First Solar (NASDAQ:FSLR) Stock Price Down 5.2% - Should You Sell?

Key Points

• First Solar shares fell 5.2% to about $191.79 in midday trading, with volume 56% below the average. The stock remains below its 50-day and 200-day moving averages.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $266.06, although Bernstein downgraded the stock to “underperform” and cut its target to $197.
• First Solar exceeded quarterly earnings expectations, reporting $3.92 EPS versus a $2.90 consensus estimate, but revenue declined 3.4% year over year. Insiders sold $3.6 million of shares over the past 90 days, while institutional investors own 92.08% of the stock.

First Solar, Inc. (NASDAQ:FSLR - Get Free Report)'s share price dropped 5.2% during mid-day trading on Wednesday . The company traded as low as $192.28 and last traded at $191.7920. Approximately 1,036,022 shares were traded during mid-day trading, a decline of 56% from the average daily volume of 2,353,033 shares. The stock had previously closed at $202.34.

Analyst Ratings Changes

FSLR has been the subject of several recent research reports. Weiss Ratings downgraded First Solar from a "hold (c+)" rating to a "hold (c)" rating in a research note on Thursday, September 3rd. Sanford C. Bernstein reduced their target price on shares of First Solar from $217.00 to $197.00 and set an "underperform" rating for the company in a report on Friday, July 31st. Barclays upped their price target on shares of First Solar from $213.00 to $279.00 and gave the company an "overweight" rating in a research note on Tuesday, July 14th. Evercore restated a "positive" rating and set a $218.00 price objective on shares of First Solar in a research note on Monday, August 17th. Finally, TD Cowen restated a "buy" rating on shares of First Solar in a research report on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, twelve have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $266.06.

First Solar Stock Down 4.9%

The stock has a market cap of $20.68 billion, a P/E ratio of 11.88, a P/E/G ratio of 0.55 and a beta of 1.74. The company's 50 day moving average price is $215.48 and its 200-day moving average price is $221.29.

First Solar (NASDAQ:FSLR - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The solar cell manufacturer reported $3.92 EPS for the quarter, beating analysts' consensus estimates of $2.90 by $1.02. First Solar had a return on equity of 18.02% and a net margin of 32.47%.The firm had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.06 billion. During the same quarter in the previous year, the company posted $3.18 EPS. The business's revenue was down 3.4% on a year-over-year basis. Equities research analysts anticipate that First Solar, Inc. will post 17.78 earnings per share for the current year.

Insiders Place Their Bets

In related news, General Counsel Jason Dymbort sold 3,700 shares of the company's stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $249.38, for a total transaction of $922,706.00. Following the sale, the general counsel owned 5,624 shares in the company, valued at $1,402,513.12. This represents a 39.68% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Markus Gloeckler sold 3,425 shares of the stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $218.95, for a total value of $749,903.75. Following the transaction, the chief technology officer owned 7,471 shares in the company, valued at $1,635,775.45. The trade was a 31.43% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 15,881 shares of company stock valued at $3,617,086 over the last 90 days. 0.39% of the stock is owned by company insiders.

Institutional Trading of First Solar

A number of hedge funds and other institutional investors have recently bought and sold shares of FSLR. Root Financial Partners LLC lifted its holdings in shares of First Solar by 18.2% in the 4th quarter. Root Financial Partners LLC now owns 292 shares of the solar cell manufacturer's stock valued at $76,000 after buying an additional 45 shares during the period. Fiduciary Financial Group LLC increased its position in shares of First Solar by 2.3% in the second quarter. Fiduciary Financial Group LLC now owns 2,026 shares of the solar cell manufacturer's stock valued at $478,000 after buying an additional 45 shares in the last quarter. Fielder Capital Group LLC raised its stake in shares of First Solar by 4.1% during the 4th quarter. Fielder Capital Group LLC now owns 1,196 shares of the solar cell manufacturer's stock worth $312,000 after buying an additional 47 shares during the last quarter. Burford Brothers Inc. raised its stake in shares of First Solar by 0.3% during the 1st quarter. Burford Brothers Inc. now owns 19,131 shares of the solar cell manufacturer's stock worth $3,774,000 after buying an additional 51 shares during the last quarter. Finally, Huntington National Bank boosted its position in shares of First Solar by 7.0% in the 4th quarter. Huntington National Bank now owns 806 shares of the solar cell manufacturer's stock worth $211,000 after buying an additional 53 shares in the last quarter. Institutional investors own 92.08% of the company's stock.

First Solar Company Profile

First Solar, Inc is a renewable energy technology company that designs and manufactures photovoltaic (PV) solar modules. Unlike conventional crystalline-silicon panels, its modules use thin-film semiconductor technology based on cadmium telluride (CdTe). The company also provides supporting services, including project development, engineering, procurement and construction support, operations and maintenance, and module recycling.

First Solar primarily serves utility-scale solar developers, system owners and operators, commercial customers, and government entities.

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