Cresset Asset Management LLC Trims Stock Holdings in First Solar, Inc. (NASDAQ:FSLR)

Cresset Asset Management LLC reduced its stake in shares of First Solar, Inc. (NASDAQ:FSLR - Free Report) by 68.9% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,149 shares of the solar cell manufacturer's stock after selling 4,772 shares during the period. Cresset Asset Management LLC's holdings in First Solar were worth $379,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FSLR. BOKF NA increased its stake in shares of First Solar by 87,650.0% in the fourth quarter. BOKF NA now owns 1,755 shares of the solar cell manufacturer's stock valued at $332,000 after buying an additional 1,753 shares during the period. BROOKFIELD Corp ON boosted its holdings in First Solar by 25.4% in the fourth quarter. BROOKFIELD Corp ON now owns 16,910 shares of the solar cell manufacturer's stock valued at $2,980,000 after acquiring an additional 3,425 shares during the last quarter. Blackstone Inc. acquired a new stake in First Solar during the 4th quarter valued at approximately $208,000. Brevan Howard Capital Management LP bought a new position in First Solar during the 4th quarter worth approximately $644,000. Finally, Caxton Associates LP lifted its position in shares of First Solar by 2,700.0% in the 4th quarter. Caxton Associates LP now owns 70,000 shares of the solar cell manufacturer's stock worth $12,337,000 after purchasing an additional 67,500 shares during the period. 92.08% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Kuntal Kumar Verma sold 7,475 shares of First Solar stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $136.60, for a total value of $1,021,085.00. Following the sale, the insider now owns 3,549 shares of the company's stock, valued at approximately $484,793.40. The trade was a 67.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Mark R. Widmar sold 21,542 shares of the stock in a transaction on Friday, February 28th. The shares were sold at an average price of $141.09, for a total value of $3,039,360.78. Following the transaction, the chief executive officer now directly owns 103,403 shares of the company's stock, valued at approximately $14,589,129.27. This trade represents a 17.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 34,311 shares of company stock valued at $4,767,158. 0.48% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms recently issued reports on FSLR. TD Cowen dropped their target price on shares of First Solar from $275.00 to $200.00 and set a "buy" rating on the stock in a report on Wednesday, April 30th. Citigroup lowered their price objective on First Solar from $254.00 to $236.00 and set a "neutral" rating for the company in a research report on Wednesday, February 26th. Jefferies Financial Group lowered First Solar from a "buy" rating to a "hold" rating and cut their target price for the company from $202.00 to $127.00 in a research report on Wednesday, April 30th. Susquehanna lowered their target price on First Solar from $223.00 to $217.00 and set a "positive" rating for the company in a report on Monday, April 14th. Finally, Truist Financial restated a "buy" rating and set a $200.00 price target (down from $245.00) on shares of First Solar in a report on Thursday, May 1st. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, twenty-four have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $226.30.

First Solar Stock Down 7.6%

NASDAQ:FSLR traded down $13.54 on Monday, hitting $164.92. The stock had a trading volume of 10,866,846 shares, compared to its average volume of 3,097,484. First Solar, Inc. has a 1 year low of $116.56 and a 1 year high of $306.77. The firm's fifty day simple moving average is $134.97 and its two-hundred day simple moving average is $162.92. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.44 and a current ratio of 2.14. The stock has a market cap of $17.69 billion, a P/E ratio of 14.21, a price-to-earnings-growth ratio of 0.19 and a beta of 1.46.

First Solar (NASDAQ:FSLR - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The solar cell manufacturer reported $1.95 EPS for the quarter, missing analysts' consensus estimates of $2.50 by ($0.55). The business had revenue of $844.57 million for the quarter, compared to the consensus estimate of $863.11 million. First Solar had a return on equity of 17.56% and a net margin of 32.41%. The business's revenue was up 6.4% compared to the same quarter last year. During the same quarter last year, the business posted $2.20 earnings per share. Analysts predict that First Solar, Inc. will post 13.05 earnings per share for the current year.

First Solar Company Profile

First Solar, Inc, a solar technology company, provides photovoltaic (PV) solar energy solutions in the United States, France, Japan, Chile, and internationally. The company manufactures and sells PV solar modules with a thin film semiconductor technology that provides a lower-carbon alternative to conventional crystalline silicon PV solar modules.