First Solar, Inc. $FSLR Stock: Pictet Asset Management Holding SA Increases Stake

Key Points

• Pictet Asset Management increased its First Solar stake by 9.6% in the third quarter, adding 110,031 shares to reach 1.25 million shares valued at about $219.7 million.
• First Solar’s third-quarter EPS of $5.30 beat estimates, but revenue missed expectations and fell 22.8% year over year; the company also lowered its full-year net sales and module-shipment outlook.
• The company announced a $500 million share-repurchase program and opened a South Carolina manufacturing facility. William Blair upgraded the stock to “outperform,” while analysts’ consensus rating is “Moderate Buy.”

Pictet Asset Management Holding SA lifted its holdings in shares of First Solar, Inc. (NASDAQ:FSLR - Free Report) by 9.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,254,076 shares of the solar cell manufacturer's stock after purchasing an additional 110,031 shares during the quarter. Pictet Asset Management Holding SA owned 1.17% of First Solar worth $219,666,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Toth Financial Advisory Corp bought a new stake in First Solar during the 3rd quarter worth approximately $32,000. Clearstead Trust LLC acquired a new stake in First Solar during the 2nd quarter worth approximately $34,000. Vega Investment Solutions acquired a new stake in First Solar during the 2nd quarter worth approximately $40,000. Rakuten Securities Inc. acquired a new stake in First Solar during the 2nd quarter worth approximately $44,000. Finally, Allied Private Wealth LLC bought a new position in First Solar in the second quarter valued at approximately $45,000. Institutional investors own 92.08% of the company's stock.

First Solar Stock Performance

NASDAQ FSLR opened at $201.14 on Friday. The stock has a market capitalization of $21.62 billion, a price-to-earnings ratio of 11.64, a PEG ratio of 0.55 and a beta of 1.73. The stock's 50 day moving average price is $186.99 and its two-hundred day moving average price is $214.96. First Solar, Inc. has a 52 week low of $165.86 and a 52 week high of $320.95.

First Solar (NASDAQ:FSLR - Get Free Report) last released its quarterly earnings results on Thursday, October 29th. The solar cell manufacturer reported $5.30 earnings per share for the quarter, topping analysts' consensus estimates of $4.67 by $0.63. The firm had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.29 billion. First Solar had a return on equity of 18.33% and a net margin of 37.12%. The business's revenue was down 22.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $4.24 EPS. On average, equities research analysts forecast that First Solar, Inc. will post 17.66 EPS for the current year.

Key First Solar News

Here are the key news stories impacting First Solar this week:

• Positive Sentiment: William Blair raised its rating on First Solar from “market perform” to “outperform.” The firm sees Democratic gains as potentially supporting utility-scale solar projects, although new bookings may take time to materialize. First Solar raised at William Blair as Democrat Congress seen boosting support
• Positive Sentiment: First Solar announced a $500 million share repurchase program and opened a manufacturing facility in Gaffney, South Carolina, expanding its U.S. production footprint and adding regional jobs. Democratic Sweep Could Be A Big Deal For First Solar Stock First Solar Opens South Carolina Plant
• Negative Sentiment: The company lowered its full-year net sales and module-shipment outlook. Its third-quarter results were mixed: EPS beat expectations, but revenue fell short of estimates and was down year over year, which may temper the positive policy and buyback news. Democratic Sweep Could Be A Big Deal For First Solar Stock

Analyst Upgrades and Downgrades

FSLR has been the subject of several research analyst reports. Argus reiterated a "buy" rating and issued a $275.00 price target on shares of First Solar in a report on Wednesday, August 26th. Oppenheimer restated a "market perform" rating on shares of First Solar in a report on Friday, October 30th. UBS Group restated a "buy" rating on shares of First Solar in a report on Friday, October 30th. TD Cowen raised shares of First Solar to a "strong-buy" rating in a research report on Monday, October 5th. Finally, The Goldman Sachs Group reaffirmed a "buy" rating on shares of First Solar in a research note on Friday, October 30th. Three investment analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, First Solar presently has a consensus rating of "Moderate Buy" and an average target price of $257.38.

Insider Transactions at First Solar

In related news, General Counsel Jason Dymbort sold 3,700 shares of the stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $249.38, for a total transaction of $922,706.00. Following the completion of the transaction, the general counsel owned 5,624 shares in the company, valued at approximately $1,402,513.12. This represents a 39.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Samantha Sloan sold 127 shares of the firm's stock in a transaction on Monday, August 17th. The shares were sold at an average price of $222.95, for a total transaction of $28,314.65. Following the completion of the transaction, the executive vice president directly owned 2,018 shares of the company's stock, valued at approximately $449,913.10. This trade represents a 5.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 5,427 shares of company stock valued at $1,250,221 over the last 90 days. 0.39% of the stock is owned by corporate insiders.

First Solar Company Profile

First Solar, Inc is a U.S.-based solar technology company that designs and manufactures photovoltaic modules for utility-scale solar power projects. Its products use thin-film cadmium telluride (CdTe) technology, an alternative to the crystalline-silicon cells commonly used in solar panels.

Founded in 1999, the company also provides services related to its modules, including recycling designed to recover and reuse materials at the end of a product's useful life. First Solar serves customers in markets across the Americas, Europe, and Asia-Pacific.

The company is headquartered in Tempe, Arizona.

Want to see what other hedge funds are holding FSLR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for First Solar, Inc. (NASDAQ:FSLR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.