Edgestream Partners L.P. Makes New Investment in First Solar, Inc. (NASDAQ:FSLR)

Edgestream Partners L.P. bought a new position in shares of First Solar, Inc. (NASDAQ:FSLR) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 20,350 shares of the solar cell manufacturer’s stock, valued at approximately $3,586,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. State Street Corp grew its stake in shares of First Solar by 2.2% in the 3rd quarter. State Street Corp now owns 4,956,633 shares of the solar cell manufacturer’s stock worth $1,236,383,000 after buying an additional 108,984 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of First Solar by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 2,602,503 shares of the solar cell manufacturer’s stock worth $647,440,000 after buying an additional 24,143 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of First Solar by 75.8% in the 3rd quarter. Wellington Management Group LLP now owns 2,097,364 shares of the solar cell manufacturer’s stock worth $523,166,000 after buying an additional 904,498 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its stake in shares of First Solar by 0.9% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,743,813 shares of the solar cell manufacturer’s stock worth $434,977,000 after buying an additional 15,890 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of First Solar by 7.3% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,330,675 shares of the solar cell manufacturer’s stock worth $331,924,000 after buying an additional 90,249 shares during the last quarter. Hedge funds and other institutional investors own 92.08% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on FSLR. Piper Sandler cut their price target on First Solar from $250.00 to $230.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 26th. Redburn Atlantic started coverage on First Solar in a research note on Monday, March 3rd. They set a “neutral” rating on the stock. StockNews.com upgraded First Solar from a “sell” rating to a “hold” rating in a research note on Thursday, January 2nd. Truist Financial reiterated a “buy” rating and set a $285.00 target price (down from $300.00) on shares of First Solar in a research note on Wednesday, February 26th. Finally, Barclays cut their target price on First Solar from $273.00 to $236.00 and set an “overweight” rating on the stock in a research note on Friday, February 28th. Four equities research 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. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $262.08.

Insider Buying and Selling

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

First Solar Trading Up 6.1 %

Shares of First Solar stock opened at $139.13 on Friday. The firm has a market cap of $14.90 billion, a price-to-earnings ratio of 11.98, a PEG ratio of 0.19 and a beta of 1.52. The business has a 50-day moving average price of $167.08 and a 200-day moving average price of $194.60. The company has a quick ratio of 1.44, a current ratio of 2.14 and a debt-to-equity ratio of 0.05. First Solar, Inc. has a twelve month low of $124.96 and a twelve month high of $306.77.

First Solar (NASDAQ:FSLR) last issued its quarterly earnings data on Tuesday, February 25th. The solar cell manufacturer reported $3.65 earnings per share for the quarter, missing analysts’ consensus estimates of $4.81 by ($1.16). The firm had revenue of $1.51 billion for 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%. Equities research analysts anticipate that First Solar, Inc. will post 13.05 EPS for the current fiscal year.

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.