CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Sells 5,500 Shares of First Solar, Inc. (NASDAQ:FSLR)

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT cut its stake in shares of First Solar, Inc. (NASDAQ:FSLR) by 13.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 36,000 shares of the solar cell manufacturer’s stock after selling 5,500 shares during the period. First Solar comprises approximately 0.7% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s investment portfolio, making the stock its 27th largest holding. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in First Solar were worth $8,980,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently bought and sold shares of FSLR. Western Financial Corp CA bought a new position in First Solar during the third quarter valued at about $1,209,000. Sumitomo Mitsui Trust Holdings Inc. increased its stake in First Solar by 6.3% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 259,177 shares of the solar cell manufacturer’s stock worth $43,749,000 after acquiring an additional 15,430 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of First Solar by 20.3% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 121,055 shares of the solar cell manufacturer’s stock valued at $20,434,000 after acquiring an additional 20,465 shares in the last quarter. Harbour Capital Advisors LLC boosted its position in shares of First Solar by 224.0% during the 3rd quarter. Harbour Capital Advisors LLC now owns 5,217 shares of the solar cell manufacturer’s stock valued at $1,301,000 after acquiring an additional 3,607 shares during the last quarter. Finally, Legend Financial Advisors Inc. purchased a new position in shares of First Solar during the first quarter worth about $759,000. 92.08% of the stock is owned by hedge funds and other institutional investors.

First Solar Stock Performance

FSLR traded up $6.76 during midday trading on Tuesday, hitting $203.01. 2,907,152 shares of the company traded hands, compared to its average volume of 2,380,395. The company’s 50-day moving average is $226.51 and its 200 day moving average is $223.39. First Solar, Inc. has a 52 week low of $129.21 and a 52 week high of $306.77. The firm has a market capitalization of $21.73 billion, a PE ratio of 21.31, a price-to-earnings-growth ratio of 0.38 and a beta of 1.44. The company has a quick ratio of 1.65, a current ratio of 2.23 and a debt-to-equity ratio of 0.06.

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

Insider Transactions at First Solar

In other First Solar news, CAO Byron Michael Jeffers sold 500 shares of the stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $220.00, for a total value of $110,000.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other First Solar news, CAO Byron Michael Jeffers sold 500 shares of First Solar stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $220.00, for a total transaction of $110,000.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Patrick James Buehler sold 8,619 shares of the stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $222.00, for a total transaction of $1,913,418.00. Following the completion of the sale, the insider now directly owns 3,468 shares of the company’s stock, valued at approximately $769,896. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 10,885 shares of company stock worth $2,405,757 in the last quarter. Company insiders own 0.58% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Citigroup raised shares of First Solar from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $200.00 to $254.00 in a research note on Tuesday. Clarkson Capital started coverage on First Solar in a research note on Wednesday, August 14th. They issued a “buy” rating and a $270.00 target price on the stock. BMO Capital Markets dropped their price target on First Solar from $311.00 to $286.00 and set an “outperform” rating for the company in a research note on Wednesday, July 31st. Susquehanna reduced their price objective on First Solar from $285.00 to $280.00 and set a “positive” rating on the stock in a research report on Wednesday, October 16th. Finally, Truist Financial started coverage on First Solar in a research note on Thursday, September 26th. They issued a “buy” rating and a $300.00 target price for the company. Three analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $288.46.

First Solar 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.