Picton Mahoney Asset Management Makes New Investment in First Solar, Inc. (NASDAQ:FSLR)

Picton Mahoney Asset Management acquired a new position in shares of First Solar, Inc. (NASDAQ:FSLR - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 26,365 shares of the solar cell manufacturer's stock, valued at approximately $4,647,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. LBP AM SA raised its holdings in shares of First Solar by 34.3% during the fourth quarter. LBP AM SA now owns 47,013 shares of the solar cell manufacturer's stock worth $8,286,000 after acquiring an additional 12,012 shares during the period. PGGM Investments acquired a new stake in shares of First Solar during the fourth quarter worth $953,000. Tredje AP fonden grew its position in First Solar by 13.2% in the fourth quarter. Tredje AP fonden now owns 17,910 shares of the solar cell manufacturer's stock valued at $3,156,000 after purchasing an additional 2,091 shares in the last quarter. Avantax Advisory Services Inc. grew its position in First Solar by 105.5% in the fourth quarter. Avantax Advisory Services Inc. now owns 5,210 shares of the solar cell manufacturer's stock valued at $918,000 after purchasing an additional 2,675 shares in the last quarter. Finally, Kayne Anderson Capital Advisors LP grew its position in First Solar by 77.1% in the fourth quarter. Kayne Anderson Capital Advisors LP now owns 49,602 shares of the solar cell manufacturer's stock valued at $8,742,000 after purchasing an additional 21,601 shares in the last quarter. 92.08% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FSLR has been the subject of a number of analyst reports. Wells Fargo & Company decreased their target price on shares of First Solar from $240.00 to $209.00 and set an "overweight" rating for the company in a research report on Wednesday, January 8th. Mizuho raised shares of First Solar from a "neutral" rating to an "outperform" rating and raised their target price for the company from $218.00 to $259.00 in a research report on Tuesday, February 11th. Morgan Stanley decreased their target price on shares of First Solar from $297.00 to $238.00 and set an "overweight" rating for the company in a research report on Thursday, February 27th. Piper Sandler decreased their price objective on shares of First Solar from $250.00 to $230.00 and set an "overweight" rating for the company in a research report on Wednesday, February 26th. Finally, UBS Group decreased their price objective on shares of First Solar from $360.00 to $285.00 and set a "buy" rating for the company in a research report on Wednesday, February 26th. Four analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, First Solar presently has an average rating of "Moderate Buy" and a consensus price target of $262.08.

Remove Ads

Insider Activity

In related news, insider Kuntal Kumar Verma sold 7,475 shares of the company's stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $136.60, for a total transaction of $1,021,085.00. Following the completion of the transaction, the insider now directly owns 3,549 shares in the company, valued at $484,793.40. This represents a 67.81 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Mark R. Widmar sold 1,272 shares of the company's stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $132.96, for a total transaction of $169,125.12. Following the transaction, the chief executive officer now owns 109,000 shares of the company's stock, valued at approximately $14,492,640. This represents a 1.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 34,311 shares of company stock worth $4,767,158. 0.58% of the stock is currently owned by corporate insiders.

First Solar Price Performance

Shares of NASDAQ:FSLR traded up $2.00 during midday trading on Wednesday, hitting $129.34. The stock had a trading volume of 2,050,229 shares, compared to its average volume of 2,554,298. The company's 50-day moving average price is $159.91 and its 200-day moving average price is $189.73. The company has a market capitalization of $13.85 billion, a P/E ratio of 11.14, a price-to-earnings-growth ratio of 0.19 and a beta of 1.52. The company has a quick ratio of 1.44, a current ratio of 2.14 and a debt-to-equity ratio of 0.05. First Solar, Inc. has a fifty-two week low of $124.96 and a fifty-two week high of $306.77.

First Solar (NASDAQ:FSLR - Get Free Report) last issued its earnings results on Tuesday, February 25th. The solar cell manufacturer reported $3.65 EPS for the quarter, missing the consensus estimate of $4.81 by ($1.16). The firm had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.48 billion. First Solar had a net margin of 32.41% and a return on equity of 17.56%. As a group, equities research analysts predict that First Solar, Inc. will post 13.05 EPS for the current fiscal year.

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.