Quintet Private Bank Europe S.A. Lowers Position in First Solar, Inc. (NASDAQ:FSLR)

Quintet Private Bank Europe S.A. decreased its position in First Solar, Inc. (NASDAQ:FSLR) by 80.0% during the 4th quarter, Holdings Channel reports. The fund owned 250 shares of the solar cell manufacturer’s stock after selling 1,000 shares during the quarter. Quintet Private Bank Europe S.A.’s holdings in First Solar were worth $44,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Strengthening Families & Communities LLC purchased a new stake in shares of First Solar during the third quarter worth about $25,000. Kennebec Savings Bank purchased a new stake in First Solar during the third quarter worth approximately $29,000. Larson Financial Group LLC grew its stake in First Solar by 214.0% during the third quarter. Larson Financial Group LLC now owns 157 shares of the solar cell manufacturer’s stock worth $39,000 after buying an additional 107 shares during the period. Smartleaf Asset Management LLC lifted its position in shares of First Solar by 31.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 262 shares of the solar cell manufacturer’s stock worth $47,000 after purchasing an additional 63 shares in the last quarter. Finally, Crews Bank & Trust acquired a new position in shares of First Solar during the fourth quarter worth $53,000. 92.08% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on FSLR. Morgan Stanley cut their price target on shares of First Solar from $297.00 to $238.00 and set an “overweight” rating on the stock in a report on Thursday, February 27th. Royal Bank of Canada lowered their price target on shares of First Solar from $280.00 to $251.00 and set an “outperform” rating for the company in a research report on Wednesday, February 26th. StockNews.com upgraded shares of First Solar from a “sell” rating to a “hold” rating in a research report on Thursday, January 2nd. Truist Financial reiterated a “buy” rating and issued a $285.00 target price (down previously from $300.00) on shares of First Solar in a research report on Wednesday, February 26th. Finally, Barclays cut their price target on shares of First Solar from $273.00 to $236.00 and set an “overweight” rating for the company in a report on Friday. Four equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $262.08.

Insider Activity

In related news, CEO Mark R. Widmar sold 21,542 shares of First Solar stock in a transaction on Friday, February 28th. The stock was sold at an average price of $141.09, for a total transaction of $3,039,360.78. Following the completion of the sale, the chief executive officer now owns 103,403 shares of the company’s stock, valued at approximately $14,589,129.27. This trade represents a 17.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kuntal Kumar Verma sold 7,475 shares of First Solar 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 sale, the insider now directly owns 3,549 shares of the company’s stock, valued at $484,793.40. This represents a 67.81 % decrease in their position. The disclosure for this sale can be found here. 0.58% of the stock is owned by company insiders.

First Solar Stock Performance

NASDAQ:FSLR opened at $127.63 on Tuesday. 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 business has a fifty day simple moving average of $171.20 and a two-hundred day simple moving average of $196.97. First Solar, Inc. has a 1 year low of $126.54 and a 1 year high of $306.77. The company has a market capitalization of $13.66 billion, a P/E ratio of 10.99, a P/E/G ratio of 0.19 and a beta of 1.47.

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

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.