K2 Principal Fund L.P. Makes New Investment in First Solar, Inc. (NASDAQ:FSLR)

K2 Principal Fund L.P. acquired a new stake in First Solar, Inc. (NASDAQ:FSLR - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 10,000 shares of the solar cell manufacturer's stock, valued at approximately $1,762,000.

Several other large investors also recently modified their holdings of the business. Clear Harbor Asset Management LLC boosted its stake in shares of First Solar by 0.6% during the 4th quarter. Clear Harbor Asset Management LLC now owns 9,210 shares of the solar cell manufacturer's stock valued at $1,623,000 after purchasing an additional 55 shares in the last quarter. Smartleaf Asset Management LLC grew its position in shares of First Solar by 31.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 262 shares of the solar cell manufacturer's stock worth $47,000 after buying an additional 63 shares during the period. Independent Advisor Alliance grew its holdings in First Solar by 3.1% in the fourth quarter. Independent Advisor Alliance now owns 2,090 shares of the solar cell manufacturer's stock worth $368,000 after purchasing an additional 63 shares during the period. Huntington National Bank lifted its holdings in shares of First Solar by 15.3% during the fourth quarter. Huntington National Bank now owns 511 shares of the solar cell manufacturer's stock valued at $90,000 after purchasing an additional 68 shares during the last quarter. Finally, Evexia Wealth LLC raised its stake in First Solar by 2.1% during the fourth quarter. Evexia Wealth LLC now owns 3,481 shares of the solar cell manufacturer's stock valued at $586,000 after buying an additional 70 shares during the last quarter. 92.08% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. StockNews.com downgraded First Solar from a "hold" rating to a "sell" rating in a research note on Friday, May 2nd. KeyCorp downgraded First Solar from a "sector weight" rating to an "underweight" rating and set a $100.00 target price on the stock. in a report on Wednesday, April 30th. BMO Capital Markets cut their price objective on shares of First Solar from $200.00 to $187.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th. Oppenheimer cut First Solar from an "outperform" rating to a "market perform" rating in a research report on Wednesday, April 30th. Finally, Citigroup lowered their target price on shares of First Solar from $254.00 to $236.00 and set a "neutral" rating on the stock in a research note on Wednesday, February 26th. Two analysts have rated the stock with a sell rating, five have given a hold rating, twenty-four have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $223.76.

Insider Activity at First Solar

In other news, CEO Mark R. Widmar sold 21,542 shares of the company's stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $141.09, for a total value of $3,039,360.78. Following the sale, the chief executive officer now owns 103,403 shares in the company, valued at $14,589,129.27. This represents a 17.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Georges Antoun sold 229 shares of First Solar stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $133.75, for a total value of $30,628.75. Following the transaction, the insider now owns 52,836 shares of the company's stock, valued at approximately $7,066,815. This represents a 0.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 34,311 shares of company stock worth $4,767,158 over the last three months. Company insiders own 0.48% of the company's stock.

First Solar Stock Performance

Shares of First Solar stock traded down $2.11 during midday trading on Wednesday, hitting $189.50. The company had a trading volume of 1,918,729 shares, compared to its average volume of 3,004,398. The company has a fifty day simple moving average of $132.05 and a 200 day simple moving average of $163.45. The stock has a market cap of $20.32 billion, a price-to-earnings ratio of 16.26, a PEG ratio of 0.19 and a beta of 1.46. The company has a quick ratio of 1.44, a current ratio of 2.14 and a debt-to-equity ratio of 0.05. First Solar, Inc. has a 12-month low of $116.56 and a 12-month high of $306.77.

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