Quintet Private Bank Europe S.A. Lowers Position in First Solar, Inc. (NASDAQ:FSLR)

Quintet Private Bank Europe S.A. cut its stake in First Solar, Inc. (NASDAQ:FSLR) by 80.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 250 shares of the solar cell manufacturer’s stock after selling 1,000 shares during the quarter. Quintet Private Bank Europe S.A.’s holdings in First Solar were worth $44,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Strengthening Families & Communities LLC bought a new position in First Solar during the third quarter valued at $25,000. Kennebec Savings Bank bought a new position in First Solar during the third quarter valued at $29,000. Larson Financial Group LLC grew its holdings in First Solar by 214.0% during the third quarter. Larson Financial Group LLC now owns 157 shares of the solar cell manufacturer’s stock valued at $39,000 after purchasing an additional 107 shares during the period. Smartleaf Asset Management LLC grew its holdings in First Solar by 31.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 262 shares of the solar cell manufacturer’s stock valued at $47,000 after purchasing an additional 63 shares during the period. Finally, Crews Bank & Trust bought a new position in First Solar during the fourth quarter valued at $53,000. 92.08% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at First Solar

In other news, insider Kuntal Kumar Verma sold 7,475 shares of the company’s stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $136.60, for a total value of $1,021,085.00. Following the transaction, the insider now directly owns 3,549 shares in the company, valued at approximately $484,793.40. This represents a 67.81 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Mark R. Widmar sold 21,542 shares of the company’s stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $141.09, for a total transaction of $3,039,360.78. Following the completion of the transaction, the chief executive officer now owns 103,403 shares in the company, valued at approximately $14,589,129.27. This represents a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.58% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on FSLR. Piper Sandler reduced their price objective on First Solar from $250.00 to $230.00 and set an “overweight” rating for the company in a report on Wednesday, February 26th. Robert W. Baird reduced their price objective on First Solar from $307.00 to $267.00 and set an “outperform” rating for the company in a report on Wednesday, December 18th. JPMorgan Chase & Co. cut their price target on First Solar from $282.00 to $268.00 and set an “overweight” rating for the company in a report on Wednesday, February 26th. Wells Fargo & Company dropped their price objective on First Solar from $240.00 to $209.00 and set an “overweight” rating for the company in a research note on Wednesday, January 8th. Finally, Seaport Res Ptn raised First Solar from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, January 15th. Four equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $262.08.

First Solar Price Performance

NASDAQ FSLR opened at $127.63 on Tuesday. The firm has a market capitalization of $13.66 billion, a P/E ratio of 10.99, a P/E/G ratio of 0.19 and a beta of 1.47. The company has a current ratio of 2.14, a quick ratio of 1.44 and a debt-to-equity ratio of 0.05. First Solar, Inc. has a 12-month low of $126.54 and a 12-month high of $306.77. The firm’s fifty day simple moving average is $171.20 and its two-hundred day simple moving average is $196.97.

First Solar (NASDAQ:FSLR) last posted its earnings results on Tuesday, February 25th. The solar cell manufacturer reported $3.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.81 by ($1.16). The business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.48 billion. First Solar had a net margin of 32.41% and a return on equity of 17.56%. Analysts forecast that First Solar, Inc. will post 13.05 EPS for the current fiscal year.

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.