Moore Capital Management LP Invests $12.82 Million in First Solar, Inc. (NASDAQ:FSLR)

Moore Capital Management LP bought a new stake in First Solar, Inc. (NASDAQ:FSLR) in the fourth quarter, HoldingsChannel reports. The fund bought 72,720 shares of the solar cell manufacturer’s stock, valued at approximately $12,816,000.

Several other institutional investors have also modified their holdings of FSLR. Smartleaf Asset Management LLC boosted its position in shares of First Solar by 31.7% during the fourth 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. Crews Bank & Trust acquired a new position in First Solar during the 4th quarter worth approximately $53,000. Hudson Edge Investment Partners Inc. acquired a new position in First Solar during the 4th quarter worth approximately $53,000. Banque Transatlantique SA acquired a new stake in shares of First Solar in the fourth quarter valued at approximately $53,000. Finally, CoreFirst Bank & Trust bought a new stake in shares of First Solar in the fourth quarter worth $54,000. Institutional investors own 92.08% of the company’s stock.

First Solar Stock Performance

FSLR stock opened at $140.74 on Monday. First Solar, Inc. has a twelve month low of $116.56 and a twelve month high of $306.77. The firm has a market cap of $15.09 billion, a price-to-earnings ratio of 12.12, a PEG ratio of 0.19 and a beta of 1.46. The business’s fifty day simple moving average is $130.33 and its two-hundred day simple moving average is $163.55. 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 (NASDAQ:FSLR) last issued its earnings results on Tuesday, April 29th. The solar cell manufacturer reported $1.95 EPS for the quarter, missing analysts’ consensus estimates of $2.50 by ($0.55). The company had revenue of $844.57 million for the quarter, compared to analysts’ expectations of $863.11 million. First Solar had a return on equity of 17.56% and a net margin of 32.41%. The business’s revenue was up 6.4% compared to the same quarter last year. During the same period last year, the business posted $2.20 earnings per share. Analysts predict that First Solar, Inc. will post 13.05 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Truist Financial reiterated a “buy” rating and issued a $200.00 price target (down from $245.00) on shares of First Solar in a research note on Thursday, May 1st. Morgan Stanley set a $223.00 price target on First Solar and gave the company an “overweight” rating in a research report on Wednesday, April 23rd. Royal Bank of Canada lowered their price target on First Solar from $237.00 to $214.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 30th. StockNews.com downgraded First Solar from a “hold” rating to a “sell” rating in a report on Friday, May 2nd. Finally, TD Cowen decreased their target price on shares of First Solar from $275.00 to $200.00 and set a “buy” rating for the company in a research note on Wednesday, April 30th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, twenty-three have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, First Solar currently has a consensus rating of “Moderate Buy” and a consensus target price of $223.87.

Insider Buying and Selling

In other news, insider Kuntal Kumar Verma sold 7,475 shares of the company’s stock in a transaction on Friday, February 28th. The stock was sold at an average price of $136.60, for a total transaction of $1,021,085.00. Following the transaction, the insider now directly owns 3,549 shares of the company’s stock, valued at approximately $484,793.40. This represents a 67.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Mark R. Widmar sold 21,542 shares of the company’s stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $141.09, for a total value of $3,039,360.78. Following the transaction, the chief executive officer now directly 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 disclosure for this sale can be found here. Insiders sold 34,311 shares of company stock valued at $4,767,158 over the last 90 days. Corporate insiders own 0.48% of the company’s stock.

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.