SteelPeak Wealth LLC Acquires 4,337 Shares of First Solar, Inc. (NASDAQ:FSLR)

SteelPeak Wealth LLC increased its holdings in First Solar, Inc. (NASDAQ:FSLR) by 247.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,087 shares of the solar cell manufacturer’s stock after purchasing an additional 4,337 shares during the quarter. SteelPeak Wealth LLC’s holdings in First Solar were worth $1,073,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Wellington Management Group LLP grew its position in shares of First Solar by 75.8% in the 3rd quarter. Wellington Management Group LLP now owns 2,097,364 shares of the solar cell manufacturer’s stock valued at $523,166,000 after buying an additional 904,498 shares during the last quarter. Robeco Institutional Asset Management B.V. boosted its holdings in First Solar by 1,757.2% in the third quarter. Robeco Institutional Asset Management B.V. now owns 546,193 shares of the solar cell manufacturer’s stock valued at $136,242,000 after acquiring an additional 516,783 shares during the last quarter. Merewether Investment Management LP increased its position in First Solar by 993.4% during the 3rd quarter. Merewether Investment Management LP now owns 322,936 shares of the solar cell manufacturer’s stock valued at $80,553,000 after purchasing an additional 293,400 shares during the period. Erste Asset Management GmbH bought a new position in First Solar during the 3rd quarter worth approximately $67,652,000. Finally, International Assets Investment Management LLC lifted its position in shares of First Solar by 24,844.0% in the 3rd quarter. International Assets Investment Management LLC now owns 217,512 shares of the solar cell manufacturer’s stock worth $542,560,000 after purchasing an additional 216,640 shares during the period. 92.08% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Guggenheim reissued a “buy” rating and set a $335.00 target price on shares of First Solar in a research note on Wednesday, January 22nd. Mizuho dropped their price objective on First Solar from $274.00 to $257.00 and set a “neutral” rating on the stock in a research note on Thursday, October 31st. Bank of America decreased their target price on First Solar from $246.00 to $236.00 and set a “buy” rating for the company in a research note on Tuesday. Morgan Stanley dropped their price target on First Solar from $329.00 to $297.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 30th. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $260.00 price objective (down previously from $286.00) on shares of First Solar in a research note on Wednesday, October 30th. Three equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $276.29.

First Solar Stock Up 3.6 %

First Solar stock opened at $166.01 on Thursday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.44 and a current ratio of 2.14. The stock has a market cap of $17.77 billion, a PE ratio of 14.30, a price-to-earnings-growth ratio of 0.20 and a beta of 1.49. First Solar, Inc. has a fifty-two week low of $135.88 and a fifty-two week high of $306.77. The firm’s 50-day simple moving average is $187.57 and its 200 day simple moving average is $206.63.

First Solar (NASDAQ:FSLR) last released its earnings results on Tuesday, October 29th. The solar cell manufacturer reported $2.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.10 by ($0.19). First Solar had a net margin of 32.41% and a return on equity of 17.56%. The business had revenue of $887.70 million during the quarter, compared to the consensus estimate of $1.07 billion. During the same period in the prior year, the company earned $2.50 earnings per share. The business’s revenue was up 10.7% on a year-over-year basis. Research analysts predict that First Solar, Inc. will post 13.07 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.