Lecap Asset Management Ltd. Trims Position in First Solar, Inc. (NASDAQ:FSLR)

Lecap Asset Management Ltd. lowered its stake in shares of First Solar, Inc. (NASDAQ:FSLR) by 29.3% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,264 shares of the solar cell manufacturer’s stock after selling 3,006 shares during the quarter. Lecap Asset Management Ltd.’s holdings in First Solar were worth $1,812,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Ballentine Partners LLC increased its holdings in shares of First Solar by 5.9% in the first quarter. Ballentine Partners LLC now owns 1,945 shares of the solar cell manufacturer’s stock valued at $328,000 after purchasing an additional 109 shares during the period. Harbor Investment Advisory LLC increased its stake in First Solar by 36.0% in the 1st quarter. Harbor Investment Advisory LLC now owns 272 shares of the solar cell manufacturer’s stock valued at $46,000 after buying an additional 72 shares during the period. Riverview Trust Co purchased a new position in First Solar during the 1st quarter worth $32,000. Brookstone Capital Management acquired a new stake in shares of First Solar in the 1st quarter worth $244,000. Finally, Viking Fund Management LLC purchased a new stake in shares of First Solar in the first quarter valued at about $760,000. Institutional investors and hedge funds own 92.08% of the company’s stock.

First Solar Price Performance

First Solar stock opened at $201.40 on Wednesday. The firm’s 50-day moving average is $225.93 and its two-hundred day moving average is $223.58. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.23 and a quick ratio of 1.65. The stock has a market capitalization of $21.56 billion, a P/E ratio of 21.11, a P/E/G ratio of 0.38 and a beta of 1.44. First Solar, Inc. has a 12-month low of $129.21 and a 12-month high of $306.77.

First Solar (NASDAQ:FSLR) last released its earnings results on Tuesday, July 30th. The solar cell manufacturer reported $3.25 EPS for the quarter, topping the consensus estimate of $2.69 by $0.56. First Solar had a net margin of 31.98% and a return on equity of 17.73%. The firm had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $939.71 million. During the same period in the previous year, the company earned $1.85 EPS. First Solar’s revenue for the quarter was up 24.6% on a year-over-year basis. Equities analysts predict that First Solar, Inc. will post 13.53 earnings per share for the current year.

Insider Buying and Selling

In other First Solar news, insider Patrick James Buehler sold 8,619 shares of First Solar stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $222.00, for a total value of $1,913,418.00. Following the completion of the sale, the insider now owns 3,468 shares in the company, valued at $769,896. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other First Solar news, insider Patrick James Buehler sold 8,619 shares of First Solar stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $222.00, for a total value of $1,913,418.00. Following the transaction, the insider now owns 3,468 shares in the company, valued at $769,896. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Byron Michael Jeffers sold 500 shares of the business’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $220.00, for a total transaction of $110,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 10,885 shares of company stock worth $2,405,757. 0.58% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on FSLR. Hsbc Global Res raised shares of First Solar to a “strong-buy” rating in a report on Wednesday, October 9th. Citigroup raised First Solar from a “neutral” rating to a “buy” rating and raised their price target for the company from $200.00 to $254.00 in a report on Tuesday. Bank of America dropped their price objective on First Solar from $343.00 to $321.00 and set a “buy” rating on the stock in a report on Tuesday, October 8th. Truist Financial assumed coverage on First Solar in a report on Thursday, September 26th. They issued a “buy” rating and a $300.00 target price for the company. Finally, BMO Capital Markets lowered their price target on shares of First Solar from $311.00 to $286.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 31st. Three analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $288.46.

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.