Kingsview Wealth Management LLC Decreases Stake in First Solar, Inc. (NASDAQ:FSLR)

Kingsview Wealth Management LLC lessened its stake in shares of First Solar, Inc. (NASDAQ:FSLR) by 35.3% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,022 shares of the solar cell manufacturer’s stock after selling 557 shares during the period. Kingsview Wealth Management LLC’s holdings in First Solar were worth $255,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the stock. Electron Capital Partners LLC raised its stake in shares of First Solar by 81,947.0% in the second quarter. Electron Capital Partners LLC now owns 7,669,757 shares of the solar cell manufacturer’s stock worth $1,729,223,000 after purchasing an additional 7,660,409 shares during the last quarter. Robeco Institutional Asset Management B.V. raised its position in First Solar by 1,757.2% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 546,193 shares of the solar cell manufacturer’s stock worth $136,242,000 after buying an additional 516,783 shares during the last quarter. Anomaly Capital Management LP acquired a new stake in First Solar during the 2nd quarter valued at approximately $53,752,000. International Assets Investment Management LLC boosted its holdings in shares of First Solar by 24,844.0% in the 3rd quarter. International Assets Investment Management LLC now owns 217,512 shares of the solar cell manufacturer’s stock valued at $542,560,000 after acquiring an additional 216,640 shares during the last quarter. Finally, Canada Pension Plan Investment Board increased its stake in shares of First Solar by 2,429.1% in the second quarter. Canada Pension Plan Investment Board now owns 174,530 shares of the solar cell manufacturer’s stock worth $39,350,000 after acquiring an additional 167,629 shares during the period. Institutional investors and hedge funds own 92.08% of the company’s stock.

First Solar Trading Up 3.5 %

NASDAQ FSLR opened at $199.27 on Friday. First Solar, Inc. has a 52 week low of $135.88 and a 52 week high of $306.77. The firm has a 50 day moving average of $208.94 and a two-hundred day moving average of $225.35. The company has a quick ratio of 1.44, a current ratio of 2.14 and a debt-to-equity ratio of 0.05. The stock has a market capitalization of $21.33 billion, a PE ratio of 17.16, a price-to-earnings-growth ratio of 0.34 and a beta of 1.48.

First Solar (NASDAQ:FSLR) last issued its earnings results 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). First Solar had a return on equity of 17.56% and a net margin of 32.41%. The firm had revenue of $887.70 million for the quarter, compared to analyst estimates of $1.07 billion. During the same quarter in the previous year, the firm posted $2.50 EPS. The business’s revenue for the quarter was up 10.7% on a year-over-year basis. As a group, research analysts expect that First Solar, Inc. will post 13.15 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have commented on FSLR. Hsbc Global Res raised shares of First Solar to a “strong-buy” rating in a report on Wednesday, October 9th. Guggenheim decreased their price target on First Solar from $368.00 to $335.00 and set a “buy” rating for the company in a report on Wednesday, October 30th. Piper Sandler dropped their price target on shares of First Solar from $245.00 to $210.00 and set an “overweight” rating on the stock in a research report on Friday, November 22nd. Barclays cut their price objective on shares of First Solar from $290.00 to $275.00 and set an “overweight” rating for the company in a report on Wednesday, November 13th. Finally, Bank of America lowered their target price on shares of First Solar from $321.00 to $269.00 and set a “buy” rating on the stock in a research note on Wednesday, October 30th. Four equities research analysts have rated the stock with 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, First Solar currently has an average rating of “Moderate Buy” and a consensus price target of $279.04.

First Solar 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.