CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Decreases Holdings in First Solar, Inc. (NASDAQ:FSLR)

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT decreased its position in First Solar, Inc. (NASDAQ:FSLR - Free Report) by 11.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 31,000 shares of the solar cell manufacturer's stock after selling 4,000 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's holdings in First Solar were worth $3,919,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in FSLR. Garde Capital Inc. purchased a new position in First Solar during the first quarter worth about $25,000. Smartleaf Asset Management LLC increased its position in First Solar by 31.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 262 shares of the solar cell manufacturer's stock worth $47,000 after purchasing an additional 63 shares during the period. Princeton Global Asset Management LLC purchased a new position in shares of First Solar during the 1st quarter worth approximately $51,000. Banque Transatlantique SA acquired a new stake in shares of First Solar in the 4th quarter valued at approximately $53,000. Finally, CoreFirst Bank & Trust purchased a new stake in shares of First Solar in the fourth quarter valued at approximately $54,000. Hedge funds and other institutional investors own 92.08% of the company's stock.

Wall Street Analyst Weigh In

FSLR has been the subject of several research analyst reports. Jefferies Financial Group upgraded First Solar from a "hold" rating to a "buy" rating and increased their price objective for the stock from $157.00 to $192.00 in a research report on Wednesday, June 11th. Royal Bank Of Canada lowered their price target on shares of First Solar from $237.00 to $214.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 30th. Wolfe Research upgraded shares of First Solar from a "peer perform" rating to an "outperform" rating and set a $221.00 price objective for the company in a research note on Tuesday, May 13th. Susquehanna decreased their price objective on shares of First Solar from $223.00 to $217.00 and set a "positive" rating on the stock in a report on Monday, April 14th. Finally, Redburn Atlantic assumed coverage on shares of First Solar in a research report on Monday, March 3rd. They set a "neutral" rating on the stock. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, twenty-five have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, First Solar has an average rating of "Moderate Buy" and an average target price of $229.19.

First Solar Trading Down 2.2%

NASDAQ FSLR traded down $3.49 during mid-day trading on Friday, reaching $152.14. 4,370,169 shares of the stock were exchanged, compared to its average volume of 3,192,150. The business's fifty day simple moving average is $152.61 and its 200 day simple moving average is $155.56. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.39 and a current ratio of 1.93. The stock has a market capitalization of $16.32 billion, a PE ratio of 12.94, a PEG ratio of 0.31 and a beta of 1.53. First Solar, Inc. has a 1-year low of $116.56 and a 1-year high of $262.72.

First Solar (NASDAQ:FSLR - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The solar cell manufacturer reported $1.95 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.50 by ($0.55). The business had revenue of $844.57 million for the quarter, compared to analyst estimates of $863.11 million. First Solar had a return on equity of 16.32% and a net margin of 29.72%. First Solar's revenue for the quarter was up 6.4% compared to the same quarter last year. During the same quarter last year, the business earned $2.20 EPS. On average, research analysts anticipate that First Solar, Inc. will post 13.05 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CTO Markus Gloeckler sold 9,557 shares of First Solar stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $155.05, for a total value of $1,481,812.85. Following the transaction, the chief technology officer now directly owns 8,037 shares of the company's stock, valued at $1,246,136.85. The trade was a 54.32% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Patrick James Buehler sold 1,868 shares of the business's stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $149.08, for a total value of $278,481.44. Following the sale, the insider now owns 5,998 shares of the company's stock, valued at $894,181.84. The trade was a 23.75% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 14,376 shares of company stock valued at $2,227,172. Insiders own 0.48% of the company's stock.

About First Solar

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.