Fred Alger Management LLC Sells 816 Shares of First Solar, Inc. (NASDAQ:FSLR)

Fred Alger Management LLC cut its position in shares of First Solar, Inc. (NASDAQ:FSLR) by 23.4% during the third quarter, Holdings Channel reports. The institutional investor owned 2,675 shares of the solar cell manufacturer’s stock after selling 816 shares during the quarter. Fred Alger Management LLC’s holdings in First Solar were worth $667,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Electron Capital Partners LLC grew its holdings in shares of First Solar by 81,947.0% during the 2nd quarter. Electron Capital Partners LLC now owns 7,669,757 shares of the solar cell manufacturer’s stock worth $1,729,223,000 after purchasing an additional 7,660,409 shares in the last quarter. Robeco Institutional Asset Management B.V. boosted its stake in First Solar by 1,757.2% during the third quarter. Robeco Institutional Asset Management B.V. now owns 546,193 shares of the solar cell manufacturer’s stock worth $136,242,000 after buying an additional 516,783 shares in the last quarter. Anomaly Capital Management LP acquired a new position in shares of First Solar in the 2nd quarter valued at $53,752,000. International Assets Investment Management LLC raised its stake in shares of First Solar by 24,844.0% in the 3rd quarter. International Assets Investment Management LLC now owns 217,512 shares of the solar cell manufacturer’s stock valued at $542,560,000 after buying an additional 216,640 shares in the last quarter. Finally, Canada Pension Plan Investment Board lifted its holdings in shares of First Solar by 2,429.1% during the 2nd quarter. Canada Pension Plan Investment Board now owns 174,530 shares of the solar cell manufacturer’s stock worth $39,350,000 after acquiring an additional 167,629 shares during the period. 92.08% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms recently issued reports on FSLR. BMO Capital Markets reissued an “outperform” rating and issued a $260.00 price target (down previously from $286.00) on shares of First Solar in a research report on Wednesday, October 30th. Royal Bank of Canada cut their target price on First Solar from $315.00 to $280.00 and set an “outperform” rating for the company in a research report on Wednesday, October 30th. Evercore ISI decreased their price target on First Solar from $281.00 to $278.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 30th. Susquehanna cut their price objective on First Solar from $280.00 to $252.00 and set a “positive” rating for the company in a report on Wednesday, October 30th. Finally, Piper Sandler lowered their target price on shares of First Solar from $245.00 to $210.00 and set an “overweight” rating on the stock in a report on Friday, November 22nd. Four analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, First Solar presently has an average rating of “Moderate Buy” and an average price target of $279.04.

First Solar Trading Up 3.5 %

FSLR opened at $199.27 on Monday. The firm has a 50 day simple moving average of $208.12 and a 200 day simple moving average of $225.68. First Solar, Inc. has a fifty-two week low of $135.88 and a fifty-two week high of $306.77. The company has a market cap of $21.33 billion, a price-to-earnings ratio of 17.16, a price-to-earnings-growth ratio of 0.35 and a beta of 1.48. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.14 and a quick ratio of 1.44.

First Solar (NASDAQ:FSLR) last issued its earnings results on Tuesday, October 29th. The solar cell manufacturer reported $2.91 EPS for the quarter, missing the consensus estimate of $3.10 by ($0.19). First Solar had a net margin of 32.41% and a return on equity of 17.56%. 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 firm posted $2.50 EPS. The business’s revenue was up 10.7% on a year-over-year basis. On average, sell-side analysts anticipate that First Solar, Inc. will post 13.15 earnings per share for the current year.

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.