Cibc World Market Inc. Trims Position in First Solar, Inc. (NASDAQ:FSLR)

Cibc World Market Inc. reduced its position in First Solar, Inc. (NASDAQ:FSLRGet Rating) by 16.9% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 6,204 shares of the solar cell manufacturer’s stock after selling 1,260 shares during the period. Cibc World Market Inc.’s holdings in First Solar were worth $423,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of FSLR. FDx Advisors Inc. increased its holdings in shares of First Solar by 29.9% during the 1st quarter. FDx Advisors Inc. now owns 3,413 shares of the solar cell manufacturer’s stock valued at $286,000 after purchasing an additional 786 shares in the last quarter. abrdn plc boosted its position in shares of First Solar by 24.2% during the 1st quarter. abrdn plc now owns 5,698 shares of the solar cell manufacturer’s stock valued at $477,000 after acquiring an additional 1,109 shares during the last quarter. Versor Investments LP acquired a new position in shares of First Solar during the 1st quarter valued at about $742,000. Envestnet Asset Management Inc. boosted its position in shares of First Solar by 18.2% during the 1st quarter. Envestnet Asset Management Inc. now owns 33,636 shares of the solar cell manufacturer’s stock valued at $2,817,000 after acquiring an additional 5,185 shares during the last quarter. Finally, Commonwealth Equity Services LLC lifted its position in First Solar by 11.3% in the first quarter. Commonwealth Equity Services LLC now owns 44,655 shares of the solar cell manufacturer’s stock valued at $3,739,000 after buying an additional 4,518 shares during the last quarter. 79.21% of the stock is currently owned by institutional investors and hedge funds.

First Solar Price Performance

Shares of NASDAQ FSLR opened at $167.66 on Wednesday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.10 and a current ratio of 4.09. The stock has a market cap of $17.87 billion, a price-to-earnings ratio of 190.52 and a beta of 1.26. First Solar, Inc. has a fifty-two week low of $59.60 and a fifty-two week high of $168.17. The firm’s 50-day simple moving average is $138.78 and its 200 day simple moving average is $104.90.

First Solar (NASDAQ:FSLRGet Rating) last announced its quarterly earnings results on Thursday, October 27th. The solar cell manufacturer reported ($0.46) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.30). The firm had revenue of $629.00 million during the quarter, compared to the consensus estimate of $747.97 million. First Solar had a net margin of 3.75% and a return on equity of 1.61%. The firm’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.42 earnings per share. As a group, research analysts anticipate that First Solar, Inc. will post -0.51 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

FSLR has been the topic of a number of recent research reports. The Goldman Sachs Group upgraded shares of First Solar from a “sell” rating to a “buy” rating and boosted their price target for the stock from $60.00 to $172.00 in a research note on Wednesday, September 7th. KeyCorp increased their price target on First Solar from $145.00 to $175.00 and gave the stock an “overweight” rating in a report on Monday, November 7th. Evercore ISI raised First Solar from an “in-line” rating to an “outperform” rating and raised their target price for the company from $88.00 to $150.00 in a report on Wednesday, September 28th. Credit Suisse Group raised their price target on First Solar to $137.00 in a research report on Tuesday, November 1st. Finally, Robert W. Baird lifted their price objective on First Solar from $164.00 to $180.00 in a research report on Friday, October 28th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $161.96.

Insider Buying and Selling

In other First Solar news, Director R Craig Kennedy sold 600 shares of the company’s stock in a transaction that occurred on Monday, October 17th. The shares were sold at an average price of $125.68, for a total transaction of $75,408.00. Following the completion of the sale, the director now directly owns 18,888 shares of the company’s stock, valued at $2,373,843.84. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.54% of the stock is currently owned by insiders.

First Solar Profile

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First Solar, Inc provides photovoltaic (PV) solar energy solutions in the United State, Japan, France, Canada, India, Australia, and internationally. The company designs, manufactures, and sells cadmium telluride solar modules that converts sunlight into electricity. It serves developers and operators of systems, utilities, independent power producers, commercial and industrial companies, and other system owners.

See Also

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Institutional Ownership by Quarter for First Solar (NASDAQ:FSLR)

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