Peapack Gladstone Financial Corp Buys 2,022 Shares of First Solar, Inc. (NASDAQ:FSLR)

Peapack Gladstone Financial Corp raised its position in shares of First Solar, Inc. (NASDAQ:FSLR) by 8.2% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 26,575 shares of the solar cell manufacturer’s stock after acquiring an additional 2,022 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in First Solar were worth $4,684,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Atika Capital Management LLC grew its stake in First Solar by 6.8% in the fourth quarter. Atika Capital Management LLC now owns 25,100 shares of the solar cell manufacturer’s stock worth $4,424,000 after purchasing an additional 1,600 shares during the period. Russell Investments Group Ltd. boosted its holdings in shares of First Solar by 73.2% during the 4th quarter. Russell Investments Group Ltd. now owns 132,481 shares of the solar cell manufacturer’s stock valued at $23,422,000 after buying an additional 55,971 shares in the last quarter. Hel Ved Capital Management Ltd purchased a new stake in shares of First Solar in the 4th quarter worth about $2,194,000. Resona Asset Management Co. Ltd. purchased a new position in First Solar during the 4th quarter valued at about $5,458,000. Finally, Motley Fool Asset Management LLC lifted its position in First Solar by 7.4% during the 4th quarter. Motley Fool Asset Management LLC now owns 1,576 shares of the solar cell manufacturer’s stock valued at $278,000 after acquiring an additional 108 shares during the period. Hedge funds and other institutional investors own 92.08% of the company’s stock.

First Solar Trading Up 1.1 %

Shares of First Solar stock opened at $130.05 on Tuesday. First Solar, Inc. has a 1-year low of $120.60 and a 1-year high of $306.77. The company’s fifty day simple moving average is $144.76 and its 200-day simple moving average is $180.27. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.14 and a quick ratio of 1.44. The stock has a market capitalization of $13.92 billion, a PE ratio of 11.20, a P/E/G ratio of 0.19 and a beta of 1.48.

First Solar (NASDAQ:FSLR) last released its quarterly earnings results on Tuesday, February 25th. The solar cell manufacturer reported $3.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.81 by ($1.16). The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.48 billion. First Solar had a net margin of 32.41% and a return on equity of 17.56%. As a group, equities analysts anticipate that First Solar, Inc. will post 13.05 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Kuntal Kumar Verma sold 7,475 shares of the company’s stock in a transaction on Friday, February 28th. The shares were sold at an average price of $136.60, for a total value of $1,021,085.00. Following the completion of the transaction, the insider now owns 3,549 shares of the company’s stock, valued at approximately $484,793.40. This represents a 67.81 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Mark R. Widmar sold 1,966 shares of the firm’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $133.75, for a total value of $262,952.50. Following the sale, the chief executive officer now directly owns 111,890 shares in the company, valued at approximately $14,965,287.50. This represents a 1.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 34,311 shares of company stock valued at $4,767,158. 0.58% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on FSLR shares. Robert W. Baird decreased their target price on shares of First Solar from $307.00 to $267.00 and set an “outperform” rating for the company in a research note on Wednesday, December 18th. Mizuho upgraded First Solar from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $218.00 to $259.00 in a research note on Tuesday, February 11th. Barclays dropped their target price on First Solar from $273.00 to $236.00 and set an “overweight” rating on the stock in a report on Friday, February 28th. Piper Sandler reduced their price target on First Solar from $250.00 to $230.00 and set an “overweight” rating for the company in a report on Wednesday, February 26th. Finally, Morgan Stanley dropped their price target on shares of First Solar from $297.00 to $238.00 and set an “overweight” rating on the stock in a research note on Thursday, February 27th. Four analysts have rated the stock with a hold rating, twenty-three have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, First Solar currently has an average rating of “Moderate Buy” and a consensus target price of $258.29.

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.