Michael Koralewski, Chief Supply Chain Officer at First Solar, INC. (NASDAQ:FSLR), reported a sale of 264 company shares on March 16 at a per-share price of $200.8, resulting in proceeds of $53,011. The sale price was close to the then-current market quote of $200.42, and the solar panel manufacturer carries a market capitalization of $21.5 billion.
According to a Form 4 filed with the Securities and Exchange Commission, Koralewski also acquired 640 shares of First Solar common stock on March 13 as a result of restricted stock units vesting. The two filings together show both the automatic issuance of equity from compensation vesting and an executive sale executed a few days later.
Separately, InvestingPro analysis referenced in company disclosures indicates the stock appears undervalued at current levels based on a price-to-earnings ratio of 14.1. The InvestingPro platform is noted as offering nine additional ProTips for investors seeking further detail on FSLR.
First Solar recently reported fourth-quarter results that missed expectations by 6% and were 5% below Deutsche Bank’s estimates. The company provided 2026 revenue guidance in a range of $4.9 billion to $5.2 billion, a figure described as significantly below Street expectations and representing a 3% year-over-year decline.
In response to the earnings print and the 2026 outlook, multiple financial firms adjusted their views on First Solar's shares. Deutsche Bank downgraded its rating to Hold from Buy and lowered its price target to $245 from $300. Guggenheim trimmed its price target to $269 from $312 while retaining a Buy rating. Barclays reduced its price target to $228 from $279 and maintained an Overweight rating. Jefferies kept a Hold rating but cut its price target to $205 from $260, specifically citing weak guidance. GLJ Research moved the stock to Hold from Buy, calling attention to the company’s 2026 guidance as falling short across all metrics, including both revenue and EBITDA.
These developments - the insider sale following RSU vesting, the earnings shortfall, and the lower-than-expected 2026 revenue range - have coincided with a wave of analyst adjustments. The combination of executive transactions and revised market expectations highlights the near-term challenges First Solar faces in aligning its results and guidance with investor forecasts.
Context and implications
While the filings show standard compensation vesting and a subsequent executive sale, the company’s recent operating results and conservative guidance have driven changes in analyst sentiment and price targets. The reported P/E of 14.1 cited by InvestingPro provides one valuation lens cited by market participants evaluating the stock amid these revisions.