Olde Wealth Management LLC Takes $600,000 Position in First Solar, Inc. $FSLR

Olde Wealth Management LLC bought a new position in shares of First Solar, Inc. (NASDAQ:FSLR) in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 2,719 shares of the solar cell manufacturer’s stock, valued at approximately $600,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in FSLR. Strategic Wealth Investment Group LLC acquired a new position in First Solar during the second quarter worth $26,000. Pinpoint Asset Management Singapore Pte. Ltd. purchased a new position in First Solar during the third quarter valued at $44,000. Total Investment Management Inc. acquired a new stake in shares of First Solar in the second quarter valued at about $36,000. NBT Bank N A NY grew its position in shares of First Solar by 550.0% in the third quarter. NBT Bank N A NY now owns 221 shares of the solar cell manufacturer’s stock valued at $49,000 after purchasing an additional 187 shares during the period. Finally, Mather Group LLC. purchased a new stake in shares of First Solar during the third quarter worth about $52,000. Hedge funds and other institutional investors own 92.08% of the company’s stock.

Insider Transactions at First Solar

In other First Solar news, CFO Alexander R. Bradley sold 1,756 shares of the company’s stock in a transaction on Monday, March 9th. The stock was sold at an average price of $190.36, for a total value of $334,272.16. Following the completion of the sale, the chief financial officer directly owned 43,255 shares in the company, valued at $8,234,021.80. This represents a 3.90% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Kuntal Kumar Verma sold 408 shares of First Solar stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $195.70, for a total value of $79,845.60. Following the transaction, the insider owned 9,101 shares in the company, valued at approximately $1,781,065.70. This represents a 4.29% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 47,761 shares of company stock valued at $9,276,424. 0.48% of the stock is currently owned by company insiders.

Analyst Ratings Changes

FSLR has been the subject of several research analyst reports. Guggenheim upped their price target on shares of First Solar from $289.00 to $312.00 and gave the stock a “buy” rating in a research report on Thursday, January 8th. Susquehanna cut their price objective on First Solar from $292.00 to $280.00 and set a “positive” rating for the company in a research note on Wednesday, February 25th. The Goldman Sachs Group reduced their target price on First Solar from $316.00 to $300.00 and set a “buy” rating for the company in a report on Wednesday, February 25th. Morgan Stanley decreased their target price on First Solar from $275.00 to $230.00 and set an “overweight” rating on the stock in a research report on Monday, March 2nd. Finally, Wells Fargo & Company lowered their price target on First Solar from $285.00 to $255.00 and set an “overweight” rating on the stock in a research note on Thursday, February 26th. Twenty analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, First Solar currently has an average rating of “Moderate Buy” and an average target price of $249.65.

First Solar Stock Down 0.8%

Shares of NASDAQ FSLR opened at $196.07 on Friday. The stock has a market cap of $21.04 billion, a PE ratio of 13.80, a P/E/G ratio of 0.32 and a beta of 1.65. The company has a current ratio of 2.67, a quick ratio of 2.35 and a debt-to-equity ratio of 0.03. First Solar, Inc. has a 12-month low of $116.56 and a 12-month high of $285.99. The company has a 50-day moving average of $227.24 and a 200 day moving average of $235.86.

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

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.