Fred Alger Management LLC Buys 83,123 Shares of First Solar, Inc. $FSLR

Fred Alger Management LLC lifted its stake in First Solar, Inc. (NASDAQ:FSLR) by 3,470.7% in the third quarter, Holdings Channel.com reports. The firm owned 85,518 shares of the solar cell manufacturer’s stock after buying an additional 83,123 shares during the period. Fred Alger Management LLC’s holdings in First Solar were worth $18,859,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. Strategic Wealth Investment Group LLC bought a new stake in First Solar in the second quarter worth $26,000. Pinpoint Asset Management Singapore Pte. Ltd. bought a new position in First Solar during the third quarter valued at $44,000. Total Investment Management Inc. purchased a new stake in shares of First Solar in the second quarter valued at $36,000. NBT Bank N A NY raised its stake in shares of First Solar by 550.0% in the third quarter. NBT Bank N A NY now owns 221 shares of the solar cell manufacturer’s stock valued at $49,000 after acquiring an additional 187 shares during the period. Finally, Mather Group LLC. bought a new stake in shares of First Solar in the 3rd quarter worth about $52,000. Institutional investors own 92.08% of the company’s stock.

First Solar Price Performance

Shares of FSLR stock opened at $199.48 on Tuesday. The company has a market capitalization of $21.41 billion, a P/E ratio of 14.04, a P/E/G ratio of 0.32 and a beta of 1.65. The company’s 50-day simple moving average is $225.79 and its two-hundred day simple moving average is $236.47. First Solar, Inc. has a one year low of $116.56 and a one year high of $285.99. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.67 and a quick ratio of 2.35.

First Solar (NASDAQ:FSLR) last posted its quarterly earnings results on Tuesday, February 24th. The solar cell manufacturer reported $4.84 earnings per share for the quarter, missing the consensus estimate of $5.22 by ($0.38). The company had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.59 billion. First Solar had a net margin of 29.28% and a return on equity of 17.32%. The business’s revenue was up 11.1% on a year-over-year basis. During the same period in the prior year, the firm posted $3.65 EPS. As a group, equities analysts anticipate that First Solar, Inc. will post 13.05 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts recently commented on FSLR shares. UBS Group dropped their price target on shares of First Solar from $330.00 to $300.00 and set a “buy” rating for the company in a research note on Wednesday, February 25th. Wall Street Zen downgraded shares of First Solar from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. JPMorgan Chase & Co. dropped their target price on First Solar from $303.00 to $256.00 and set an “overweight” rating for the company in a research report on Wednesday, February 25th. The Goldman Sachs Group cut their target price on First Solar from $316.00 to $300.00 and set a “buy” rating on the stock in a research note on Wednesday, February 25th. Finally, Evercore reduced their price target on First Solar from $241.00 to $212.00 in a report on Thursday, March 5th. Twenty investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $249.65.

Insider Activity at First Solar

In other news, insider Kuntal Kumar Verma sold 3,426 shares of the stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $195.93, for a total transaction of $671,256.18. Following the transaction, the insider owned 8,334 shares of the company’s stock, valued at approximately $1,632,880.62. This represents a 29.13% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Jason E. Dymbort sold 3,273 shares of the firm’s stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $195.93, for a total value of $641,278.89. Following the transaction, the general counsel owned 16,625 shares in the company, valued at approximately $3,257,336.25. This represents a 16.45% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 47,761 shares of company stock worth $9,276,424 over the last three months. Corporate insiders own 0.48% of the company’s stock.

First Solar Company Profile

First Solar, Inc (NASDAQ: FSLR) is a United States–based solar technology company best known for designing and manufacturing thin‑film photovoltaic (PV) modules that use cadmium telluride (CdTe) semiconductor technology. The company supplies PV modules and delivers integrated solar power solutions for utility‑scale projects, positioning itself as a provider of both components and complete solar energy systems rather than solely a parts supplier. First Solar was founded in 1999 and is headquartered in Tempe, Arizona.

Beyond module manufacturing, First Solar offers a range of project services including development support, engineering, procurement and construction (EPC) services, and operations and maintenance (O&M) for large-scale solar installations.