SteelPeak Wealth LLC Takes $437,000 Position in First Solar, Inc. (NASDAQ:FSLR)

SteelPeak Wealth LLC bought a new stake in First Solar, Inc. (NASDAQ:FSLR) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 1,750 shares of the solar cell manufacturer’s stock, valued at approximately $437,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Pinnacle Associates Ltd. grew its stake in shares of First Solar by 12.4% during the third quarter. Pinnacle Associates Ltd. now owns 2,213 shares of the solar cell manufacturer’s stock worth $552,000 after purchasing an additional 244 shares during the period. First Trust Direct Indexing L.P. grew its stake in shares of First Solar by 12.5% during the third quarter. First Trust Direct Indexing L.P. now owns 2,560 shares of the solar cell manufacturer’s stock worth $639,000 after purchasing an additional 284 shares during the period. New York State Teachers Retirement System grew its stake in shares of First Solar by 10.9% during the third quarter. New York State Teachers Retirement System now owns 104,400 shares of the solar cell manufacturer’s stock worth $26,042,000 after purchasing an additional 10,232 shares during the period. Adams Natural Resources Fund Inc. acquired a new stake in shares of First Solar during the third quarter worth $3,767,000. Finally, Integrated Advisors Network LLC grew its stake in shares of First Solar by 23.4% during the third quarter. Integrated Advisors Network LLC now owns 7,239 shares of the solar cell manufacturer’s stock worth $1,806,000 after purchasing an additional 1,372 shares during the period. 92.08% of the stock is owned by institutional investors and hedge funds.

First Solar Trading Down 1.5 %

Shares of NASDAQ:FSLR opened at $194.48 on Friday. The company has a market capitalization of $20.82 billion, a P/E ratio of 16.75, a P/E/G ratio of 0.34 and a beta of 1.44. First Solar, Inc. has a 1 year low of $129.21 and a 1 year high of $306.77. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.23 and a quick ratio of 1.65. The business’s 50 day simple moving average is $222.68 and its 200 day simple moving average is $223.93.

First Solar (NASDAQ:FSLR) last released its earnings results on Tuesday, October 29th. The solar cell manufacturer reported $2.91 earnings per share for the quarter, missing the consensus estimate of $3.10 by ($0.19). First Solar had a return on equity of 17.73% and a net margin of 31.98%. The business had revenue of $887.70 million for the quarter, compared to the consensus estimate of $1.07 billion. During the same quarter in the previous year, the company earned $2.50 earnings per share. The firm’s revenue for the quarter was up 10.7% on a year-over-year basis. On average, research analysts anticipate that First Solar, Inc. will post 13.39 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CAO Byron Michael Jeffers sold 1,766 shares of the firm’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $216.50, for a total transaction of $382,339.00. Following the completion of the transaction, the chief accounting officer now directly owns 500 shares of the company’s stock, valued at $108,250. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CAO Byron Michael Jeffers sold 1,766 shares of the firm’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $216.50, for a total transaction of $382,339.00. Following the completion of the transaction, the chief accounting officer now directly owns 500 shares of the company’s stock, valued at $108,250. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Patrick James Buehler sold 8,619 shares of the firm’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $222.00, for a total value of $1,913,418.00. Following the transaction, the insider now directly owns 3,468 shares of the company’s stock, valued at approximately $769,896. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 10,885 shares of company stock valued at $2,405,757 in the last three months. Insiders own 0.58% of the company’s stock.

Wall Street Analyst Weigh In

FSLR has been the subject of a number of analyst reports. StockNews.com cut First Solar from a “hold” rating to a “sell” rating in a research note on Thursday. The Goldman Sachs Group decreased their target price on First Solar from $311.00 to $279.00 and set a “buy” rating for the company in a research note on Wednesday. William Blair assumed coverage on First Solar in a research note on Thursday, August 29th. They issued a “market perform” rating for the company. Evercore ISI decreased their target price on First Solar from $281.00 to $278.00 and set an “outperform” rating for the company in a research note on Wednesday. Finally, Guggenheim decreased their target price on First Solar from $368.00 to $335.00 and set a “buy” rating for the company in a research note on Wednesday. One analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, First Solar has a consensus rating of “Moderate Buy” and a consensus target price of $281.13.

About First Solar

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.