SeaCrest Wealth Management LLC Takes Position in First Solar, Inc. (NASDAQ:FSLR)

SeaCrest Wealth Management LLC purchased a new stake in First Solar, Inc. (NASDAQ:FSLRGet Rating) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 471 shares of the solar cell manufacturer’s stock, valued at approximately $32,000.

Several other hedge funds and other institutional investors also recently modified their holdings of FSLR. FDx Advisors Inc. raised its position in shares of First Solar by 29.9% in the first quarter. FDx Advisors Inc. now owns 3,413 shares of the solar cell manufacturer’s stock valued at $286,000 after purchasing an additional 786 shares during the period. abrdn plc raised its position in shares of First Solar by 24.2% in the first quarter. abrdn plc now owns 5,698 shares of the solar cell manufacturer’s stock valued at $477,000 after purchasing an additional 1,109 shares during the period. Versor Investments LP bought a new stake in First Solar during the 1st quarter worth approximately $742,000. Envestnet Asset Management Inc. increased its holdings in First Solar by 18.2% during the 1st quarter. Envestnet Asset Management Inc. now owns 33,636 shares of the solar cell manufacturer’s stock worth $2,817,000 after acquiring an additional 5,185 shares during the period. Finally, Commonwealth Equity Services LLC increased its holdings in First Solar by 11.3% during the 1st quarter. Commonwealth Equity Services LLC now owns 44,655 shares of the solar cell manufacturer’s stock worth $3,739,000 after acquiring an additional 4,518 shares during the period. Institutional investors own 79.21% of the company’s stock.

First Solar Trading Up 1.4 %

Shares of FSLR opened at $167.66 on Wednesday. The stock has a market capitalization of $17.87 billion, a P/E ratio of 190.52 and a beta of 1.26. The company has a quick ratio of 3.10, a current ratio of 4.09 and a debt-to-equity ratio of 0.04. The firm has a fifty day simple moving average of $138.78 and a two-hundred day simple moving average of $104.90. First Solar, Inc. has a twelve month low of $59.60 and a twelve month high of $168.17.

First Solar (NASDAQ:FSLRGet Rating) last announced its quarterly earnings results on Thursday, October 27th. The solar cell manufacturer reported ($0.46) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.30). The firm had revenue of $629.00 million for the quarter, compared to analysts’ expectations of $747.97 million. First Solar had a net margin of 3.75% and a return on equity of 1.61%. The company’s quarterly revenue was up 7.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.42 EPS. On average, research analysts anticipate that First Solar, Inc. will post -0.51 EPS for the current year.

Insider Buying and Selling at First Solar

In other First Solar news, Director R Craig Kennedy sold 600 shares of the stock in a transaction on Monday, October 17th. The shares were sold at an average price of $125.68, for a total transaction of $75,408.00. Following the completion of the sale, the director now owns 18,888 shares of the company’s stock, valued at approximately $2,373,843.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.54% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. UBS Group upped their target price on shares of First Solar from $76.00 to $140.00 and gave the stock a “neutral” rating in a report on Friday, October 28th. Barclays raised shares of First Solar from an “underweight” rating to an “equal weight” rating and upped their target price for the stock from $89.00 to $162.00 in a report on Tuesday, November 1st. Guggenheim upped their target price on shares of First Solar from $200.00 to $233.00 in a report on Monday, October 31st. Susquehanna Bancshares upped their target price on shares of First Solar from $120.00 to $175.00 in a report on Friday, September 9th. Finally, Evercore ISI raised shares of First Solar from an “in-line” rating to an “outperform” rating and upped their target price for the stock from $88.00 to $150.00 in a report on Wednesday, September 28th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $161.96.

About First Solar

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First Solar, Inc provides photovoltaic (PV) solar energy solutions in the United State, Japan, France, Canada, India, Australia, and internationally. The company designs, manufactures, and sells cadmium telluride solar modules that converts sunlight into electricity. It serves developers and operators of systems, utilities, independent power producers, commercial and industrial companies, and other system owners.

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Institutional Ownership by Quarter for First Solar (NASDAQ:FSLR)

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