Merewether Investment Management LP Grows Stock Holdings in First Solar, Inc. (NASDAQ:FSLR)

Merewether Investment Management LP lifted its holdings in First Solar, Inc. (NASDAQ:FSLR - Free Report) by 993.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 322,936 shares of the solar cell manufacturer's stock after buying an additional 293,400 shares during the period. First Solar comprises approximately 3.7% of Merewether Investment Management LP's portfolio, making the stock its 10th biggest position. Merewether Investment Management LP owned about 0.30% of First Solar worth $80,553,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Cetera Investment Advisers raised its holdings in shares of First Solar by 1,400.4% during the first quarter. Cetera Investment Advisers now owns 23,991 shares of the solar cell manufacturer's stock worth $4,050,000 after acquiring an additional 22,392 shares in the last quarter. Cetera Advisors LLC raised its holdings in shares of First Solar by 100.3% during the first quarter. Cetera Advisors LLC now owns 5,497 shares of the solar cell manufacturer's stock worth $928,000 after acquiring an additional 2,753 shares in the last quarter. Massmutual Trust Co. FSB ADV raised its holdings in First Solar by 24.9% during the second quarter. Massmutual Trust Co. FSB ADV now owns 311 shares of the solar cell manufacturer's stock valued at $70,000 after buying an additional 62 shares in the last quarter. Mather Group LLC. raised its holdings in First Solar by 321.2% during the second quarter. Mather Group LLC. now owns 219 shares of the solar cell manufacturer's stock valued at $49,000 after buying an additional 167 shares in the last quarter. Finally, Park Avenue Securities LLC raised its holdings in First Solar by 43.0% during the second quarter. Park Avenue Securities LLC now owns 2,648 shares of the solar cell manufacturer's stock valued at $597,000 after buying an additional 796 shares in the last quarter. Institutional investors and hedge funds own 92.08% of the company's stock.

First Solar Stock Down 2.9 %

NASDAQ FSLR traded down $5.94 on Wednesday, reaching $201.57. The company had a trading volume of 2,248,773 shares, compared to its average volume of 2,522,494. The firm has a market capitalization of $21.58 billion, a price-to-earnings ratio of 17.87, a price-to-earnings-growth ratio of 0.36 and a beta of 1.46. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.44 and a current ratio of 2.14. First Solar, Inc. has a 1-year low of $135.88 and a 1-year high of $306.77. The company's fifty day moving average is $206.55 and its 200-day moving average is $226.08.

First Solar (NASDAQ:FSLR - Get Free Report) last announced its 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 company had revenue of $887.70 million during the quarter, compared to analyst estimates of $1.07 billion. During the same period in the previous year, the company posted $2.50 earnings per share. First Solar's revenue for the quarter was up 10.7% on a year-over-year basis. On average, research analysts forecast that First Solar, Inc. will post 13.15 earnings per share for the current fiscal year.

Analyst Ratings Changes

FSLR has been the topic of several recent research reports. The Goldman Sachs Group cut their target price on First Solar from $311.00 to $279.00 and set a "buy" rating on the stock in a report on Wednesday, October 30th. Royal Bank of Canada lowered their price target on First Solar from $315.00 to $280.00 and set an "outperform" rating on the stock in a research report on Wednesday, October 30th. Jefferies Financial Group lowered their price target on First Solar from $271.00 to $266.00 and set a "buy" rating on the stock in a research report on Thursday, October 10th. Truist Financial assumed coverage on First Solar in a research report on Thursday, September 26th. They set a "buy" rating and a $300.00 target price on the stock. Finally, Bank of America decreased their price objective on 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 given a strong buy rating to the company's stock. Based on data from MarketBeat.com, First Solar currently has a consensus rating of "Moderate Buy" and a consensus target price of $280.71.

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.