Verdence Capital Advisors LLC Sells 3,372 Shares of First Solar, Inc. $FSLR

Verdence Capital Advisors LLC cut its holdings in shares of First Solar, Inc. (NASDAQ:FSLR) by 49.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,516 shares of the solar cell manufacturer’s stock after selling 3,372 shares during the quarter. Verdence Capital Advisors LLC’s holdings in First Solar were worth $918,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Aventura Private Wealth LLC bought a new stake in shares of First Solar in the 4th quarter valued at about $25,000. Strategic Wealth Investment Group LLC acquired a new stake in First Solar in the 2nd quarter valued at about $26,000. Pinpoint Asset Management Singapore Pte. Ltd. acquired a new stake in First Solar in the 3rd quarter valued at about $44,000. NBT Bank N A NY lifted its stake in First Solar by 550.0% in the 3rd quarter. NBT Bank N A NY now owns 221 shares of the solar cell manufacturer’s stock valued at $49,000 after purchasing an additional 187 shares during the last quarter. Finally, Mather Group LLC. acquired a new stake in First Solar in the 3rd quarter valued at about $52,000. 92.08% of the stock is owned by institutional investors.

First Solar Stock Up 1.9%

Shares of FSLR opened at $197.48 on Tuesday. First Solar, Inc. has a 52 week low of $119.09 and a 52 week high of $285.99. The firm has a market cap of $21.22 billion, a P/E ratio of 13.90, a price-to-earnings-growth ratio of 0.44 and a beta of 1.61. The firm’s 50-day simple moving average is $200.66 and its 200 day simple moving average is $232.47. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.35 and a current ratio of 2.67.

First Solar (NASDAQ:FSLR) last announced its quarterly earnings results on Tuesday, February 24th. The solar cell manufacturer reported $4.84 EPS for the quarter, missing analysts’ consensus estimates of $5.22 by ($0.38). First Solar had a net margin of 29.28% and a return on equity of 17.32%. The company had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.59 billion. During the same quarter last year, the company posted $3.65 EPS. The firm’s quarterly revenue was up 11.1% on a year-over-year basis. On average, analysts forecast that First Solar, Inc. will post 17.37 earnings per share for the current year.

Insider Activity

In other First Solar news, CEO Mark R. Widmar sold 7,738 shares of the stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $195.93, for a total transaction of $1,516,106.34. Following the transaction, the chief executive officer owned 91,787 shares in the company, valued at $17,983,826.91. This represents a 7.77% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Kuntal Kumar Verma sold 3,426 shares of First Solar stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $195.93, for a total transaction of $671,256.18. Following the completion of the sale, the insider owned 8,334 shares of the company’s stock, valued at approximately $1,632,880.62. The trade was a 29.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 76,562 shares of company stock worth $15,042,232. Insiders own 0.39% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on FSLR shares. TD Cowen cut their target price on shares of First Solar from $320.00 to $253.00 and set a “buy” rating for the company in a research note on Wednesday, February 25th. Mizuho cut their target price on shares of First Solar from $271.00 to $243.00 and set an “outperform” rating for the company in a research note on Monday. JPMorgan Chase & Co. cut their target price on shares of First Solar from $303.00 to $256.00 and set an “overweight” rating for the company in a research note on Wednesday, February 25th. Jefferies Financial Group cut their target price on shares of First Solar from $205.00 to $187.00 and set a “hold” rating for the company in a research note on Tuesday, April 7th. Finally, Susquehanna cut their target price on shares of First Solar from $280.00 to $250.00 and set a “positive” rating for the company in a research note on Thursday, April 9th. Nineteen equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $243.49.

About First Solar

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.