Laurel Grove Capital LLC decreased its position in First Solar, Inc. (NASDAQ:FSLR) by 19.7% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 12,250 shares of the solar cell manufacturer’s stock after selling 3,000 shares during the quarter. Laurel Grove Capital LLC’s holdings in First Solar were worth $827,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of the business. Key Square Capital Management LLC bought a new position in shares of First Solar in the third quarter worth about $23,621,000. Ecofin Ltd. purchased a new stake in shares of First Solar during the second quarter worth about $19,485,000. Lord Abbett & CO. LLC purchased a new stake in shares of First Solar during the second quarter worth about $15,099,000. Gotham Asset Management LLC purchased a new stake in shares of First Solar during the second quarter worth about $14,135,000. Finally, Cornerstone Capital Management Holdings LLC. purchased a new stake in shares of First Solar during the second quarter worth about $9,877,000. 51.00% of the stock is currently owned by institutional investors.
Several equities analysts have weighed in on FSLR shares. Zacks Investment Research upgraded First Solar from a “hold” rating to a “strong-buy” rating and set a $73.00 price target for the company in a report on Wednesday, February 7th. ValuEngine raised First Solar from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Vetr lowered First Solar from a “strong-buy” rating to a “buy” rating and set a $51.52 price objective for the company. in a research note on Wednesday, October 18th. Guggenheim reissued a “neutral” rating on shares of First Solar in a research note on Thursday, January 18th. They noted that the move was a valuation call. Finally, Bank of America assumed coverage on First Solar in a research note on Thursday, December 14th. They set a “neutral” rating and a $70.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and eleven have issued a buy rating to the stock. First Solar has an average rating of “Hold” and an average price target of $66.60.
In related news, CEO Mark R. Widmar sold 20,270 shares of the company’s stock in a transaction dated Thursday, December 7th. The stock was sold at an average price of $64.40, for a total value of $1,305,388.00. Following the completion of the transaction, the chief executive officer now owns 100,754 shares of the company’s stock, valued at approximately $6,488,557.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Philip Dejong sold 15,304 shares of the company’s stock in a transaction dated Thursday, January 4th. The stock was sold at an average price of $67.83, for a total value of $1,038,070.32. Following the completion of the transaction, the chief operating officer now directly owns 10,424 shares of the company’s stock, valued at approximately $707,059.92. The disclosure for this sale can be found here. In the last three months, insiders sold 46,858 shares of company stock valued at $3,134,015. Insiders own 0.58% of the company’s stock.
First Solar, Inc. (NASDAQ FSLR) traded up $1.02 during trading on Wednesday, reaching $65.24. The company’s stock had a trading volume of 1,500,638 shares, compared to its average volume of 2,230,000. The company has a current ratio of 6.85, a quick ratio of 6.47 and a debt-to-equity ratio of 0.06. The stock has a market cap of $6,810.00, a P/E ratio of -15.68 and a beta of 2.08. First Solar, Inc. has a twelve month low of $25.56 and a twelve month high of $76.61.
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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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