First Solar, Inc. (NASDAQ:FSLR) Holdings Trimmed by Sycomore Asset Management

Sycomore Asset Management lowered its holdings in First Solar, Inc. (NASDAQ:FSLR) by 61.9% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,472 shares of the solar cell manufacturer’s stock after selling 16,989 shares during the period. Sycomore Asset Management’s holdings in First Solar were worth $2,596,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Dixon Mitchell Investment Counsel Inc. purchased a new stake in First Solar in the 1st quarter worth about $25,000. University of Texas Texas AM Investment Managment Co. acquired a new position in First Solar in the 4th quarter valued at approximately $27,000. Atlas Capital Advisors LLC lifted its position in First Solar by 411.1% in the 2nd quarter. Atlas Capital Advisors LLC now owns 138 shares of the solar cell manufacturer’s stock worth $31,000 after buying an additional 111 shares in the last quarter. Riverview Trust Co acquired a new stake in shares of First Solar during the 1st quarter valued at $32,000. Finally, Summit Securities Group LLC purchased a new position in shares of First Solar during the 2nd quarter valued at $36,000. Institutional investors and hedge funds own 92.08% of the company’s stock.

First Solar Stock Performance

Shares of NASDAQ FSLR opened at $249.44 on Tuesday. First Solar, Inc. has a 12 month low of $129.21 and a 12 month high of $306.77. The company has a quick ratio of 1.65, a current ratio of 2.23 and a debt-to-equity ratio of 0.06. The company has a market cap of $26.70 billion, a P/E ratio of 26.15, a P/E/G ratio of 0.42 and a beta of 1.44. The business’s 50 day moving average is $226.10 and its two-hundred day moving average is $217.30.

First Solar (NASDAQ:FSLR) last released its earnings results on Tuesday, July 30th. The solar cell manufacturer reported $3.25 EPS for the quarter, beating the consensus estimate of $2.69 by $0.56. The firm had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $939.71 million. First Solar had a net margin of 31.98% and a return on equity of 17.73%. The business’s quarterly revenue was up 24.6% compared to the same quarter last year. During the same period in the prior year, the company earned $1.85 EPS. On average, equities analysts expect that First Solar, Inc. will post 13.62 EPS for the current year.

Wall Street Analysts Forecast Growth

FSLR has been the subject of a number of research reports. Bank of America lifted their price objective on First Solar from $320.00 to $343.00 and gave the company a “buy” rating in a research report on Monday, September 16th. BMO Capital Markets cut their price target on First Solar from $311.00 to $286.00 and set an “outperform” rating for the company in a research note on Wednesday, July 31st. Janney Montgomery Scott cut First Solar from a “buy” rating to a “neutral” rating in a research note on Tuesday, June 18th. Oppenheimer raised their price objective on shares of First Solar from $325.00 to $326.00 and gave the company an “outperform” rating in a research report on Wednesday, July 31st. Finally, UBS Group boosted their target price on shares of First Solar from $350.00 to $360.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Five investment analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $284.12.

Insider Activity at First Solar

In related news, insider Patrick James Buehler sold 8,619 shares of the business’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $222.00, for a total transaction of $1,913,418.00. Following the transaction, the insider now directly owns 3,468 shares in the company, valued at $769,896. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CAO Byron Michael Jeffers sold 500 shares of First Solar stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $220.00, for a total transaction of $110,000.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Patrick James Buehler sold 8,619 shares of First Solar stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $222.00, for a total value of $1,913,418.00. Following the sale, the insider now directly owns 3,468 shares in the company, valued at $769,896. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 10,885 shares of company stock worth $2,405,757. Company insiders own 0.58% of the company’s stock.

About First Solar

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.