Morse Asset Management Inc Sells 4,309 Shares of First Solar, Inc. (NASDAQ:FSLR)

Morse Asset Management Inc lowered its stake in shares of First Solar, Inc. (NASDAQ:FSLR - Free Report) by 69.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,917 shares of the solar cell manufacturer's stock after selling 4,309 shares during the period. Morse Asset Management Inc's holdings in First Solar were worth $242,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in FSLR. Raymond James Financial Inc. bought a new position in First Solar during the fourth quarter worth about $4,933,000. Thrivent Financial for Lutherans raised its position in shares of First Solar by 27.0% during the fourth quarter. Thrivent Financial for Lutherans now owns 5,572 shares of the solar cell manufacturer's stock worth $982,000 after purchasing an additional 1,185 shares during the period. Northwest & Ethical Investments L.P. acquired a new stake in shares of First Solar during the fourth quarter worth about $106,000. Mizuho Securities USA LLC raised its position in shares of First Solar by 46.2% during the fourth quarter. Mizuho Securities USA LLC now owns 10,147 shares of the solar cell manufacturer's stock worth $1,788,000 after purchasing an additional 3,206 shares during the period. Finally, Sei Investments Co. raised its position in shares of First Solar by 67.6% during the fourth quarter. Sei Investments Co. now owns 27,035 shares of the solar cell manufacturer's stock worth $4,764,000 after purchasing an additional 10,906 shares during the period. Institutional investors own 92.08% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on FSLR shares. Jefferies Financial Group set a $194.00 price target on First Solar and gave the stock a "buy" rating in a research report on Tuesday, July 15th. Mizuho raised their price target on First Solar from $275.00 to $278.00 and gave the stock an "outperform" rating in a research report on Monday, July 14th. Truist Financial reaffirmed a "buy" rating and set a $200.00 price target (down previously from $245.00) on shares of First Solar in a research report on Thursday, May 1st. Glj Research raised First Solar from a "hold" rating to a "buy" rating and set a $172.37 price target on the stock in a research report on Thursday, May 1st. Finally, Wells Fargo & Company dropped their price target on First Solar from $191.00 to $177.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 30th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, twenty-four have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $228.87.

First Solar Stock Up 1.3%

FSLR stock opened at $175.85 on Monday. The company has a current ratio of 1.93, a quick ratio of 1.39 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $18.86 billion, a PE ratio of 14.95, a PEG ratio of 0.34 and a beta of 1.52. First Solar, Inc. has a 1-year low of $116.56 and a 1-year high of $262.72. The business's 50 day simple moving average is $163.98 and its 200 day simple moving average is $153.50.

First Solar (NASDAQ:FSLR - Get Free Report) last released its quarterly earnings results 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 firm had revenue of $844.57 million during the quarter, compared to the consensus estimate of $863.11 million. First Solar had a net margin of 29.72% and a return on equity of 16.32%. The business's revenue for the quarter was up 6.4% compared to the same quarter last year. During the same quarter last year, the firm earned $2.20 earnings per share. As a group, research analysts anticipate that First Solar, Inc. will post 13.05 EPS for the current year.

Insider Activity at First Solar

In other news, CTO Markus Gloeckler sold 9,557 shares of the company's stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $155.05, for a total transaction of $1,481,812.85. Following the completion of the sale, the chief technology officer directly owned 8,037 shares in the company, valued at approximately $1,246,136.85. This represents a 54.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Patrick James Buehler sold 1,600 shares of the company's stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $180.00, for a total value of $288,000.00. Following the sale, the insider owned 4,398 shares of the company's stock, valued at approximately $791,640. The trade was a 26.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 15,976 shares of company stock worth $2,515,172 in the last ninety days. 0.48% of the stock is owned by company insiders.

First Solar 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.

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