Van ECK Associates Corp Has $10.74 Million Position in First Solar, Inc. (NASDAQ:FSLR)

Van ECK Associates Corp lessened its holdings in shares of First Solar, Inc. (NASDAQ:FSLR) by 1.2% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 43,037 shares of the solar cell manufacturer’s stock after selling 518 shares during the period. Van ECK Associates Corp’s holdings in First Solar were worth $10,735,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. AlphaMark Advisors LLC bought a new stake in First Solar in the 3rd quarter valued at $25,000. Atlas Capital Advisors LLC lifted its stake in shares of First Solar by 411.1% in the second quarter. Atlas Capital Advisors LLC now owns 138 shares of the solar cell manufacturer’s stock valued at $31,000 after buying an additional 111 shares during the period. Summit Securities Group LLC acquired a new stake in First Solar during the second quarter worth about $36,000. Itau Unibanco Holding S.A. bought a new position in First Solar during the second quarter valued at about $38,000. Finally, Alta Advisers Ltd acquired a new position in First Solar in the 2nd quarter valued at approximately $45,000. Institutional investors own 92.08% of the company’s stock.

Insider Activity

In related news, CAO Byron Michael Jeffers sold 500 shares of the stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $220.00, for a total transaction of $110,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other First Solar news, CAO Byron Michael Jeffers sold 500 shares of the company’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $220.00, for a total transaction of $110,000.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Patrick James Buehler sold 8,619 shares of First Solar stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $222.00, for a total transaction of $1,913,418.00. Following the completion of the transaction, the insider now directly owns 3,468 shares of the company’s stock, valued at approximately $769,896. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.58% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Jefferies Financial Group reduced their target price on First Solar from $271.00 to $266.00 and set a “buy” rating for the company in a research report on Thursday, October 10th. Truist Financial started coverage on First Solar in a report on Thursday, September 26th. They issued a “buy” rating and a $300.00 target price on the stock. Citigroup raised shares of First Solar from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $200.00 to $254.00 in a report on Tuesday, October 22nd. Susquehanna lowered their target price on First Solar from $280.00 to $252.00 and set a “positive” rating for the company in a research note on Wednesday, October 30th. Finally, Piper Sandler lowered their price target on shares of First Solar from $250.00 to $245.00 and set an “overweight” rating for the company in a research report on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $281.13.

First Solar Stock Down 10.1 %

Shares of First Solar stock opened at $194.02 on Thursday. First Solar, Inc. has a 52-week low of $129.21 and a 52-week high of $306.77. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.44 and a current ratio of 2.14. The business’s 50 day simple moving average is $220.87 and its 200 day simple moving average is $225.16. The firm has a market cap of $20.77 billion, a PE ratio of 16.71, a P/E/G ratio of 0.37 and a beta of 1.48.

First Solar (NASDAQ:FSLR) last announced its quarterly earnings data on Tuesday, October 29th. The solar cell manufacturer reported $2.91 EPS for the quarter, missing analysts’ consensus estimates of $3.10 by ($0.19). The business had revenue of $887.70 million during the quarter, compared to the consensus estimate of $1.07 billion. First Solar had a return on equity of 17.56% and a net margin of 32.41%. The business’s revenue for the quarter was up 10.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.50 EPS. On average, analysts predict that First Solar, Inc. will post 13.12 earnings per share 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.