Wedge Capital Management L L P NC cut its stake in shares of First Solar, Inc. (NASDAQ:FSLR) by 22.0% during the second quarter, Holdings Channel reports. The fund owned 24,993 shares of the solar cell manufacturer’s stock after selling 7,042 shares during the period. Wedge Capital Management L L P NC’s holdings in First Solar were worth $997,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the stock. BlackRock Inc. increased its stake in First Solar by 7,977.6% in the first quarter. BlackRock Inc. now owns 6,922,544 shares of the solar cell manufacturer’s stock valued at $187,601,000 after buying an additional 6,836,843 shares during the last quarter. Wellington Management Group LLP increased its stake in First Solar by 28.8% in the first quarter. Wellington Management Group LLP now owns 3,038,924 shares of the solar cell manufacturer’s stock valued at $82,356,000 after buying an additional 679,898 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in First Solar by 6.1% in the first quarter. Dimensional Fund Advisors LP now owns 2,756,980 shares of the solar cell manufacturer’s stock valued at $74,715,000 after buying an additional 158,896 shares during the last quarter. State Treasurer State of Michigan increased its stake in First Solar by 99.1% in the second quarter. State Treasurer State of Michigan now owns 754,373 shares of the solar cell manufacturer’s stock valued at $30,084,000 after buying an additional 375,500 shares during the last quarter. Finally, DnB Asset Management AS increased its stake in First Solar by 0.6% in the first quarter. DnB Asset Management AS now owns 518,218 shares of the solar cell manufacturer’s stock valued at $14,044,000 after buying an additional 3,300 shares during the last quarter. Hedge funds and other institutional investors own 60.25% of the company’s stock.

First Solar, Inc. (FSLR) opened at 47.77 on Friday. The firm’s market capitalization is $4.99 billion. First Solar, Inc. has a 52 week low of $25.56 and a 52 week high of $50.21. The stock’s 50 day moving average price is $44.91 and its 200 day moving average price is $36.12.

First Solar (NASDAQ:FSLR) last posted its quarterly earnings results on Thursday, July 27th. The solar cell manufacturer reported $0.64 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.04 by $0.60. First Solar had a positive return on equity of 6.43% and a negative net margin of 18.80%. The firm had revenue of $623 million for the quarter, compared to the consensus estimate of $591.55 million. During the same period in the previous year, the business earned $0.87 earnings per share. The company’s revenue for the quarter was down 38.7% compared to the same quarter last year. On average, equities analysts expect that First Solar, Inc. will post $2.11 EPS for the current year.

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A number of brokerages have commented on FSLR. Cowen and Company set a $40.00 target price on shares of First Solar and gave the stock a “buy” rating in a report on Monday, July 10th. Axiom Securities reiterated a “buy” rating on shares of First Solar in a report on Thursday, August 10th. Vetr upgraded shares of First Solar from a “sell” rating to a “hold” rating and set a $48.61 target price for the company in a report on Wednesday, August 2nd. Bank of America Corporation reiterated a “buy” rating and issued a $54.00 target price (up from $38.00) on shares of First Solar in a report on Wednesday, July 26th. Finally, JMP Securities set a $67.00 target price on shares of First Solar and gave the stock a “buy” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, eighteen have assigned a hold rating and ten have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $43.89.

In related news, insider Raffi Garabedian sold 5,800 shares of First Solar stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $49.83, for a total value of $289,014.00. Following the sale, the insider now directly owns 11,474 shares in the company, valued at $571,749.42. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Mark R. Widmar sold 43,189 shares of First Solar stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $48.55, for a total value of $2,096,825.95. Following the completion of the sale, the chief executive officer now owns 107,454 shares in the company, valued at $5,216,891.70. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 95,909 shares of company stock worth $4,705,246. Company insiders own 0.40% of the company’s stock.

About First Solar

First Solar, Inc is a provider of photovoltaic (PV) solar energy solutions. The Company designs, manufactures and sells PV solar modules with a thin-film semiconductor technology. The Company also develops, designs, constructs and sells PV solar power systems that primarily use the modules it manufactures.

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Institutional Ownership by Quarter for First Solar (NASDAQ:FSLR)

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