Comerica Bank lessened its stake in shares of First Solar, Inc. (NASDAQ:FSLR) by 3.0% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 62,479 shares of the solar cell manufacturer’s stock after selling 1,916 shares during the period. Comerica Bank owned approximately 0.06% of First Solar worth $3,358,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Penserra Capital Management LLC increased its position in First Solar by 381.4% during the 1st quarter. Penserra Capital Management LLC now owns 1,704 shares of the solar cell manufacturer’s stock valued at $115,000 after buying an additional 1,350 shares in the last quarter. FNY Investment Advisers LLC bought a new position in First Solar during the 2nd quarter valued at approximately $151,000. Cavalry Management Group LLC bought a new position in First Solar during the 1st quarter valued at approximately $206,000. BSW Wealth Partners bought a new position in First Solar during the 1st quarter valued at approximately $226,000. Finally, Lido Advisors LLC bought a new position in First Solar during the 1st quarter valued at approximately $234,000. 51.77% of the stock is owned by institutional investors.
First Solar stock opened at $51.00 on Friday. The firm has a market capitalization of $5.53 billion, a price-to-earnings ratio of 19.69, a price-to-earnings-growth ratio of 1.97 and a beta of 1.68. First Solar, Inc. has a 12 month low of $45.26 and a 12 month high of $81.72. The company has a debt-to-equity ratio of 0.09, a current ratio of 4.89 and a quick ratio of 4.60.
First Solar (NASDAQ:FSLR) last posted its earnings results on Thursday, July 26th. The solar cell manufacturer reported ($0.46) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.03) by ($0.43). The business had revenue of $309.00 million during the quarter, compared to the consensus estimate of $509.19 million. First Solar had a positive return on equity of 4.12% and a negative net margin of 8.35%. The firm’s revenue for the quarter was down 50.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.64 EPS. equities research analysts forecast that First Solar, Inc. will post 1.68 earnings per share for the current year.
In related news, insider Georges Antoun sold 3,142 shares of First Solar stock in a transaction on Friday, June 22nd. The stock was sold at an average price of $52.69, for a total value of $165,551.98. Following the completion of the sale, the insider now owns 74,533 shares of the company’s stock, valued at $3,927,143.77. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Raffi Garabedian sold 4,159 shares of First Solar stock in a transaction on Wednesday, August 1st. The stock was sold at an average price of $52.91, for a total value of $220,052.69. Following the completion of the sale, the chief technology officer now directly owns 5,520 shares of the company’s stock, valued at approximately $292,063.20. The disclosure for this sale can be found here. Insiders sold 14,035 shares of company stock valued at $797,353 in the last ninety days. 0.54% of the stock is currently owned by corporate insiders.
A number of research analysts recently weighed in on the company. Credit Suisse Group reduced their price objective on First Solar from $59.00 to $53.00 and set an “underperform” rating for the company in a research report on Thursday, June 7th. TheStreet raised First Solar from a “c” rating to a “b-” rating in a research report on Friday, May 11th. BidaskClub lowered First Solar from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 2nd. Cowen reissued a “buy” rating and issued a $85.00 target price on shares of First Solar in a report on Friday, July 27th. Finally, Bank of America lowered First Solar from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $83.00 to $63.00 in a report on Tuesday, June 5th. Five research analysts have rated the stock with a sell rating, seven have issued a hold rating and ten have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $70.85.
First Solar Profile
First Solar, Inc provides photovoltaic solar energy solutions in the United States and internationally. It operates through two segments, Components and Systems. The Components segment designs, manufactures, and sells cadmium telluride solar modules that convert sunlight into electricity. This segment offers its products to integrators and operators.
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