Flagship Harbor Advisors LLC cut its stake in shares of First Solar, Inc. (NASDAQ:FSLR – Free Report) by 16.3% during the first quarter, HoldingsChannel reports. The firm owned 2,857 shares of the solar cell manufacturer’s stock after selling 557 shares during the quarter. Flagship Harbor Advisors LLC’s holdings in First Solar were worth $361,000 at the end of the most recent quarter.
Several other institutional investors have also modified their holdings of FSLR. SPX Gestao de Recursos Ltda purchased a new stake in First Solar during the 4th quarter valued at $2,644,000. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its position in First Solar by 27.3% during the fourth quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 21,000 shares of the solar cell manufacturer’s stock valued at $3,701,000 after acquiring an additional 4,500 shares during the last quarter. IFP Advisors Inc raised its stake in shares of First Solar by 16.2% in the fourth quarter. IFP Advisors Inc now owns 1,376 shares of the solar cell manufacturer’s stock valued at $244,000 after acquiring an additional 192 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of First Solar by 9.9% in the 4th quarter. Bank of New York Mellon Corp now owns 711,688 shares of the solar cell manufacturer’s stock worth $125,428,000 after acquiring an additional 63,820 shares during the last quarter. Finally, National Pension Service boosted its stake in shares of First Solar by 5.1% during the 4th quarter. National Pension Service now owns 195,383 shares of the solar cell manufacturer’s stock worth $34,434,000 after purchasing an additional 9,500 shares during the period. 92.08% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of analysts recently weighed in on FSLR shares. Glj Research raised shares of First Solar from a “hold” rating to a “buy” rating and set a $172.37 price objective on the stock in a research report on Thursday, May 1st. Piper Sandler reduced their price target on First Solar from $230.00 to $205.00 and set an “overweight” rating on the stock in a report on Monday, April 21st. Deutsche Bank Aktiengesellschaft set a $265.00 price objective on First Solar in a report on Thursday, February 27th. KeyCorp lowered First Solar from a “sector weight” rating to an “underweight” rating and set a $100.00 target price on the stock. in a research note on Wednesday, April 30th. Finally, JPMorgan Chase & Co. lowered their target price on shares of First Solar from $282.00 to $268.00 and set an “overweight” rating for the company in a research note on Wednesday, February 26th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, twenty-five have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, First Solar presently has an average rating of “Moderate Buy” and a consensus price target of $229.19.
Insider Buying and Selling
In related news, CTO Markus Gloeckler sold 9,557 shares of the stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $155.05, for a total value of $1,481,812.85. Following the completion of the transaction, the chief technology officer now directly owns 8,037 shares of the company’s stock, valued at $1,246,136.85. This trade represents a 54.32% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Michael Koralewski sold 2,951 shares of First Solar stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $158.21, for a total transaction of $466,877.71. Following the completion of the sale, the insider now owns 11,369 shares of the company’s stock, valued at $1,798,689.49. This trade represents a 20.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 14,376 shares of company stock worth $2,227,172 in the last 90 days. 0.48% of the stock is owned by corporate insiders.
First Solar Trading Up 1.0%
Shares of NASDAQ FSLR opened at $152.70 on Thursday. First Solar, Inc. has a 1-year low of $116.56 and a 1-year high of $262.72. The business has a fifty day moving average price of $151.57 and a 200 day moving average price of $156.22. The stock has a market capitalization of $16.38 billion, a P/E ratio of 12.98, a price-to-earnings-growth ratio of 0.30 and a beta of 1.53. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.93 and a quick ratio of 1.39.
First Solar (NASDAQ:FSLR – Get Free Report) last announced its earnings results on Tuesday, April 29th. The solar cell manufacturer reported $1.95 EPS for the quarter, missing analysts’ consensus estimates of $2.50 by ($0.55). First Solar had a return on equity of 16.32% and a net margin of 29.72%. The firm had revenue of $844.57 million during the quarter, compared to the consensus estimate of $863.11 million. During the same quarter in the prior year, the firm posted $2.20 earnings per share. The business’s revenue for the quarter was up 6.4% compared to the same quarter last year. Equities research analysts expect that First Solar, Inc. will post 13.05 EPS for the current fiscal year.
First Solar Company Profile
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.
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