SCP Investment LP Purchases Shares of 3,888 First Solar, Inc. (NASDAQ:FSLR)

SCP Investment LP purchased a new position in First Solar, Inc. (NASDAQ:FSLR - Free Report) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,888 shares of the solar cell manufacturer's stock, valued at approximately $970,000. First Solar makes up 0.7% of SCP Investment LP's holdings, making the stock its 16th biggest position.

Other hedge funds and other institutional investors have also bought and sold shares of the company. AlphaMark Advisors LLC purchased a new stake in First Solar in the third quarter worth about $25,000. Strengthening Families & Communities LLC bought a new position in First Solar during the third quarter valued at approximately $25,000. Kennebec Savings Bank bought a new position in First Solar during the third quarter valued at approximately $29,000. Atlas Capital Advisors LLC boosted its stake in First Solar by 411.1% during the second quarter. Atlas Capital Advisors LLC now owns 138 shares of the solar cell manufacturer's stock valued at $31,000 after buying an additional 111 shares during the last quarter. Finally, Summit Securities Group LLC bought a new stake in shares of First Solar in the 2nd quarter valued at approximately $36,000. Hedge funds and other institutional investors own 92.08% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. Truist Financial initiated coverage on First Solar in a research note on Thursday, September 26th. They issued a "buy" rating and a $300.00 price objective for the company. Janney Montgomery Scott upgraded First Solar from a "neutral" rating to a "buy" rating and set a $260.00 price target on the stock in a report on Tuesday, October 29th. Roth Mkm reduced their price target on First Solar from $320.00 to $280.00 and set a "buy" rating on the stock in a report on Tuesday, October 15th. StockNews.com upgraded First Solar from a "sell" rating to a "hold" rating in a report on Tuesday, November 12th. Finally, Morgan Stanley reduced their price objective on First Solar from $329.00 to $297.00 and set an "overweight" rating on the stock in a report on Wednesday, October 30th. Four research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, First Solar presently has a consensus rating of "Moderate Buy" and an average target price of $280.50.

First Solar Stock Performance

FSLR traded down $2.52 on Wednesday, hitting $184.84. The company had a trading volume of 2,507,419 shares, compared to its average volume of 2,530,963. The company's fifty day moving average price is $215.67 and its 200 day moving average price is $225.99. First Solar, Inc. has a 1-year low of $135.88 and a 1-year high of $306.77. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.14 and a quick ratio of 1.44. The stock has a market cap of $19.79 billion, a price-to-earnings ratio of 16.14, a price-to-earnings-growth ratio of 0.33 and a beta of 1.48.

First Solar (NASDAQ:FSLR - Get Free Report) last announced 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). The company had revenue of $887.70 million during the quarter, compared to the consensus estimate of $1.07 billion. First Solar had a net margin of 32.41% and a return on equity of 17.56%. The business's revenue was up 10.7% on a year-over-year basis. During the same quarter last year, the company earned $2.50 earnings per share. Equities analysts predict that First Solar, Inc. will post 13.16 earnings per share for the current fiscal year.

First Solar Company Profile

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.