First Solar shares dropping due to insider selling – gap down.

By Oliver Townsend May 24, 2024
First Solar (NASDAQ:FSLR) Shares Gap Down on Insider Selling.jpegOrginal image from:

First Solar, Inc. (NASDAQ:FSLR) experienced a gap down in shares following insider selling, raising concerns among investors and analysts. The stock opened at $245.00 after closing at $251.75, with shares trading at $240.92. This move was triggered by Director Richard D. Chapman selling 3,165 shares at an average price of $190.48, totaling $602,869.20. Additionally, CTO Markus Gloeckler sold 679 shares at $160.00 each, amounting to $108,640.00. Overall, insiders have sold 51,455 shares valued at $9,617,472 in the last ninety days, owning 0.58% of the company’s stock.

Analyst Upgrades and Downgrades

Various research reports have influenced First Solar’s stock, with analysts adjusting price targets and ratings. Piper Sandler raised the price target to $219.00 and labeled the stock as “overweight.” Evercore ISI upgraded First Solar to “outperform” from “in-line,” setting a price target of $227.00. Barclays and Jefferies Financial Group also raised their price targets, emphasizing a positive outlook for the company. Bank of America increased its price target to $194.00, reflecting a bullish sentiment among analysts.

First Solar Stock Performance

First Solar boasts a market capitalization of $26.74 billion, with a PE ratio of 26.19 and a price-to-earnings-growth ratio of 0.28. The company’s beta stands at 1.37, indicating moderate volatility. With a current ratio of 2.41 and a quick ratio of 1.86, First Solar demonstrates strong financial health. The stock has shown a fifty-day simple moving average of $179.75 and a two-hundred day simple moving average of $163.46, reflecting consistent performance.

First Solar Earnings Report

First Solar recently reported earnings, surpassing analysts’ expectations with $2.20 earnings per share for the quarter. The company achieved a net margin of 28.75% and a return on equity of 16.24%, indicating strong financial performance. First Solar generated revenue of $794.10 million, exceeding analyst estimates of $718.19 million. The company’s revenue increased by 44.8% year-over-year, showcasing substantial growth in the solar energy sector.

Institutional Investors and First Solar

Large investors have shown interest in First Solar, with Great Diamond Partners LLC and other firms increasing their stakes in the company. Institutional investors now own 92.08% of the company’s stock, indicating confidence in First Solar’s future prospects. By strategically positioning themselves in the solar technology sector, these investors contribute to the company’s growth and sustainability in the market.

First Solar Company Profile

First Solar, Inc. is a leading solar technology company that provides photovoltaic solar energy solutions globally. By manufacturing and selling PV solar modules with thin film semiconductor technology, First Solar offers a sustainable alternative to traditional crystalline silicon PV modules. With a focus on innovation and environmental responsibility, the company continues to drive advancements in solar energy technology and contribute to the transition towards renewable energy sources.

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