First Solar, Inc. $FSLR Shares Purchased by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA lifted its stake in shares of First Solar, Inc. (NASDAQ:FSLR) by 9.6% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,254,076 shares of the solar cell manufacturer’s stock after purchasing an additional 110,031 shares during the period. Pictet Asset Management Holding SA’s holdings in First Solar were worth $219,666,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in FSLR. BlackRock Inc. acquired a new stake in shares of First Solar in the 2nd quarter valued at approximately $3,310,298,000. Hill City Capital LP acquired a new position in First Solar during the second quarter worth $620,133,555. Deutsche Bank AG acquired a new position in First Solar during the second quarter worth $212,626,000. Bank of America Corp DE acquired a new position in First Solar during the second quarter worth $171,043,000. Finally, Bank of New York Mellon Corp bought a new stake in First Solar during the second quarter worth $164,962,000. Institutional investors own 92.08% of the company’s stock.

Insiders Place Their Bets

In other First Solar news, CTO Markus Gloeckler sold 800 shares of First Solar stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $174.00, for a total transaction of $139,200.00. Following the completion of the transaction, the chief technology officer directly owned 5,042 shares of the company’s stock, valued at $877,308. The trade was a 13.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Samantha Sloan sold 127 shares of the company’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $222.95, for a total transaction of $28,314.65. Following the completion of the transaction, the executive vice president owned 2,018 shares in the company, valued at approximately $449,913.10. This represents a 5.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 5,427 shares of company stock valued at $1,250,221 over the last ninety days. 0.39% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have issued reports on FSLR shares. TD Cowen raised shares of First Solar to a “strong-buy” rating in a research report on Monday, October 5th. Wells Fargo & Company decreased their price objective on shares of First Solar from $313.00 to $260.00 and set an “overweight” rating for the company in a research report on Friday, October 30th. Needham & Company LLC lowered their price objective on shares of First Solar from $303.00 to $236.00 and set a “buy” rating on the stock in a research note on Friday, October 30th. Evercore restated a “positive” rating and set a $218.00 price objective on shares of First Solar in a research note on Monday, August 17th. Finally, Guggenheim dropped their target price on shares of First Solar from $299.00 to $297.00 and set a “buy” rating on the stock in a report on Monday, November 2nd. Three research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $257.38.

First Solar News Summary

Here are the key news stories impacting First Solar this week:

• Positive Sentiment: William Blair raised its rating on First Solar from “market perform” to “outperform.” The firm sees Democratic gains as potentially supporting utility-scale solar projects, although new bookings may take time to materialize. First Solar raised at William Blair as Democrat Congress seen boosting support
• Positive Sentiment: First Solar announced a $500 million share repurchase program and opened a manufacturing facility in Gaffney, South Carolina, expanding its U.S. production footprint and adding regional jobs. Democratic Sweep Could Be A Big Deal For First Solar Stock First Solar Opens South Carolina Plant
• Negative Sentiment: The company lowered its full-year net sales and module-shipment outlook. Its third-quarter results were mixed: EPS beat expectations, but revenue fell short of estimates and was down year over year, which may temper the positive policy and buyback news. Democratic Sweep Could Be A Big Deal For First Solar Stock

First Solar Trading Up 2.7%

Shares of NASDAQ FSLR opened at $201.14 on Friday. The company has a market capitalization of $21.62 billion, a P/E ratio of 11.64, a P/E/G ratio of 0.55 and a beta of 1.73. First Solar, Inc. has a 12 month low of $165.86 and a 12 month high of $320.95. The stock has a 50 day moving average of $186.99 and a 200-day moving average of $214.96.

First Solar (NASDAQ:FSLR) last posted its quarterly earnings results on Thursday, October 29th. The solar cell manufacturer reported $5.30 earnings per share for the quarter, beating analysts’ consensus estimates of $4.67 by $0.63. First Solar had a return on equity of 18.33% and a net margin of 37.12%. The business had revenue of $1.23 billion for the quarter, compared to analysts’ expectations of $1.29 billion. During the same quarter in the prior year, the business earned $4.24 EPS. The firm’s revenue for the quarter was down 22.8% on a year-over-year basis. Analysts predict that First Solar, Inc. will post 17.66 EPS for the current fiscal year.

First Solar Company Profile

First Solar, Inc is a U.S.-based solar technology company that designs and manufactures photovoltaic modules for utility-scale solar power projects. Its products use thin-film cadmium telluride (CdTe) technology, an alternative to the crystalline-silicon cells commonly used in solar panels.

Founded in 1999, the company also provides services related to its modules, including recycling designed to recover and reuse materials at the end of a product’s useful life. First Solar serves customers in markets across the Americas, Europe, and Asia-Pacific.

The company is headquartered in Tempe, Arizona.