Sanctuary Advisors LLC Reduces Stake in First Solar, Inc. (NASDAQ:FSLR)

Sanctuary Advisors LLC lessened its stake in shares of First Solar, Inc. (NASDAQ:FSLR) by 4.4% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,756 shares of the solar cell manufacturer’s stock after selling 127 shares during the quarter. Sanctuary Advisors LLC’s holdings in First Solar were worth $687,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Bank of New York Mellon Corp increased its holdings in First Solar by 0.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 652,354 shares of the solar cell manufacturer’s stock worth $147,080,000 after acquiring an additional 2,378 shares during the period. Bailard Inc. purchased a new stake in shares of First Solar in the second quarter worth $459,000. Allspring Global Investments Holdings LLC boosted its stake in First Solar by 5.2% during the second quarter. Allspring Global Investments Holdings LLC now owns 5,548 shares of the solar cell manufacturer’s stock valued at $1,251,000 after buying an additional 276 shares during the period. Kintegral Advisory LLC increased its stake in First Solar by 5.2% in the 2nd quarter. Kintegral Advisory LLC now owns 4,901 shares of the solar cell manufacturer’s stock worth $1,105,000 after acquiring an additional 241 shares during the last quarter. Finally, HB Wealth Management LLC purchased a new stake in shares of First Solar in the 2nd quarter valued at about $285,000. 92.08% of the stock is owned by hedge funds and other institutional investors.

First Solar Price Performance

Shares of NASDAQ FSLR opened at $186.21 on Wednesday. First Solar, Inc. has a 1 year low of $135.88 and a 1 year high of $306.77. The stock has a market capitalization of $19.94 billion, a P/E ratio of 16.04, a P/E/G ratio of 0.35 and a beta of 1.46. The company’s 50-day moving average is $195.23 and its 200 day moving average is $218.79. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.14 and a quick ratio of 1.44.

First Solar (NASDAQ:FSLR) last posted its earnings results on Tuesday, October 29th. The solar cell manufacturer reported $2.91 earnings per share 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 analysts’ expectations of $1.07 billion. During the same quarter last year, the company posted $2.50 EPS. The firm’s revenue was up 10.7% on a year-over-year basis. On average, sell-side analysts expect that First Solar, Inc. will post 13.15 earnings per share for the current year.

Wall Street Analyst Weigh In

FSLR has been the topic of several research analyst reports. Piper Sandler upped their price objective on shares of First Solar from $210.00 to $250.00 and gave the stock an “overweight” rating in a research report on Monday, December 2nd. Evercore ISI lowered their price objective on shares of First Solar from $281.00 to $278.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 30th. Roth Mkm reduced their target price on First Solar from $320.00 to $280.00 and set a “buy” rating on the stock in a research note on Tuesday, October 15th. Janney Montgomery Scott raised First Solar from a “neutral” rating to a “buy” rating and set a $260.00 price target for the company in a research note on Tuesday, October 29th. Finally, StockNews.com upgraded First Solar from a “sell” rating to a “hold” rating in a research report on Tuesday, November 12th. Four research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $279.04.

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.