First Solar, Inc. $FSLR Holdings Raised by CenterBook Partners LP

CenterBook Partners LP grew its stake in First Solar, Inc. (NASDAQ:FSLR) by 121.0% in the third quarter, HoldingsChannel reports. The fund owned 57,068 shares of the solar cell manufacturer’s stock after acquiring an additional 31,241 shares during the period. CenterBook Partners LP’s holdings in First Solar were worth $9,996,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the stock. BlackRock Inc. acquired a new position in First Solar during the 2nd quarter worth $3,310,298,000. Hill City Capital LP acquired a new stake in shares of First Solar in the 2nd quarter valued at $620,133,555. Deutsche Bank AG bought a new stake in shares of First Solar during the second quarter worth $212,626,000. Bank of America Corp DE bought a new stake in shares of First Solar during the second quarter worth $171,043,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of First Solar during the second quarter valued at $164,962,000. 92.08% of the stock is currently owned by institutional investors and hedge funds.

First Solar Stock Up 2.7%

First Solar stock traded up $5.38 during midday trading on Friday, hitting $201.14. 4,117,355 shares of the stock were exchanged, compared to its average volume of 2,151,672. The company has a fifty day simple moving average of $186.99 and a two-hundred day simple moving average of $214.96. First Solar, Inc. has a 52 week low of $165.86 and a 52 week high of $320.95. The stock has a market capitalization of $21.62 billion, a PE ratio of 11.64, a P/E/G ratio of 0.50 and a beta of 1.73.

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

Key Stories Impacting First Solar

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

Insider Activity at First Solar

In related news, EVP Samantha Sloan sold 127 shares of the firm’s stock in a transaction on Monday, August 17th. The stock was sold at an average price of $222.95, for a total transaction of $28,314.65. Following the sale, the executive vice president owned 2,018 shares of the company’s stock, valued at approximately $449,913.10. This trade represents a 5.92% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Markus Gloeckler sold 800 shares of First Solar stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $174.00, for a total value of $139,200.00. Following the transaction, the chief technology officer owned 5,042 shares in the company, valued at approximately $877,308. This represents a 13.69% decrease in their ownership of the stock. 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. Insiders sold a total of 5,427 shares of company stock worth $1,250,221 in the last quarter. Corporate insiders own 0.39% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on FSLR. Oppenheimer reiterated a “market perform” rating on shares of First Solar in a report on Friday, October 30th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $199.00 target price on shares of First Solar in a research note on Friday, October 16th. The Goldman Sachs Group reiterated a “buy” rating on shares of First Solar in a research report on Friday, October 30th. Guggenheim dropped their price target on shares of First Solar from $299.00 to $297.00 and set a “buy” rating for the company in a research note on Monday, November 2nd. Finally, Evercore restated a “positive” rating and issued a $218.00 price objective on shares of First Solar in a report on Monday, August 17th. Three investment analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, First Solar currently has an average rating of “Moderate Buy” and an average target price of $257.38.

First Solar Profile

First Solar, Inc is a vertically integrated solar technology and manufacturing company that designs, manufactures and sells photovoltaic (PV) solar modules. Its modules use advanced thin-film semiconductor technology based on cadmium telluride (CdTe), rather than the crystalline-silicon technology used by most solar manufacturers. The company serves utility-scale solar developers, commercial and industrial customers, and other large-scale energy users.

Founded in 1999 and headquartered in Tempe, Arizona, First Solar operates research and development, manufacturing and recycling facilities in the United States and internationally.