Viking Fund Management LLC Cuts Position in First Solar, Inc. $FSLR

Viking Fund Management LLC lowered its stake in shares of First Solar, Inc. (NASDAQ:FSLR) by 20.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 16,000 shares of the solar cell manufacturer’s stock after selling 4,000 shares during the period. Viking Fund Management LLC’s holdings in First Solar were worth $4,180,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Lee Johnson Capital Management LLC acquired a new stake in shares of First Solar in the 4th quarter worth approximately $5,304,000. Daymark Wealth Partners LLC grew its holdings in First Solar by 11.3% during the 4th quarter. Daymark Wealth Partners LLC now owns 1,015 shares of the solar cell manufacturer’s stock valued at $265,000 after buying an additional 103 shares during the last quarter. Quantum Financial Advisors LLC purchased a new position in First Solar during the fourth quarter worth $204,000. First Heartland Consultants Inc. acquired a new position in shares of First Solar in the fourth quarter worth $228,000. Finally, SG Americas Securities LLC raised its holdings in shares of First Solar by 297.4% in the fourth quarter. SG Americas Securities LLC now owns 98,381 shares of the solar cell manufacturer’s stock worth $25,700,000 after acquiring an additional 73,625 shares during the last quarter. 92.08% of the stock is owned by hedge funds and other institutional investors.

First Solar Trading Up 1.5%

Shares of FSLR stock opened at $192.85 on Wednesday. The firm has a market cap of $20.69 billion, a P/E ratio of 13.57, a PEG ratio of 0.33 and a beta of 1.65. First Solar, Inc. has a 1-year low of $116.56 and a 1-year high of $285.99. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.67 and a quick ratio of 2.35. The firm’s 50-day simple moving average is $219.78 and its 200-day simple moving average is $236.32.

First Solar (NASDAQ:FSLR) last released its earnings results on Tuesday, February 24th. The solar cell manufacturer reported $4.84 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.22 by ($0.38). First Solar had a net margin of 29.28% and a return on equity of 17.32%. The company had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.59 billion. During the same quarter in the previous year, the firm posted $3.65 earnings per share. First Solar’s revenue for the quarter was up 11.1% compared to the same quarter last year. As a group, equities analysts forecast that First Solar, Inc. will post 13.05 EPS for the current year.

Insider Activity at First Solar

In other First Solar news, insider Kuntal Kumar Verma sold 180 shares of the business’s stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $199.53, for a total transaction of $35,915.40. Following the completion of the sale, the insider owned 9,436 shares of the company’s stock, valued at approximately $1,882,765.08. The trade was a 1.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Caroline Stockdale sold 335 shares of the company’s stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $200.80, for a total value of $67,268.00. Following the sale, the insider owned 34,060 shares of the company’s stock, valued at $6,839,248. This represents a 0.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 75,989 shares of company stock worth $14,921,902. 0.48% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on FSLR shares. Bank of America decreased their price objective on First Solar from $291.00 to $271.00 and set a “buy” rating on the stock in a research note on Thursday, January 22nd. Evercore reduced their target price on shares of First Solar from $241.00 to $212.00 in a report on Thursday, March 5th. DZ Bank upgraded shares of First Solar to a “strong sell” rating in a report on Thursday, February 26th. Daiwa Securities Group boosted their price objective on shares of First Solar from $215.00 to $284.00 and gave the company an “outperform” rating in a research report on Tuesday, December 9th. Finally, Zacks Research downgraded shares of First Solar from a “hold” rating to a “strong sell” rating in a research note on Monday, March 16th. Twenty research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $248.17.

First Solar Company Profile

First Solar, Inc (NASDAQ: FSLR) is a United States–based solar technology company best known for designing and manufacturing thin?film photovoltaic (PV) modules that use cadmium telluride (CdTe) semiconductor technology. The company supplies PV modules and delivers integrated solar power solutions for utility?scale projects, positioning itself as a provider of both components and complete solar energy systems rather than solely a parts supplier. First Solar was founded in 1999 and is headquartered in Tempe, Arizona.

Beyond module manufacturing, First Solar offers a range of project services including development support, engineering, procurement and construction (EPC) services, and operations and maintenance (O&M) for large-scale solar installations.