Truist Financial Corp Sells 3,137 Shares of First Solar, Inc. (NASDAQ:FSLR)

Truist Financial Corp trimmed its stake in shares of First Solar, Inc. (NASDAQ:FSLR – Get Rating) by 31.1% in the third quarter, HoldingsChannel reports. The firm owned 6,934 shares of the solar cell manufacturer’s stock after selling 3,137 shares during the quarter. Truist Financial Corp’s holdings in First Solar were worth $917,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in FSLR. SeaCrest Wealth Management LLC bought a new position in First Solar during the second quarter worth $32,000. Covestor Ltd lifted its holdings in shares of First Solar by 97.7% during the first quarter. Covestor Ltd now owns 421 shares of the solar cell manufacturer’s stock worth $35,000 after buying an additional 208 shares in the last quarter. Allworth Financial LP lifted its holdings in shares of First Solar by 256.6% during the third quarter. Allworth Financial LP now owns 271 shares of the solar cell manufacturer’s stock worth $36,000 after buying an additional 195 shares in the last quarter. BerganKDV Wealth Management LLC acquired a new stake in shares of First Solar during the third quarter worth $36,000. Finally, Fifth Third Bancorp lifted its holdings in shares of First Solar by 15.8% during the third quarter. Fifth Third Bancorp now owns 601 shares of the solar cell manufacturer’s stock worth $79,000 after buying an additional 82 shares in the last quarter. 80.97% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. TheStreet downgraded First Solar from a “b-” rating to a “c” rating in a report on Friday, October 28th. Bank of America lifted their target price on First Solar from $138.00 to $165.00 and gave the stock a “buy” rating in a report on Monday, October 31st. Deutsche Bank Aktiengesellschaft boosted their price target on First Solar from $180.00 to $215.00 and gave the company a “buy” rating in a research note on Tuesday. Daiwa Capital Markets started coverage on First Solar in a research note on Friday, December 23rd. They issued an “outperform” rating and a $175.00 price target for the company. Finally, Cowen boosted their price target on First Solar from $167.00 to $175.00 in a research note on Friday, October 28th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, First Solar currently has a consensus rating of “Moderate Buy” and a consensus price target of $177.63.

First Solar Stock Performance

Shares of FSLR stock opened at $167.87 on Friday. The business’s 50 day simple moving average is $161.28 and its 200 day simple moving average is $132.31. First Solar, Inc. has a one year low of $59.60 and a one year high of $185.28. The stock has a market capitalization of $17.90 billion, a PE ratio of 190.76, a PEG ratio of 0.69 and a beta of 1.30. The company has a debt-to-equity ratio of 0.04, a current ratio of 4.09 and a quick ratio of 3.10.

First Solar (NASDAQ:FSLR – Get Rating) last announced its earnings results on Thursday, October 27th. The solar cell manufacturer reported ($0.46) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.23). First Solar had a net margin of 3.75% and a return on equity of 1.61%. The company had revenue of $629.00 million during the quarter, compared to the consensus estimate of $747.97 million. During the same quarter in the previous year, the company earned $0.42 earnings per share. The business’s revenue was up 7.8% on a year-over-year basis. As a group, research analysts forecast that First Solar, Inc. will post -0.52 earnings per share for the current year.

About First Solar

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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.