First Solar (NASDAQ:FSLR) Shares Gap Down on Insider Selling

First Solar, Inc. (NASDAQ:FSLR)’s share price gapped down before the market opened on Thursday following insider selling activity. The stock had previously closed at $251.75, but opened at $245.00. First Solar shares last traded at $240.92, with a volume of 1,380,422 shares traded.

Specifically, Director Richard D. Chapman sold 7,264 shares of the business’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $248.95, for a total transaction of $1,808,372.80. Following the transaction, the director now owns 10,440 shares of the company’s stock, valued at approximately $2,599,038. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Richard D. Chapman sold 7,264 shares of First Solar stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $248.95, for a total transaction of $1,808,372.80. Following the completion of the transaction, the director now directly owns 10,440 shares in the company, valued at approximately $2,599,038. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Kuntal Kumar Verma sold 250 shares of First Solar stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $148.34, for a total value of $37,085.00. Following the transaction, the insider now owns 5,170 shares of the company’s stock, valued at $766,917.80. The disclosure for this sale can be found here. Insiders have sold 51,455 shares of company stock valued at $9,617,472 in the last 90 days. 0.58% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

FSLR has been the subject of several recent research reports. Susquehanna restated a “positive” rating and issued a $258.00 price target on shares of First Solar in a research note on Friday, April 5th. Piper Sandler boosted their price target on First Solar from $195.00 to $219.00 and gave the company an “overweight” rating in a research note on Tuesday. Royal Bank of Canada restated an “outperform” rating and issued a $195.00 price target on shares of First Solar in a research note on Wednesday, February 28th. JPMorgan Chase & Co. boosted their price target on First Solar from $240.00 to $262.00 and gave the company an “overweight” rating in a research note on Thursday. Finally, Janney Montgomery Scott initiated coverage on First Solar in a research note on Friday, April 12th. They issued a “buy” rating and a $236.00 price target for the company. Two research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $239.16.

First Solar Trading Up 10.8 %

The company has a market cap of $29.62 billion, a price-to-earnings ratio of 29.01, a PEG ratio of 0.33 and a beta of 1.37. The firm has a 50 day moving average price of $182.34 and a two-hundred day moving average price of $164.36. The company has a quick ratio of 1.86, a current ratio of 2.41 and a debt-to-equity ratio of 0.06.

First Solar (NASDAQ:FSLR) last issued its quarterly earnings results on Wednesday, May 1st. The solar cell manufacturer reported $2.20 earnings per share for the quarter, beating the consensus estimate of $1.90 by $0.30. The company had revenue of $794.10 million during the quarter, compared to analysts’ expectations of $718.19 million. First Solar had a return on equity of 16.24% and a net margin of 28.75%. The business’s quarterly revenue was up 44.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.40 earnings per share. As a group, equities analysts forecast that First Solar, Inc. will post 13.56 earnings per share for the current year.

Institutional Investors Weigh In On First Solar

Several institutional investors and hedge funds have recently made changes to their positions in the business. Dixon Mitchell Investment Counsel Inc. bought a new position in First Solar in the first quarter worth approximately $25,000. University of Texas Texas AM Investment Managment Co. bought a new stake in First Solar in the 4th quarter worth about $27,000. Baystate Wealth Management LLC purchased a new stake in shares of First Solar during the fourth quarter valued at approximately $29,000. Estabrook Capital Management bought a new stake in shares of First Solar during the 3rd quarter worth $29,000. Finally, Riverview Trust Co bought a new stake in shares of First Solar during the 1st quarter worth $32,000. 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.