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

Sycomore Asset Management acquired a new stake in First Solar, Inc. (NASDAQ:FSLR) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 26,211 shares of the solar cell manufacturer’s stock, valued at approximately $4,520,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of First Solar by 4.0% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 548,058 shares of the solar cell manufacturer’s stock valued at $94,419,000 after purchasing an additional 20,946 shares during the period. Assenagon Asset Management S.A. boosted its stake in shares of First Solar by 504.1% in the fourth quarter. Assenagon Asset Management S.A. now owns 399,650 shares of the solar cell manufacturer’s stock valued at $68,852,000 after purchasing an additional 333,496 shares during the period. Sora Investors LLC boosted its stake in shares of First Solar by 63.6% in the third quarter. Sora Investors LLC now owns 90,000 shares of the solar cell manufacturer’s stock valued at $14,543,000 after purchasing an additional 35,000 shares during the period. Vanguard Group Inc. raised its holdings in First Solar by 2.4% in the third quarter. Vanguard Group Inc. now owns 12,040,031 shares of the solar cell manufacturer’s stock valued at $1,945,549,000 after acquiring an additional 279,424 shares in the last quarter. Finally, Bull Oak Capital LLC raised its holdings in First Solar by 304,592.2% in the fourth quarter. Bull Oak Capital LLC now owns 155,393 shares of the solar cell manufacturer’s stock valued at $26,771,000 after acquiring an additional 155,342 shares in the last quarter. Hedge funds and other institutional investors own 92.08% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on FSLR shares. Janney Montgomery Scott started coverage on shares of First Solar in a report on Friday, April 12th. They issued a “buy” rating and a $236.00 target price on the stock. DZ Bank started coverage on shares of First Solar in a report on Wednesday, April 17th. They issued a “buy” rating and a $205.00 target price on the stock. Roth Mkm reaffirmed a “buy” rating and issued a $230.00 target price on shares of First Solar in a report on Thursday, April 18th. Evercore ISI raised shares of First Solar from an “in-line” rating to an “outperform” rating and set a $227.00 price objective on the stock in a report on Tuesday. Finally, Wells Fargo & Company upgraded shares of First Solar from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $187.00 to $250.00 in a research report on Friday, April 19th. Three equities research analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the company. Based on data from MarketBeat.com, First Solar has an average rating of “Moderate Buy” and a consensus target price of $231.36.

Insider Transactions at First Solar

In other news, insider Georges Antoun sold 2,400 shares of the company’s stock in a transaction on Thursday, April 4th. The shares were sold at an average price of $176.00, for a total transaction of $422,400.00. Following the transaction, the insider now directly owns 37,412 shares of the company’s stock, valued at approximately $6,584,512. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, insider Georges Antoun sold 2,400 shares of the stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of $176.00, for a total transaction of $422,400.00. Following the transaction, the insider now directly owns 37,412 shares in the company, valued at approximately $6,584,512. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CTO Markus Gloeckler sold 1,937 shares of the stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of $175.00, for a total transaction of $338,975.00. Following the transaction, the chief technology officer now owns 12,536 shares in the company, valued at $2,193,800. The disclosure for this sale can be found here. Insiders have sold a total of 26,620 shares of company stock valued at $4,269,540 in the last ninety days. 0.58% of the stock is currently owned by company insiders.

First Solar Stock Performance

FSLR traded down $2.62 during trading on Wednesday, hitting $177.48. The stock had a trading volume of 2,084,630 shares, compared to its average volume of 2,090,924. The company has a debt-to-equity ratio of 0.07, a quick ratio of 2.92 and a current ratio of 3.55. The firm has a market capitalization of $19.00 billion, a P/E ratio of 22.93, a PEG ratio of 0.30 and a beta of 1.41. The company’s 50-day moving average price is $162.66 and its 200 day moving average price is $156.83. First Solar, Inc. has a twelve month low of $129.21 and a twelve month high of $232.00.

First Solar (NASDAQ:FSLR) last announced its quarterly earnings data on Tuesday, February 27th. The solar cell manufacturer reported $3.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.19 by $0.06. The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.31 billion. First Solar had a net margin of 25.03% and a return on equity of 13.80%. First Solar’s revenue was up 15.5% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.07) EPS. On average, equities research analysts forecast that First Solar, Inc. will post 13.55 EPS for the current fiscal year.

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.