NewEdge Advisors LLC Cuts Stake in First Solar, Inc. (NASDAQ:FSLR)

NewEdge Advisors LLC cut its holdings in shares of First Solar, Inc. (NASDAQ:FSLR) by 7.2% during the 2nd quarter, HoldingsChannel reports. The fund owned 8,272 shares of the solar cell manufacturer’s stock after selling 639 shares during the quarter. NewEdge Advisors LLC’s holdings in First Solar were worth $1,865,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in FSLR. Northwestern Mutual Wealth Management Co. grew its holdings in shares of First Solar by 2.5% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 52,537 shares of the solar cell manufacturer’s stock valued at $11,845,000 after purchasing an additional 1,267 shares during the last quarter. Nemes Rush Group LLC grew its stake in shares of First Solar by 158.7% during the second quarter. Nemes Rush Group LLC now owns 652 shares of the solar cell manufacturer’s stock valued at $147,000 after buying an additional 400 shares during the last quarter. Creative Planning grew its stake in shares of First Solar by 10.9% during the second quarter. Creative Planning now owns 15,882 shares of the solar cell manufacturer’s stock valued at $3,581,000 after buying an additional 1,557 shares during the last quarter. Driehaus Capital Management LLC bought a new stake in shares of First Solar in the 2nd quarter valued at about $14,929,000. Finally, Scientech Research LLC purchased a new stake in First Solar during the 2nd quarter valued at about $972,000. 92.08% of the stock is currently owned by institutional investors.

First Solar Stock Down 1.7 %

Shares of First Solar stock opened at $231.13 on Friday. First Solar, Inc. has a 1 year low of $129.21 and a 1 year high of $306.77. The firm has a market cap of $24.74 billion, a price-to-earnings ratio of 24.23, a PEG ratio of 0.42 and a beta of 1.44. The company has a 50-day moving average of $227.09 and a 200 day moving average of $218.19. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.23 and a quick ratio of 1.65.

First Solar (NASDAQ:FSLR) last announced its earnings results on Tuesday, July 30th. The solar cell manufacturer reported $3.25 earnings per share for the quarter, beating analysts’ consensus estimates of $2.69 by $0.56. First Solar had a net margin of 31.98% and a return on equity of 17.73%. The business had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $939.71 million. During the same quarter last year, the firm earned $1.85 earnings per share. The business’s revenue for the quarter was up 24.6% on a year-over-year basis. As a group, sell-side analysts anticipate that First Solar, Inc. will post 13.62 earnings per share for the current fiscal year.

Insider Buying and Selling at First Solar

In other news, CAO Byron Michael Jeffers sold 500 shares of the firm’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $220.00, for a total transaction of $110,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Patrick James Buehler sold 8,619 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $222.00, for a total value of $1,913,418.00. Following the transaction, the insider now directly owns 3,468 shares of the company’s stock, valued at approximately $769,896. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Byron Michael Jeffers sold 500 shares of the stock in a transaction on Monday, August 12th. The shares were sold at an average price of $220.00, for a total value of $110,000.00. 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. 0.58% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

FSLR has been the topic of a number of analyst reports. Oppenheimer lifted their price target on First Solar from $325.00 to $326.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 31st. Robert W. Baird lowered their price target on shares of First Solar from $344.00 to $307.00 and set an “outperform” rating for the company in a report on Tuesday, July 2nd. Truist Financial began coverage on shares of First Solar in a report on Thursday, September 26th. They issued a “buy” rating and a $300.00 price target on the stock. William Blair started coverage on shares of First Solar in a research note on Thursday, August 29th. They set a “market perform” rating for the company. Finally, BMO Capital Markets cut their target price on First Solar from $311.00 to $286.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 31st. Five analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $284.12.

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.