Cinctive Capital Management LP Buys 7,155 Shares of First Solar, Inc. (NASDAQ:FSLR)

Cinctive Capital Management LP boosted its stake in First Solar, Inc. (NASDAQ:FSLR - Free Report) by 63.0% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 18,512 shares of the solar cell manufacturer's stock after acquiring an additional 7,155 shares during the period. Cinctive Capital Management LP's holdings in First Solar were worth $4,618,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Western Financial Corp CA purchased a new position in First Solar during the third quarter worth about $1,209,000. Harbour Capital Advisors LLC grew its position in shares of First Solar by 224.0% during the third quarter. Harbour Capital Advisors LLC now owns 5,217 shares of the solar cell manufacturer's stock worth $1,301,000 after buying an additional 3,607 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its stake in shares of First Solar by 6.4% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 244,140 shares of the solar cell manufacturer's stock valued at $60,898,000 after purchasing an additional 14,597 shares in the last quarter. Mivtachim The Workers Social Insurance Fund Ltd. Under Special Management bought a new position in First Solar during the 3rd quarter worth approximately $17,635,000. Finally, Warther Private Wealth LLC acquired a new stake in shares of First Solar during the third quarter worth $2,655,000. 92.08% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Citigroup raised 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 report on Tuesday, October 22nd. BMO Capital Markets restated an "outperform" rating and set a $260.00 price target (down previously from $286.00) on shares of First Solar in a report on Wednesday, October 30th. Clarkson Capital started coverage on shares of First Solar in a research note on Wednesday, August 14th. They issued a "buy" rating and a $270.00 price objective for the company. Evercore ISI decreased their price target on shares of First Solar from $281.00 to $278.00 and set an "outperform" rating for the company in a report on Wednesday, October 30th. Finally, Wells Fargo & Company cut their price objective on First Solar from $250.00 to $240.00 and set an "overweight" rating for the company in a research 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. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $280.71.

First Solar Trading Down 1.6 %

Shares of NASDAQ:FSLR traded down $3.25 during midday trading on Tuesday, hitting $204.67. 1,023,350 shares of the stock were exchanged, compared to its average volume of 2,522,395. The business's 50-day moving average price is $207.29 and its 200 day moving average price is $226.01. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.44 and a current ratio of 2.14. The stock has a market capitalization of $21.91 billion, a price-to-earnings ratio of 17.74, a P/E/G ratio of 0.35 and a beta of 1.46. First Solar, Inc. has a 12 month low of $135.88 and a 12 month high of $306.77.

First Solar (NASDAQ:FSLR - Get Free Report) last released its quarterly earnings results on Tuesday, October 29th. The solar cell manufacturer reported $2.91 EPS 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 analysts' expectations of $1.07 billion. First Solar had a net margin of 32.41% and a return on equity of 17.56%. The company's quarterly revenue was up 10.7% compared to the same quarter last year. During the same period in the previous year, the company posted $2.50 earnings per share. Analysts predict 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.