Envestnet Asset Management Inc. Cuts Stake in First Solar, Inc. (NASDAQ:FSLR)

Envestnet Asset Management Inc. cut its stake in First Solar, Inc. (NASDAQ:FSLR - Free Report) by 36.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 31,349 shares of the solar cell manufacturer's stock after selling 17,941 shares during the period. Envestnet Asset Management Inc.'s holdings in First Solar were worth $5,525,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in FSLR. Smartleaf Asset Management LLC increased its stake in shares of First Solar by 31.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 262 shares of the solar cell manufacturer's stock worth $47,000 after acquiring an additional 63 shares during the last quarter. Crews Bank & Trust acquired a new stake in First Solar during the fourth quarter worth about $53,000. Hudson Edge Investment Partners Inc. purchased a new position in First Solar during the fourth quarter worth about $53,000. CoreFirst Bank & Trust purchased a new stake in shares of First Solar in the 4th quarter valued at approximately $54,000. Finally, Montag A & Associates Inc. raised its position in shares of First Solar by 18.8% during the 4th quarter. Montag A & Associates Inc. now owns 475 shares of the solar cell manufacturer's stock valued at $84,000 after buying an additional 75 shares during the period. Institutional investors and hedge funds own 92.08% of the company's stock.

Insider Buying and Selling at First Solar

In other First Solar news, insider Georges Antoun sold 229 shares of the firm's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $133.75, for a total transaction of $30,628.75. Following the sale, the insider now directly owns 52,836 shares of the company's stock, valued at $7,066,815. This trade represents a 0.43 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Mark R. Widmar sold 1,272 shares of the business's stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $132.96, for a total transaction of $169,125.12. Following the completion of the transaction, the chief executive officer now directly owns 109,000 shares of the company's stock, valued at approximately $14,492,640. This represents a 1.15 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 34,311 shares of company stock valued at $4,767,158. Corporate insiders own 0.48% of the company's stock.

First Solar Stock Performance

FSLR traded up $4.99 during trading on Friday, hitting $141.43. The stock had a trading volume of 1,909,937 shares, compared to its average volume of 3,035,984. First Solar, Inc. has a twelve month low of $116.56 and a twelve month high of $306.77. The firm has a market capitalization of $15.14 billion, a P/E ratio of 12.18, a PEG ratio of 0.19 and a beta of 1.48. 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 company's 50-day moving average price is $133.88 and its 200 day moving average price is $169.67.

First Solar (NASDAQ:FSLR - Get Free Report) last announced its quarterly earnings data on Tuesday, February 25th. The solar cell manufacturer reported $3.65 earnings per share for the quarter, missing analysts' consensus estimates of $4.81 by ($1.16). The business had revenue of $1.51 billion during the quarter, compared to analysts' expectations of $1.48 billion. First Solar had a net margin of 32.41% and a return on equity of 17.56%. On average, equities research analysts forecast that First Solar, Inc. will post 13.05 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on FSLR shares. BMO Capital Markets reissued an "outperform" rating and set a $230.00 target price (down previously from $260.00) on shares of First Solar in a research note on Wednesday, February 26th. Truist Financial restated a "buy" rating and issued a $245.00 price objective (down from $285.00) on shares of First Solar in a report on Wednesday, April 2nd. Seaport Res Ptn upgraded shares of First Solar from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, January 15th. Bank of America dropped their price objective on First Solar from $236.00 to $215.00 and set a "buy" rating for the company in a research note on Tuesday, April 8th. Finally, Piper Sandler cut their price target on shares of First Solar from $230.00 to $205.00 and set an "overweight" rating on the stock in a research note on Monday. Four research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $249.96.

First Solar 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.