Tidal Investments LLC Cuts Position in First Solar, Inc. (NASDAQ:FSLR)

Tidal Investments LLC reduced its stake in shares of First Solar, Inc. (NASDAQ:FSLR) by 1.4% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 25,133 shares of the solar cell manufacturer’s stock after selling 357 shares during the period. Tidal Investments LLC’s holdings in First Solar were worth $4,242,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Blue Trust Inc. grew its holdings in shares of First Solar by 24.3% in the 4th quarter. Blue Trust Inc. now owns 445 shares of the solar cell manufacturer’s stock worth $71,000 after acquiring an additional 87 shares during the period. Pinnacle Associates Ltd. grew its holdings in First Solar by 25.8% in the fourth quarter. Pinnacle Associates Ltd. now owns 2,213 shares of the solar cell manufacturer’s stock valued at $381,000 after purchasing an additional 454 shares during the last quarter. Oak Thistle LLC purchased a new position in shares of First Solar in the fourth quarter valued at $354,000. State of Michigan Retirement System raised its stake in shares of First Solar by 9.2% during the 4th quarter. State of Michigan Retirement System now owns 32,000 shares of the solar cell manufacturer’s stock worth $5,513,000 after buying an additional 2,700 shares during the last quarter. Finally, Arizona State Retirement System boosted its position in shares of First Solar by 0.7% in the 4th quarter. Arizona State Retirement System now owns 27,894 shares of the solar cell manufacturer’s stock worth $4,806,000 after buying an additional 207 shares in the last quarter. 92.08% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at First Solar

In other news, CFO Alexander R. Bradley sold 16,051 shares of the business’s stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $274.69, for a total transaction of $4,409,049.19. Following the completion of the transaction, the chief financial officer now directly owns 30,652 shares in the company, valued at $8,419,797.88. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other First Solar news, CFO Alexander R. Bradley sold 16,051 shares of First Solar stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $274.69, for a total transaction of $4,409,049.19. Following the sale, the chief financial officer now owns 30,652 shares of the company’s stock, valued at approximately $8,419,797.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director R Craig Kennedy sold 2,000 shares of First Solar stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $196.73, for a total transaction of $393,460.00. Following the sale, the director now owns 13,908 shares in the company, valued at $2,736,120.84. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 51,153 shares of company stock worth $12,540,428. 0.58% of the stock is owned by company insiders.

First Solar Stock Performance

Shares of NASDAQ:FSLR traded up $3.36 during trading on Friday, reaching $221.86. 227,061 shares of the company’s stock traded hands, compared to its average volume of 2,527,447. The stock has a market capitalization of $23.75 billion, a P/E ratio of 22.90, a price-to-earnings-growth ratio of 0.28 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. The company has a 50 day moving average of $246.34 and a 200-day moving average of $194.21. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.41 and a quick ratio of 1.86.

First Solar (NASDAQ:FSLR) last announced its quarterly earnings results on Tuesday, July 30th. The solar cell manufacturer reported $3.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.69 by $0.56. First Solar had a net margin of 31.98% and a return on equity of 18.15%. The company had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $939.71 million. During the same quarter in the previous year, the company posted $1.85 earnings per share. The company’s revenue for the quarter was up 24.6% compared to the same quarter last year. On average, equities analysts expect that First Solar, Inc. will post 13.56 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Piper Sandler increased their price target on shares of First Solar from $219.00 to $250.00 and gave the company an “overweight” rating in a research report on Monday, July 22nd. Jefferies Financial Group boosted their price objective on shares of First Solar from $209.50 to $211.00 and gave the company a “buy” rating in a research note on Thursday, May 2nd. Janney Montgomery Scott downgraded shares of First Solar from a “buy” rating to a “neutral” rating in a research report on Tuesday, June 18th. JPMorgan Chase & Co. lifted their price target on shares of First Solar from $262.00 to $282.00 and gave the company an “overweight” rating in a research report on Tuesday, July 16th. Finally, Guggenheim dropped their price objective on shares of First Solar from $359.00 to $356.00 and set a “buy” rating for the company in a research report on Thursday, May 2nd. Four investment analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $273.00.

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.