Pitcairn Co. Lowers Holdings in First Solar, Inc. (NASDAQ:FSLR)

Pitcairn Co. lowered its position in shares of First Solar, Inc. (NASDAQ:FSLR) by 17.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 856 shares of the solar cell manufacturer’s stock after selling 176 shares during the period. Pitcairn Co.’s holdings in First Solar were worth $214,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Electron Capital Partners LLC increased its position in First Solar by 81,947.0% during the 2nd quarter. Electron Capital Partners LLC now owns 7,669,757 shares of the solar cell manufacturer’s stock valued at $1,729,223,000 after purchasing an additional 7,660,409 shares during the period. Robeco Institutional Asset Management B.V. increased its holdings in First Solar by 1,757.2% during the third quarter. Robeco Institutional Asset Management B.V. now owns 546,193 shares of the solar cell manufacturer’s stock valued at $136,242,000 after buying an additional 516,783 shares during the period. Anomaly Capital Management LP bought a new position in First Solar in the second quarter worth approximately $53,752,000. International Assets Investment Management LLC lifted its holdings in First Solar by 24,844.0% during the third quarter. International Assets Investment Management LLC now owns 217,512 shares of the solar cell manufacturer’s stock worth $542,560,000 after buying an additional 216,640 shares during the period. Finally, Canada Pension Plan Investment Board boosted its position in First Solar by 2,429.1% during the 2nd quarter. Canada Pension Plan Investment Board now owns 174,530 shares of the solar cell manufacturer’s stock valued at $39,350,000 after acquiring an additional 167,629 shares in the last quarter. 92.08% of the stock is currently owned by institutional investors.

First Solar Stock Performance

Shares of FSLR stock opened at $192.57 on Thursday. The stock has a market cap of $20.62 billion, a PE ratio of 16.59, a price-to-earnings-growth ratio of 0.34 and a beta of 1.48. First Solar, Inc. has a 52-week low of $135.88 and a 52-week high of $306.77. The business has a 50-day simple moving average of $210.88 and a 200-day simple moving average of $225.81. The company has a quick ratio of 1.44, a current ratio of 2.14 and a debt-to-equity ratio of 0.05.

First Solar (NASDAQ:FSLR) last released its quarterly earnings data on Tuesday, October 29th. The solar cell manufacturer reported $2.91 EPS for the quarter, missing the consensus estimate of $3.10 by ($0.19). The company had revenue of $887.70 million during the quarter, compared to analysts’ expectations of $1.07 billion. First Solar had a return on equity of 17.56% and a net margin of 32.41%. The company’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.50 EPS. On average, equities analysts expect that First Solar, Inc. will post 13.15 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently commented on FSLR. Citigroup raised First Solar from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $200.00 to $254.00 in a research report on Tuesday, October 22nd. Evercore ISI decreased their price target on shares of First Solar from $281.00 to $278.00 and set an “outperform” rating for the company in a research report on Wednesday, October 30th. Roth Mkm lowered their price target on shares of First Solar from $320.00 to $280.00 and set a “buy” rating on the stock in a report on Tuesday, October 15th. Truist Financial assumed coverage on shares of First Solar in a research note on Thursday, September 26th. They set a “buy” rating and a $300.00 price objective for the company. Finally, Morgan Stanley cut their price target on shares of First Solar from $329.00 to $297.00 and set an “overweight” rating on the stock in a report on Wednesday, October 30th. Four equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $279.04.

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.