Proficio Capital Partners LLC Acquires New Position in First Solar, Inc. (NASDAQ:FSLR)

Proficio Capital Partners LLC purchased a new stake in First Solar, Inc. (NASDAQ:FSLR - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm purchased 49,171 shares of the solar cell manufacturer's stock, valued at approximately $8,666,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in FSLR. Raymond James & Associates raised its holdings in First Solar by 10.1% during the third quarter. Raymond James & Associates now owns 13,040 shares of the solar cell manufacturer's stock worth $3,253,000 after purchasing an additional 1,197 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in shares of First Solar by 12.1% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 5,912 shares of the solar cell manufacturer's stock worth $1,475,000 after buying an additional 636 shares during the last quarter. First Trust Direct Indexing L.P. boosted its position in shares of First Solar by 12.5% in the 3rd quarter. First Trust Direct Indexing L.P. now owns 2,560 shares of the solar cell manufacturer's stock worth $639,000 after buying an additional 284 shares in the last quarter. Pinnacle Associates Ltd. grew its stake in First Solar by 12.4% in the 3rd quarter. Pinnacle Associates Ltd. now owns 2,213 shares of the solar cell manufacturer's stock valued at $552,000 after acquiring an additional 244 shares during the last quarter. Finally, Gladstone Institutional Advisory LLC increased its holdings in First Solar by 33.3% during the 3rd quarter. Gladstone Institutional Advisory LLC now owns 1,739 shares of the solar cell manufacturer's stock valued at $434,000 after acquiring an additional 434 shares in the last quarter. Institutional investors and hedge funds own 92.08% of the company's stock.

First Solar Trading Down 6.3 %

FSLR stock traded down $8.55 during midday trading on Monday, reaching $127.63. 4,694,070 shares of the company's stock traded hands, compared to its average volume of 2,661,246. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.14 and a quick ratio of 1.44. First Solar, Inc. has a fifty-two week low of $126.54 and a fifty-two week high of $306.77. The business has a 50-day moving average price of $171.20 and a two-hundred day moving average price of $196.97. The company has a market capitalization of $13.66 billion, a P/E ratio of 10.99, a PEG ratio of 0.19 and a beta of 1.47.

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

Insider Activity

In other news, CEO Mark R. Widmar sold 21,542 shares of the firm's stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $141.09, for a total transaction of $3,039,360.78. Following the completion of the sale, the chief executive officer now directly owns 103,403 shares in the company, valued at $14,589,129.27. This trade represents a 17.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Kuntal Kumar Verma sold 7,475 shares of the business's stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $136.60, for a total value of $1,021,085.00. Following the completion of the transaction, the insider now owns 3,549 shares in the company, valued at approximately $484,793.40. This trade represents a 67.81 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.58% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. UBS Group lowered their price target on shares of First Solar from $360.00 to $285.00 and set a "buy" rating on the stock in a research report on Wednesday, February 26th. StockNews.com upgraded First Solar from a "sell" rating to a "hold" rating in a report on Thursday, January 2nd. Guggenheim cut their price target on First Solar from $335.00 to $304.00 and set a "buy" rating for the company in a report on Thursday. Piper Sandler decreased their price objective on First Solar from $250.00 to $230.00 and set an "overweight" rating on the stock in a research note on Wednesday, February 26th. Finally, Barclays cut their target price on shares of First Solar from $273.00 to $236.00 and set an "overweight" rating for the company in a research note on Friday. Four equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $262.08.

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.