Sycomore Asset Management Sells 658 Shares of First Solar, Inc. (NASDAQ:FSLR)

Sycomore Asset Management cut its holdings in First Solar, Inc. (NASDAQ:FSLR) by 6.3% during the third quarter, Holdings Channel.com reports. The fund owned 9,814 shares of the solar cell manufacturer’s stock after selling 658 shares during the period. Sycomore Asset Management’s holdings in First Solar were worth $2,509,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Electron Capital Partners LLC boosted its position in shares of First Solar by 81,947.0% during the second 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 position in shares of 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 purchasing an additional 516,783 shares in the last quarter. Anomaly Capital Management LP bought a new position in shares of First Solar during the second quarter worth $53,752,000. International Assets Investment Management LLC boosted its position in shares of First Solar by 24,844.0% during the third quarter. International Assets Investment Management LLC now owns 217,512 shares of the solar cell manufacturer’s stock worth $542,560,000 after purchasing an additional 216,640 shares in the last quarter. Finally, Canada Pension Plan Investment Board boosted its position in shares of First Solar by 2,429.1% during the second quarter. Canada Pension Plan Investment Board now owns 174,530 shares of the solar cell manufacturer’s stock worth $39,350,000 after purchasing an additional 167,629 shares in the last quarter. 92.08% of the stock is owned by institutional investors.

First Solar Stock Performance

NASDAQ FSLR traded down $1.76 during trading on Thursday, reaching $180.37. The company’s stock had a trading volume of 569,202 shares, compared to its average volume of 2,506,207. 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 firm has a market capitalization of $19.31 billion, a price-to-earnings ratio of 15.69, a price-to-earnings-growth ratio of 0.32 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. The firm has a 50 day moving average price of $217.04 and a 200 day moving average price of $225.37.

First Solar (NASDAQ:FSLR) last issued its quarterly earnings results on Tuesday, October 29th. The solar cell manufacturer reported $2.91 earnings per share for the quarter, missing analysts’ consensus estimates of $3.10 by ($0.19). First Solar had a return on equity of 17.56% and a net margin of 32.41%. The firm had revenue of $887.70 million for the quarter, compared to the consensus estimate of $1.07 billion. During the same period last year, the company posted $2.50 EPS. The business’s revenue was up 10.7% on a year-over-year basis. As a group, equities analysts anticipate that First Solar, Inc. will post 13.16 EPS for the current fiscal year.

Analyst Ratings Changes

FSLR has been the topic of several research reports. William Blair initiated coverage on shares of First Solar in a research report on Thursday, August 29th. They issued a “market perform” rating on the stock. Truist Financial began coverage on shares of First Solar in a research note on Thursday, September 26th. They issued a “buy” rating and a $300.00 price target on the stock. The Goldman Sachs Group lowered their price target on shares of First Solar from $311.00 to $279.00 and set a “buy” rating on the stock in a research note on Wednesday, October 30th. Hsbc Global Res upgraded shares of First Solar to a “strong-buy” rating in a research note on Wednesday, October 9th. Finally, Citigroup upgraded shares of First Solar from a “neutral” rating to a “buy” rating and lifted their price target for the company from $200.00 to $254.00 in a research note on Tuesday, October 22nd. Four investment analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $280.50.

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.