Envestnet Asset Management Inc. Sells 17,941 Shares of First Solar, Inc. (NASDAQ:FSLR)

Envestnet Asset Management Inc. reduced its position in First Solar, Inc. (NASDAQ:FSLR) by 36.4% in the 4th quarter, HoldingsChannel.com reports. The fund 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 SEC filing.

Several other large investors have also modified their holdings of the business. Norges Bank bought a new position in First Solar in the fourth quarter worth about $317,399,000. Mirova US LLC increased its stake in shares of First Solar by 961.0% in the fourth quarter. Mirova US LLC now owns 646,310 shares of the solar cell manufacturer’s stock worth $113,906,000 after acquiring an additional 585,394 shares during the period. Amundi raised its stake in shares of First Solar by 31.0% during the 4th quarter. Amundi now owns 1,805,244 shares of the solar cell manufacturer’s stock valued at $336,871,000 after buying an additional 426,797 shares during the last quarter. Wellington Management Group LLP lifted its holdings in First Solar by 12.5% in the fourth quarter. Wellington Management Group LLP now owns 2,359,846 shares of the solar cell manufacturer’s stock valued at $415,899,000 after acquiring an additional 262,482 shares during the period. Finally, Handelsbanken Fonder AB boosted its holdings in First Solar by 110.4% during the fourth quarter. Handelsbanken Fonder AB now owns 375,010 shares of the solar cell manufacturer’s stock worth $66,092,000 after buying an additional 196,744 shares in the last quarter. Institutional investors own 92.08% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on FSLR shares. Redburn Atlantic began coverage on First Solar in a research report on Monday, March 3rd. They set a “neutral” rating on the stock. Bank of America cut their price objective on shares of First Solar from $236.00 to $215.00 and set a “buy” rating for the company in a report on Tuesday, April 8th. Deutsche Bank Aktiengesellschaft set a $265.00 price target on shares of First Solar in a research report on Thursday, February 27th. Robert W. Baird cut their target price on First Solar from $267.00 to $240.00 and set an “outperform” rating for the company in a research note on Tuesday, April 15th. Finally, Truist Financial reissued a “buy” rating and issued a $245.00 price target (down from $285.00) on shares of First Solar in a research note on Wednesday, April 2nd. Four investment 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’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $250.58.

First Solar Stock Down 4.3 %

FSLR stock opened at $122.45 on Tuesday. The company’s 50 day moving average is $135.41 and its two-hundred day moving average is $170.83. The stock has a market cap of $13.11 billion, a P/E ratio of 10.55, a PEG ratio of 0.19 and a beta of 1.48. First Solar, Inc. has a twelve month low of $116.56 and a twelve month high of $306.77. The company has a current ratio of 2.14, a quick ratio of 1.44 and a debt-to-equity ratio of 0.05.

First Solar (NASDAQ:FSLR) last issued its quarterly earnings data on Tuesday, February 25th. The solar cell manufacturer reported $3.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.81 by ($1.16). The business had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.48 billion. First Solar had a return on equity of 17.56% and a net margin of 32.41%. Research analysts expect that First Solar, Inc. will post 13.05 earnings per share for the current fiscal year.

Insider Buying and Selling at First Solar

In other First Solar news, insider Kuntal Kumar Verma sold 7,475 shares of the company’s stock in a transaction on 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 sale, the insider now owns 3,549 shares of the company’s stock, valued at approximately $484,793.40. This represents a 67.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Mark R. Widmar sold 21,542 shares of the firm’s stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $141.09, for a total transaction of $3,039,360.78. Following the transaction, the chief executive officer now owns 103,403 shares of the company’s stock, valued at $14,589,129.27. This trade represents a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 34,311 shares of company stock valued at $4,767,158. 0.48% of the stock is owned by company insiders.

First Solar Company 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.