First Solar’s stock price drops by 6.4% on NASDAQ.

By Oliver Townsend Jun 30, 2024
First Solar (NASDAQ:FSLR) Stock Price Down 6.4%.jpegOrginal image from:

First Solar, Inc. (NASDAQ:FSLR) recently experienced a 6.4% decrease in its stock price during trading on Friday. The company’s shares traded as low as $233.61 and closed at $233.91, with a total of 1,611,090 shares exchanged during mid-day trading. This marked a 34% decline from the average daily volume of 2,454,740 shares. Analysts have been actively monitoring First Solar, with various price target adjustments and ratings. Deutsche Bank Aktiengesellschaft raised the price target from $215.00 to $280.00, giving the company a “buy” rating. Mizuho and BMO Capital Markets also updated their price targets, reflecting positive outlooks on the company’s performance. Overall, First Solar has received a “Moderate Buy” rating with an average target price of $267.52.

Understanding First Solar’s Market Performance

First Solar currently boasts a market capitalization of $24.13 billion, with a price-to-earnings ratio of 23.63 and a beta of 1.48. The company’s financial indicators, including debt-to-equity ratio, quick ratio, and current ratio, suggest stability and strength. In its most recent quarterly earnings report, First Solar exceeded expectations with an EPS of $2.20, showcasing a revenue of $794.10 million. The company’s return on equity stands at 16.24%, and its net margin is an impressive 28.75%. Analysts predict a 13.59 EPS for the current fiscal year.

Insider Activities and Institutional Investments

Recent insider activities at First Solar include CFO Alexander R. Bradley selling 16,051 shares at an average price of $274.69. Additionally, insider Georges Antoun sold 2,400 shares at an average price of $169.72. Institutional investors have also shown interest in the company, with significant stakes being acquired or reduced. Notable institutions such as Dixon Mitchell Investment Counsel Inc. and University of Texas Texas AM Investment Management Co. have made investments in First Solar in recent quarters.

First Solar’s Business Profile

First Solar, Inc. is a solar technology company known for providing photovoltaic solar energy solutions globally. The company specializes in manufacturing and selling PV solar modules featuring thin film semiconductor technology, offering a sustainable alternative to traditional PV solar modules. This innovative approach has positioned First Solar as a leader in the renewable energy sector.

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