Swedbank AB Cuts Stock Position in First Solar, Inc. (NASDAQ:FSLR)

Swedbank AB trimmed its position in shares of First Solar, Inc. (NASDAQ:FSLR) by 10.0% in the third quarter, HoldingsChannel.com reports. The fund owned 112,054 shares of the solar cell manufacturer’s stock after selling 12,450 shares during the period. Swedbank AB’s holdings in First Solar were worth $27,951,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Massmutual Trust Co. FSB ADV boosted its stake in shares of First Solar by 14.5% in the third quarter. Massmutual Trust Co. FSB ADV now owns 356 shares of the solar cell manufacturer’s stock valued at $89,000 after purchasing an additional 45 shares during the period. Davis Investment Partners LLC grew its stake in shares of First Solar by 0.6% in the third quarter. Davis Investment Partners LLC now owns 7,698 shares of the solar cell manufacturer’s stock worth $1,805,000 after acquiring an additional 46 shares in the last quarter. Oregon Public Employees Retirement Fund increased its position in shares of First Solar by 0.5% during the second quarter. Oregon Public Employees Retirement Fund now owns 9,172 shares of the solar cell manufacturer’s stock worth $2,068,000 after acquiring an additional 49 shares during the period. Cambridge Trust Co. raised its stake in shares of First Solar by 1.6% in the first quarter. Cambridge Trust Co. now owns 3,232 shares of the solar cell manufacturer’s stock valued at $546,000 after acquiring an additional 50 shares in the last quarter. Finally, Gilman Hill Asset Management LLC boosted its holdings in First Solar by 2.8% in the third quarter. Gilman Hill Asset Management LLC now owns 1,825 shares of the solar cell manufacturer’s stock valued at $455,000 after purchasing an additional 50 shares during the period. 92.08% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Truist Financial began coverage on First Solar in a research report on Thursday, September 26th. They issued a “buy” rating and a $300.00 price target on the stock. Hsbc Global Res upgraded shares of First Solar to a “strong-buy” rating in a report on Wednesday, October 9th. Seaport Res Ptn upgraded First Solar to a “hold” rating in a research note on Tuesday, November 5th. Morgan Stanley decreased their price objective on shares of First Solar from $329.00 to $297.00 and set an “overweight” rating for the company in a research note on Wednesday, October 30th. Finally, Royal Bank of Canada cut their target price on First Solar from $315.00 to $280.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 30th. Four research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $279.04.

First Solar Stock Performance

NASDAQ FSLR opened at $192.82 on Tuesday. The company has a current ratio of 2.14, a quick ratio of 1.44 and a debt-to-equity ratio of 0.05. The business’s 50 day moving average is $211.84 and its two-hundred day moving average is $225.80. The stock has a market capitalization of $20.64 billion, a price-to-earnings ratio of 16.61, a PEG ratio of 0.33 and a beta of 1.48. First Solar, Inc. has a 12-month low of $135.88 and a 12-month high of $306.77.

First Solar (NASDAQ:FSLR) last released its quarterly earnings data on Tuesday, October 29th. The solar cell manufacturer reported $2.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.10 by ($0.19). The business had revenue of $887.70 million during the quarter, compared to analysts’ expectations of $1.07 billion. First Solar had a return on equity of 17.56% and a net margin of 32.41%. The company’s revenue was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.50 EPS. Research analysts expect that First Solar, Inc. will post 13.15 EPS for the current year.

First Solar Profile

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.