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

First Solar, Inc. (NASDAQ:FSLR)’s share price gapped down before the market opened on Tuesday following insider selling activity. The stock had previously closed at $59.54, but opened at $62.01. First Solar shares last traded at $62.47, with a volume of 43,967 shares traded.

Specifically, COO Philip Dejong sold 2,860 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $65.52, for a total value of $187,387.20. Following the transaction, the chief operating officer now owns 16,491 shares of the company’s stock, valued at $1,080,490.32. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Georges Antoun sold 8,476 shares of the company’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $65.73, for a total value of $557,127.48. Following the transaction, the insider now directly owns 82,070 shares in the company, valued at approximately $5,394,461.10. The disclosure for this sale can be found here. In the last three months, insiders sold 55,778 shares of company stock worth $3,467,004. Corporate insiders own 0.72% of the company’s stock.

A number of brokerages recently weighed in on FSLR. Roth Capital set a $75.00 price objective on First Solar and gave the stock a “buy” rating in a report on Thursday, June 13th. ValuEngine raised First Solar from a “hold” rating to a “buy” rating in a report on Wednesday, May 1st. Zacks Investment Research lowered First Solar from a “hold” rating to a “sell” rating in a report on Monday, April 29th. BidaskClub raised First Solar from a “hold” rating to a “buy” rating in a report on Wednesday, June 5th. Finally, UBS Group upped their price objective on First Solar to $80.00 and gave the stock a “buy” rating in a report on Friday. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and eleven have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $70.11.

The stock has a 50-day simple moving average of $65.31. The company has a quick ratio of 3.35, a current ratio of 4.05 and a debt-to-equity ratio of 0.09. The stock has a market cap of $7.02 billion, a P/E ratio of 46.04, a PEG ratio of 1.20 and a beta of 1.30.

First Solar (NASDAQ:FSLR) last posted its earnings results on Thursday, August 1st. The solar cell manufacturer reported ($0.18) EPS for the quarter, missing the Zacks’ consensus estimate of $0.02 by ($0.20). The firm had revenue of $585.00 million for the quarter, compared to analysts’ expectations of $656.80 million. First Solar had a return on equity of 0.46% and a net margin of 0.95%. The firm’s revenue for the quarter was up 89.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.46) earnings per share. As a group, equities analysts forecast that First Solar, Inc. will post 2.39 EPS for the current fiscal year.

Several large investors have recently modified their holdings of the company. Janney Montgomery Scott LLC lifted its position in shares of First Solar by 2.4% in the second quarter. Janney Montgomery Scott LLC now owns 6,520 shares of the solar cell manufacturer’s stock valued at $428,000 after acquiring an additional 155 shares in the last quarter. S&CO Inc. lifted its position in shares of First Solar by 1.6% in the first quarter. S&CO Inc. now owns 10,741 shares of the solar cell manufacturer’s stock valued at $568,000 after acquiring an additional 165 shares in the last quarter. ETF Managers Group LLC lifted its position in shares of First Solar by 10.3% in the first quarter. ETF Managers Group LLC now owns 2,017 shares of the solar cell manufacturer’s stock valued at $107,000 after acquiring an additional 189 shares in the last quarter. Louisiana State Employees Retirement System lifted its position in shares of First Solar by 1.0% in the first quarter. Louisiana State Employees Retirement System now owns 20,200 shares of the solar cell manufacturer’s stock valued at $1,067,000 after acquiring an additional 200 shares in the last quarter. Finally, Winfield Associates Inc. lifted its position in shares of First Solar by 3.9% in the first quarter. Winfield Associates Inc. now owns 5,300 shares of the solar cell manufacturer’s stock valued at $280,000 after acquiring an additional 200 shares in the last quarter. Institutional investors and hedge funds own 61.53% of the company’s stock.

About First Solar (NASDAQ:FSLR)

First Solar, Inc provides photovoltaic (PV) solar energy solutions in the United States and internationally. It operates in two segments, Modules and Systems. The Components segment designs, manufactures, and sells cadmium telluride solar modules that convert sunlight into electricity. This segment offers its products to integrators and operators of PV solar power systems.

Further Reading: Buy-Side Analysts

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