Sierra Summit Advisors LLC Decreases Stake in First Solar, Inc. $FSLR

Key Points

• Sierra Summit Advisors LLC cut its First Solar stake by 8.3% in the fourth quarter, selling 5,337 shares and leaving it with 59,188 shares valued at about $15.5 million.
• First Solar reported strong quarterly results, with EPS of $3.22 topping estimates and revenue of $1.04 billion, up 23.6% year over year.
• Despite some insider selling and lower analyst price targets, Wall Street still rates the stock a Moderate Buy, with an average target price of $247.03.

Sierra Summit Advisors LLC reduced its stake in First Solar, Inc. (NASDAQ:FSLR - Free Report) by 8.3% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 59,188 shares of the solar cell manufacturer's stock after selling 5,337 shares during the quarter. First Solar comprises about 2.4% of Sierra Summit Advisors LLC's portfolio, making the stock its 11th largest holding. Sierra Summit Advisors LLC owned about 0.06% of First Solar worth $15,462,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of FSLR. Viking Global Investors LP raised its position in shares of First Solar by 60.6% in the 2nd quarter. Viking Global Investors LP now owns 2,266,050 shares of the solar cell manufacturer's stock valued at $375,122,000 after purchasing an additional 854,919 shares during the last quarter. Lightrock Netherlands B.V. raised its position in shares of First Solar by 2,663.8% in the 4th quarter. Lightrock Netherlands B.V. now owns 666,307 shares of the solar cell manufacturer's stock valued at $174,059,000 after purchasing an additional 642,199 shares during the last quarter. Amundi raised its position in shares of First Solar by 38.6% in the 3rd quarter. Amundi now owns 2,025,835 shares of the solar cell manufacturer's stock valued at $459,917,000 after purchasing an additional 564,032 shares during the last quarter. Vanguard Group Inc. raised its position in shares of First Solar by 3.5% in the 3rd quarter. Vanguard Group Inc. now owns 13,721,979 shares of the solar cell manufacturer's stock valued at $3,026,108,000 after purchasing an additional 464,130 shares during the last quarter. Finally, Atreides Management LP purchased a new position in shares of First Solar in the 2nd quarter valued at approximately $65,134,000. 92.08% of the stock is owned by hedge funds and other institutional investors.

First Solar Price Performance

Shares of NASDAQ:FSLR opened at $237.86 on Thursday. First Solar, Inc. has a twelve month low of $135.50 and a twelve month high of $285.99. The company's 50 day moving average is $202.87 and its 200 day moving average is $231.14. The company has a current ratio of 2.56, a quick ratio of 2.15 and a debt-to-equity ratio of 0.02. The company has a market cap of $25.56 billion, a PE ratio of 15.37, a price-to-earnings-growth ratio of 0.49 and a beta of 1.57.

First Solar (NASDAQ:FSLR - Get Free Report) last released its quarterly earnings data on Thursday, April 30th. The solar cell manufacturer reported $3.22 EPS for the quarter, topping the consensus estimate of $2.87 by $0.35. First Solar had a return on equity of 18.01% and a net margin of 30.73%.The business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the prior year, the firm posted $1.95 EPS. The business's quarterly revenue was up 23.6% compared to the same quarter last year. On average, sell-side analysts forecast that First Solar, Inc. will post 17.64 EPS for the current year.

Insiders Place Their Bets

In other First Solar news, insider Georges Antoun sold 566 shares of the company's stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $215.63, for a total value of $122,046.58. Following the sale, the insider owned 19,918 shares in the company, valued at approximately $4,294,918.34. This represents a 2.76% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Patrick James Buehler sold 235 shares of the company's stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $215.63, for a total value of $50,673.05. Following the completion of the sale, the insider owned 7,406 shares in the company, valued at approximately $1,596,955.78. This represents a 3.08% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 92,430 shares of company stock worth $18,670,055. Corporate insiders own 0.39% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on FSLR. Susquehanna decreased their price objective on shares of First Solar from $280.00 to $250.00 and set a "positive" rating for the company in a research report on Thursday, April 9th. Royal Bank Of Canada decreased their price objective on shares of First Solar from $258.00 to $236.00 and set an "outperform" rating for the company in a research report on Wednesday, February 25th. Guggenheim decreased their price objective on shares of First Solar from $312.00 to $269.00 and set a "buy" rating for the company in a research report on Tuesday, March 17th. TD Cowen decreased their price objective on shares of First Solar from $320.00 to $253.00 and set a "buy" rating for the company in a research report on Wednesday, February 25th. Finally, Bank of America cut their price target on shares of First Solar from $291.00 to $271.00 and set a "buy" rating on the stock in a report on Thursday, January 22nd. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, First Solar presently has an average rating of "Moderate Buy" and an average target price of $247.03.

First Solar Profile

First Solar, Inc NASDAQ: FSLR is a United States–based solar technology company best known for designing and manufacturing thin‑film photovoltaic (PV) modules that use cadmium telluride (CdTe) semiconductor technology. The company supplies PV modules and delivers integrated solar power solutions for utility‑scale projects, positioning itself as a provider of both components and complete solar energy systems rather than solely a parts supplier. First Solar was founded in 1999 and is headquartered in Tempe, Arizona.

Beyond module manufacturing, First Solar offers a range of project services including development support, engineering, procurement and construction (EPC) services, and operations and maintenance (O&M) for large-scale solar installations.

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