Cibc World Markets Corp Raises Stock Holdings in First Solar, Inc. (NASDAQ:FSLR)

Cibc World Markets Corp increased its stake in shares of First Solar, Inc. (NASDAQ:FSLR) by 17.2% in the fourth quarter, HoldingsChannel reports. The firm owned 16,653 shares of the solar cell manufacturer’s stock after buying an additional 2,444 shares during the period. Cibc World Markets Corp’s holdings in First Solar were worth $2,935,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in FSLR. Clear Harbor Asset Management LLC raised its stake in First Solar by 0.6% in the fourth quarter. Clear Harbor Asset Management LLC now owns 9,210 shares of the solar cell manufacturer’s stock valued at $1,623,000 after buying an additional 55 shares during the last quarter. Doliver Advisors LP raised its stake in First Solar by 1.2% in the fourth quarter. Doliver Advisors LP now owns 4,713 shares of the solar cell manufacturer’s stock valued at $831,000 after buying an additional 56 shares during the last quarter. Smartleaf Asset Management LLC raised its stake in First Solar by 31.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 262 shares of the solar cell manufacturer’s stock valued at $47,000 after buying an additional 63 shares during the last quarter. Independent Advisor Alliance raised its stake in First Solar by 3.1% in the fourth quarter. Independent Advisor Alliance now owns 2,090 shares of the solar cell manufacturer’s stock valued at $368,000 after buying an additional 63 shares during the last quarter. Finally, Mutual Advisors LLC raised its stake in First Solar by 5.3% in the fourth quarter. Mutual Advisors LLC now owns 1,463 shares of the solar cell manufacturer’s stock valued at $279,000 after buying an additional 73 shares during the last quarter. 92.08% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. JPMorgan Chase & Co. decreased their price target on First Solar from $282.00 to $268.00 and set an “overweight” rating for the company in a research note on Wednesday, February 26th. Truist Financial restated a “buy” rating and issued a $285.00 price objective (down from $300.00) on shares of First Solar in a research note on Wednesday, February 26th. Seaport Res Ptn upgraded First Solar from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, January 15th. Deutsche Bank Aktiengesellschaft set a $265.00 price objective on First Solar in a research note on Thursday, February 27th. Finally, BMO Capital Markets restated an “outperform” rating and issued a $230.00 price objective (down from $260.00) on shares of First Solar in a research note on Wednesday, February 26th. Four investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $262.08.

Insider Buying and Selling at First Solar

In other news, CEO Mark R. Widmar sold 1,272 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $132.96, for a total value of $169,125.12. Following the transaction, the chief executive officer now owns 109,000 shares in the company, valued at $14,492,640. This trade represents a 1.15 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Georges Antoun sold 229 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $133.75, for a total value of $30,628.75. Following the completion of the transaction, the insider now owns 52,836 shares in the company, valued at approximately $7,066,815. This trade represents a 0.43 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 34,311 shares of company stock valued at $4,767,158. Company insiders own 0.58% of the company’s stock.

First Solar Stock Down 0.7 %

Shares of FSLR opened at $128.46 on Friday. The company has a current ratio of 2.14, a quick ratio of 1.44 and a debt-to-equity ratio of 0.05. First Solar, Inc. has a 12 month low of $124.96 and a 12 month high of $306.77. The stock’s 50 day moving average is $157.42 and its two-hundred day moving average is $188.89. The firm has a market cap of $13.75 billion, a P/E ratio of 11.06, a PEG ratio of 0.19 and a beta of 1.52.

First Solar (NASDAQ:FSLR) last issued its quarterly earnings data on Tuesday, February 25th. The solar cell manufacturer reported $3.65 EPS for the quarter, missing the consensus estimate of $4.81 by ($1.16). First Solar had a net margin of 32.41% and a return on equity of 17.56%. The business had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.48 billion. Analysts predict that First Solar, Inc. will post 13.05 earnings per share for the current fiscal 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.