Optimize Financial Inc Purchases New Stake in First Solar, Inc. (NASDAQ:FSLR)

Optimize Financial Inc acquired a new position in First Solar, Inc. (NASDAQ:FSLR) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 8,332 shares of the solar cell manufacturer’s stock, valued at approximately $1,468,000. First Solar accounts for approximately 1.1% of Optimize Financial Inc’s investment portfolio, making the stock its 24th biggest position.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in FSLR. Smartleaf Asset Management LLC grew its position in shares of First Solar by 31.7% during 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. Crews Bank & Trust bought a new position in First Solar in the fourth quarter valued at approximately $53,000. Hudson Edge Investment Partners Inc. bought a new position in First Solar in the fourth quarter valued at approximately $53,000. CoreFirst Bank & Trust acquired a new stake in First Solar during the 4th quarter worth $54,000. Finally, Montag A & Associates Inc. raised its position in shares of First Solar by 18.8% during the 4th quarter. Montag A & Associates Inc. now owns 475 shares of the solar cell manufacturer’s stock valued at $84,000 after acquiring an additional 75 shares during the last quarter. 92.08% of the stock is owned by institutional investors.

First Solar Price Performance

Shares of NASDAQ FSLR opened at $125.93 on Friday. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.14 and a quick ratio of 1.44. The business has a 50-day moving average of $139.83 and a 200-day moving average of $176.18. The stock has a market capitalization of $13.48 billion, a price-to-earnings ratio of 10.85, a PEG ratio of 0.19 and a beta of 1.48. First Solar, Inc. has a fifty-two week low of $116.56 and a fifty-two week high of $306.77.

First Solar (NASDAQ:FSLR) last posted its quarterly earnings results on Tuesday, February 25th. The solar cell manufacturer reported $3.65 earnings per share for the quarter, missing analysts’ consensus estimates of $4.81 by ($1.16). First Solar had a net margin of 32.41% and a return on equity of 17.56%. The company had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.48 billion. As a group, sell-side analysts predict that First Solar, Inc. will post 13.05 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Kuntal Kumar Verma sold 419 shares of First Solar stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $132.96, for a total transaction of $55,710.24. Following the completion of the transaction, the insider now directly owns 4,695 shares in the company, valued at approximately $624,247.20. The trade was a 8.19 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Mark R. Widmar sold 1,272 shares of the business’s stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $132.96, for a total value of $169,125.12. Following the transaction, the chief executive officer now directly owns 109,000 shares in the company, valued at $14,492,640. The trade was a 1.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 34,311 shares of company stock worth $4,767,158. Insiders own 0.58% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on FSLR shares. BMO Capital Markets reaffirmed an “outperform” rating and set a $230.00 price objective (down from $260.00) on shares of First Solar in a research note on Wednesday, February 26th. Citigroup decreased their target price on First Solar from $254.00 to $236.00 and set a “neutral” rating for the company in a research report on Wednesday, February 26th. Truist Financial reaffirmed a “buy” rating and issued a $245.00 price target (down from $285.00) on shares of First Solar in a research note on Wednesday, April 2nd. Guggenheim decreased their price objective on shares of First Solar from $304.00 to $253.00 and set a “buy” rating for the company in a report on Monday, April 7th. Finally, UBS Group decreased their price target on shares of First Solar from $360.00 to $285.00 and set a “buy” rating for the company in a report on Wednesday, February 26th. Four analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $256.08.

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.