Concentric Capital Strategies LP Purchases New Position in First Solar, Inc. (NASDAQ:FSLR)

Concentric Capital Strategies LP purchased a new position in shares of First Solar, Inc. (NASDAQ:FSLR - Free Report) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 3,746 shares of the solar cell manufacturer's stock, valued at approximately $934,000.

Several other institutional investors and hedge funds have also modified their holdings of FSLR. Janus Henderson Group PLC lifted its holdings in shares of First Solar by 6.9% in the 1st quarter. Janus Henderson Group PLC now owns 17,887 shares of the solar cell manufacturer's stock valued at $3,019,000 after purchasing an additional 1,161 shares during the last quarter. Cetera Investment Advisers boosted its holdings in shares of First Solar by 1,400.4% in the 1st quarter. Cetera Investment Advisers now owns 23,991 shares of the solar cell manufacturer's stock valued at $4,050,000 after buying an additional 22,392 shares during the period. Cetera Advisors LLC boosted its stake in First Solar by 100.3% during the 1st quarter. Cetera Advisors LLC now owns 5,497 shares of the solar cell manufacturer's stock valued at $928,000 after purchasing an additional 2,753 shares during the period. GAMMA Investing LLC raised its holdings in shares of First Solar by 54.9% in the 2nd quarter. GAMMA Investing LLC now owns 1,698 shares of the solar cell manufacturer's stock worth $383,000 after purchasing an additional 602 shares in the last quarter. Finally, First Hawaiian Bank acquired a new stake in shares of First Solar in the second quarter worth $537,000. Institutional investors and hedge funds own 92.08% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on FSLR shares. Citigroup upgraded shares of First Solar from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $200.00 to $254.00 in a research note on Tuesday, October 22nd. Royal Bank of Canada cut their target price on First Solar from $315.00 to $280.00 and set an "outperform" rating on the stock in a research note on Wednesday, October 30th. Mizuho cut their target price on shares of First Solar from $274.00 to $257.00 and set a "neutral" rating for the company in a research note on Thursday, October 31st. Morgan Stanley dropped their target price on shares of First Solar from $329.00 to $297.00 and set an "overweight" rating for the company in a research report on Wednesday, October 30th. Finally, Bank of America reduced their target price on shares of First Solar from $321.00 to $269.00 and set a "buy" rating on the stock in a report on Wednesday, October 30th. Four equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, First Solar currently has a consensus rating of "Moderate Buy" and an average price target of $280.71.

First Solar Trading Down 1.6 %

NASDAQ FSLR traded down $3.25 on Tuesday, reaching $204.67. The company had a trading volume of 1,023,350 shares, compared to its average volume of 2,522,395. 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 firm has a market cap 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. The business has a 50 day moving average of $207.29 and a two-hundred day moving average of $226.01. First Solar, Inc. has a fifty-two week low of $135.88 and a fifty-two week high of $306.77.

First Solar (NASDAQ:FSLR - Get Free Report) last posted its earnings results on Tuesday, October 29th. The solar cell manufacturer reported $2.91 earnings per share for the quarter, missing the consensus estimate of $3.10 by ($0.19). The business had revenue of $887.70 million during the quarter, compared to analysts' expectations of $1.07 billion. First Solar had a return on equity of 17.56% and a net margin of 32.41%. First Solar's revenue for the quarter was up 10.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.50 EPS. Analysts forecast that First Solar, Inc. will post 13.15 EPS 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.