Citizens Financial Group Inc. RI Acquires New Position in First Solar, Inc. (NASDAQ:FSLR)

Citizens Financial Group Inc. RI bought a new position in shares of First Solar, Inc. (NASDAQ:FSLR) during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 854 shares of the solar cell manufacturer’s stock, valued at approximately $213,000.

A number of other hedge funds also recently added to or reduced their stakes in the business. Moors & Cabot Inc. increased its position in shares of First Solar by 17.0% during the third quarter. Moors & Cabot Inc. now owns 1,313 shares of the solar cell manufacturer’s stock worth $328,000 after acquiring an additional 191 shares during the period. Advisors Asset Management Inc. increased its holdings in First Solar by 8.6% during the 3rd quarter. Advisors Asset Management Inc. now owns 5,718 shares of the solar cell manufacturer’s stock worth $1,426,000 after purchasing an additional 452 shares during the period. SCP Investment LP purchased a new stake in First Solar during the 3rd quarter worth about $970,000. Jennison Associates LLC boosted its stake in shares of First Solar by 32.7% in the 3rd quarter. Jennison Associates LLC now owns 48,289 shares of the solar cell manufacturer’s stock valued at $12,045,000 after buying an additional 11,894 shares during the period. Finally, Premier Fund Managers Ltd grew its position in shares of First Solar by 42.8% during the third quarter. Premier Fund Managers Ltd now owns 62,479 shares of the solar cell manufacturer’s stock worth $15,974,000 after buying an additional 18,717 shares in the last quarter. 92.08% of the stock is currently owned by institutional investors and hedge funds.

First Solar Stock Performance

Shares of FSLR opened at $186.05 on Friday. The stock has a market capitalization of $19.92 billion, a P/E ratio of 16.02, a P/E/G ratio of 0.32 and a beta of 1.48. The company’s fifty day moving average is $212.65 and its two-hundred day moving average is $225.56. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.44 and a current ratio of 2.14. First Solar, Inc. has a 1 year low of $135.88 and a 1 year high of $306.77.

First Solar (NASDAQ:FSLR) last announced its quarterly earnings data 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). The business had revenue of $887.70 million during the quarter, compared to analysts’ expectations of $1.07 billion. First Solar had a net margin of 32.41% and a return on equity of 17.56%. First Solar’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 posted $2.50 EPS. On average, sell-side analysts predict 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 analyst reports. DZ Bank raised shares of First Solar from a “hold” rating to a “buy” rating and set a $280.00 target price on the stock in a report on Thursday, August 1st. Oppenheimer upped their price objective on First Solar from $325.00 to $326.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 31st. Piper Sandler decreased their target price on First Solar from $245.00 to $210.00 and set an “overweight” rating for the company in a research note on Friday. Citigroup raised First Solar from a “neutral” rating to a “buy” rating and upped their price target for the company from $200.00 to $254.00 in a report on Tuesday, October 22nd. Finally, Mizuho reduced their price objective on shares of First Solar from $274.00 to $257.00 and set a “neutral” rating for the company in a research report on Thursday, October 31st. Four research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $279.04.

About First Solar

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.