Mengis Capital Management Inc. Sells 698 Shares of First Solar, Inc. (NASDAQ:FSLR)

Mengis Capital Management Inc. reduced its stake in shares of First Solar, Inc. (NASDAQ:FSLRFree Report) by 10.2% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,117 shares of the solar cell manufacturer’s stock after selling 698 shares during the period. Mengis Capital Management Inc.’s holdings in First Solar were worth $988,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in First Solar during the 4th quarter valued at about $213,049,000. Goldman Sachs Group Inc. increased its holdings in shares of First Solar by 197.8% in the first quarter. Goldman Sachs Group Inc. now owns 1,336,038 shares of the solar cell manufacturer’s stock valued at $111,880,000 after purchasing an additional 887,443 shares during the period. Samlyn Capital LLC acquired a new position in shares of First Solar in the first quarter valued at about $121,554,000. Bank of America Corp DE increased its holdings in shares of First Solar by 889.2% in the first quarter. Bank of America Corp DE now owns 453,658 shares of the solar cell manufacturer’s stock valued at $98,671,000 after purchasing an additional 511,143 shares during the period. Finally, Barclays PLC increased its holdings in shares of First Solar by 125.5% in the third quarter. Barclays PLC now owns 848,623 shares of the solar cell manufacturer’s stock valued at $137,130,000 after purchasing an additional 472,327 shares during the period. Institutional investors own 82.08% of the company’s stock.

Analysts Set New Price Targets

FSLR has been the topic of a number of recent research reports. BMO Capital Markets lowered their target price on First Solar from $226.00 to $216.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 1st. Wells Fargo & Company downgraded First Solar from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $215.00 to $187.00 in a research note on Monday, January 8th. Jefferies Financial Group initiated coverage on First Solar in a research note on Friday, December 15th. They issued a “buy” rating and a $211.00 target price on the stock. JPMorgan Chase & Co. upgraded First Solar from a “neutral” rating to an “overweight” rating and lowered their target price for the stock from $239.00 to $220.00 in a research note on Thursday, October 19th. Finally, Morgan Stanley upgraded First Solar from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $214.00 to $237.00 in a research report on Friday, December 8th. Six equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $234.00.

Check Out Our Latest Stock Report on First Solar

First Solar Stock Performance

FSLR stock traded up $5.72 during trading on Monday, hitting $157.22. The company had a trading volume of 2,835,704 shares, compared to its average volume of 1,938,401. The firm has a market cap of $16.80 billion, a PE ratio of 34.28 and a beta of 1.41. First Solar, Inc. has a 1-year low of $129.21 and a 1-year high of $232.00. The firm has a 50-day moving average price of $156.54 and a 200-day moving average price of $163.43. The company has a quick ratio of 2.45, a current ratio of 3.19 and a debt-to-equity ratio of 0.07.

Insiders Place Their Bets

In other First Solar news, insider Georges Antoun sold 2,400 shares of the business’s stock in a transaction that occurred on Tuesday, December 19th. The stock was sold at an average price of $176.02, for a total transaction of $422,448.00. Following the transaction, the insider now owns 42,041 shares in the company, valued at approximately $7,400,056.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.58% of the stock is currently owned by insiders.

First Solar Profile

(Free Report)

First Solar, Inc provides photovoltaic (PV) solar energy solutions in the United State, Japan, France, Canada, India, Australia, and internationally. The company designs, manufactures, and sells cadmium telluride solar modules that converts sunlight into electricity. It serves developers and operators of systems, utilities, independent power producers, commercial and industrial companies, and other system owners.

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

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