, a PEG ratio of 0.47 and a beta of 1.74. The business's fifty day moving average price is $208.79 and its 200-day moving average price is $220.53. First Solar has a twelve month low of $168.60 and a twelve month high of $320.95.

First Solar (NASDAQ:FSLR - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The solar cell manufacturer reported $3.92 earnings per share for the quarter, beating analysts' consensus estimates of $2.90 by $1.02. The business had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.06 billion. First Solar had a return on equity of 18.02% and a net margin of 32.47%.First Solar's quarterly revenue was down 3.4% on a year-over-year basis. During the same period in the prior year, the business posted $3.18 earnings per share. Analysts predict that First Solar will post 17.7 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on FSLR shares. Morgan Stanley raised their price target on shares of First Solar from $245.00 to $323.00 and gave the company an "overweight" rating in a research note on Tuesday, August 18th. UBS Group raised their target price on shares of First Solar from $290.00 to $330.00 and gave the company a "buy" rating in a research report on Thursday, June 11th. Wells Fargo & Company upped their price target on shares of First Solar from $300.00 to $313.00 and gave the stock an "overweight" rating in a report on Friday, August 7th. Weiss Ratings cut First Solar from a "hold (c+)" rating to a "hold (c)" rating in a research note on Thursday, September 3rd. Finally, Raymond James Financial initiated coverage on First Solar in a report on Thursday, August 27th. They set a "market perform" rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, First Solar presently has an average rating of "Moderate Buy" and an average target price of $266.23.

Insiders Place Their Bets

In other news, insider Michael Koralewski sold 7,000 shares of the business's stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $221.51, for a total transaction of $1,550,570.00. Following the completion of the transaction, the insider owned 7,642 shares of the company's stock, valued at approximately $1,692,779.42. The trade was a 47.81% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Samantha Sloan sold 127 shares of the company's stock in a transaction on Monday, August 17th. The stock was sold at an average price of $222.95, for a total value of $28,314.65. Following the sale, the executive vice president owned 2,018 shares of the company's stock, valued at approximately $449,913.10. This represents a 5.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 15,881 shares of company stock worth $3,617,086. 0.39% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On First Solar

A number of hedge funds have recently made changes to their positions in the stock. BlackRock Inc. bought a new stake in First Solar in the second quarter valued at approximately $3,310,298,000. ABS Investment Management LLC bought a new position in First Solar during the 2nd quarter worth approximately $1,297,780,000. Hill City Capital LP bought a new position in First Solar during the 2nd quarter worth approximately $620,133,555. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of First Solar by 7.0% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,535,836 shares of the solar cell manufacturer's stock worth $362,396,000 after purchasing an additional 100,694 shares during the period. Finally, Deutsche Bank AG lifted its position in shares of First Solar by 5.5% in the 4th quarter. Deutsche Bank AG now owns 1,261,472 shares of the solar cell manufacturer's stock worth $329,534,000 after purchasing an additional 65,486 shares during the period. 92.08% of the stock is currently owned by institutional investors.

About First Solar

First Solar, Inc is a solar technology and manufacturing company that designs and produces photovoltaic (PV) solar modules for utility-scale power projects. Unlike conventional crystalline-silicon panels, its modules use thin-film semiconductor technology based on cadmium telluride (CdTe), which the company says can provide advantages in energy yield, temperature performance and lifecycle sustainability.

The company's product portfolio includes its Series 6 and Series 7 thin-film solar modules, along with related services such as technical support, module recycling and end-of-life collection.

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