Candriam S.C.A. Purchases 35,663 Shares of First Solar, Inc. $FSLR

Candriam S.C.A. boosted its holdings in shares of First Solar, Inc. (NASDAQ:FSLR) by 39.2% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 126,586 shares of the solar cell manufacturer’s stock after purchasing an additional 35,663 shares during the quarter. Candriam S.C.A.’s holdings in First Solar were worth $22,254,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Ethic Inc. raised its holdings in shares of First Solar by 3.7% during the third quarter. Ethic Inc. now owns 25,578 shares of the solar cell manufacturer’s stock worth $4,480,000 after purchasing an additional 901 shares during the last quarter. Guild Investment Management Inc. lifted its position in First Solar by 29.6% during the third quarter. Guild Investment Management Inc. now owns 22,183 shares of the solar cell manufacturer’s stock valued at $3,886,000 after purchasing an additional 5,073 shares during the period. StoneX Group Inc. purchased a new stake in First Solar in the third quarter valued at $336,000. Pictet Asset Management Holding SA boosted its holdings in First Solar by 9.6% in the third quarter. Pictet Asset Management Holding SA now owns 1,254,076 shares of the solar cell manufacturer’s stock valued at $219,666,000 after purchasing an additional 110,031 shares during the last quarter. Finally, Alps Advisors Inc. boosted its holdings in First Solar by 10.4% in the third quarter. Alps Advisors Inc. now owns 37,704 shares of the solar cell manufacturer’s stock valued at $6,604,000 after purchasing an additional 3,540 shares during the last quarter. 92.08% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other First Solar news, EVP Samantha L. Sloan sold 127 shares of the stock in a transaction on Monday, August 17th. The shares were sold at an average price of $222.95, for a total transaction of $28,314.65. Following the transaction, the executive vice president directly owned 2,018 shares of the company’s stock, valued at $449,913.10. This trade represents a 5.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel Jason E. Dymbort sold 3,700 shares of First Solar stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $249.38, for a total transaction of $922,706.00. Following the completion of the sale, the general counsel owned 5,624 shares in the company, valued at approximately $1,402,513.12. This trade represents a 39.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 5,427 shares of company stock valued at $1,250,221. 0.39% of the stock is owned by corporate insiders.

First Solar Price Performance

First Solar stock opened at $201.14 on Monday. The stock has a market capitalization of $21.62 billion, a PE ratio of 11.64, a price-to-earnings-growth ratio of 0.55 and a beta of 1.73. The business has a 50 day simple moving average of $186.99 and a 200-day simple moving average of $214.96. First Solar, Inc. has a 12 month low of $165.86 and a 12 month high of $320.95.

First Solar (NASDAQ:FSLR) last announced its earnings results on Thursday, October 29th. The solar cell manufacturer reported $5.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.67 by $0.63. First Solar had a return on equity of 18.33% and a net margin of 37.12%. The firm had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.29 billion. During the same quarter last year, the firm posted $4.24 EPS. The business’s revenue was down 22.8% on a year-over-year basis. On average, equities research analysts anticipate that First Solar, Inc. will post 17.66 EPS for the current fiscal year.

More First Solar News

Here are the key news stories impacting First Solar this week:

• Positive Sentiment: William Blair raised its rating on First Solar from “market perform” to “outperform.” The firm sees Democratic gains as potentially supporting utility-scale solar projects, although new bookings may take time to materialize. First Solar raised at William Blair as Democrat Congress seen boosting support
• Positive Sentiment: First Solar announced a $500 million share repurchase program and opened a manufacturing facility in Gaffney, South Carolina, expanding its U.S. production footprint and adding regional jobs. Democratic Sweep Could Be A Big Deal For First Solar Stock First Solar Opens South Carolina Plant
• Negative Sentiment: The company lowered its full-year net sales and module-shipment outlook. Its third-quarter results were mixed: EPS beat expectations, but revenue fell short of estimates and was down year over year, which may temper the positive policy and buyback news. Democratic Sweep Could Be A Big Deal For First Solar Stock

Analysts Set New Price Targets

Several equities research analysts have weighed in on FSLR shares. JPMorgan Chase & Co. cut their price target on First Solar from $252.00 to $233.00 and set an “overweight” rating on the stock in a research report on Friday, October 30th. Needham & Company LLC decreased their price objective on First Solar from $303.00 to $236.00 and set a “buy” rating for the company in a report on Friday, October 30th. UBS Group restated a “buy” rating on shares of First Solar in a research note on Friday, October 30th. Wells Fargo & Company dropped their target price on First Solar from $313.00 to $260.00 and set an “overweight” rating on the stock in a report on Friday, October 30th. Finally, Weiss Ratings lowered First Solar from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, October 23rd. Three analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $257.38.

First Solar Profile

First Solar, Inc is a U.S.-based solar technology company that designs and manufactures photovoltaic modules for utility-scale solar power projects. Its products use thin-film cadmium telluride (CdTe) technology, an alternative to the crystalline-silicon cells commonly used in solar panels.

Founded in 1999, the company also provides services related to its modules, including recycling designed to recover and reuse materials at the end of a product’s useful life. First Solar serves customers in markets across the Americas, Europe, and Asia-Pacific.

The company is headquartered in Tempe, Arizona.