First Solar, Inc. (NASDAQ:FSLR) Shares Sold by Byrne Asset Management LLC

Byrne Asset Management LLC reduced its stake in shares of First Solar, Inc. (NASDAQ:FSLR) by 19.1% in the 1st quarter, Holdings Channel.com reports. The fund owned 509 shares of the solar cell manufacturer’s stock after selling 120 shares during the quarter. Byrne Asset Management LLC’s holdings in First Solar were worth $64,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC grew its holdings in 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 acquiring an additional 63 shares in the last quarter. Hudson Edge Investment Partners Inc. acquired a new position in First Solar during the 4th quarter worth $53,000. Banque Transatlantique SA acquired a new position in First Solar during the 4th quarter worth $53,000. CoreFirst Bank & Trust acquired a new position in First Solar during the 4th quarter worth $54,000. Finally, Princeton Global Asset Management LLC acquired a new position in First Solar during the 1st quarter worth $51,000. 92.08% of the stock is owned by institutional investors and hedge funds.

First Solar Stock Up 4.4%

FSLR stock opened at $175.20 on Friday. First Solar, Inc. has a 52 week low of $116.56 and a 52 week high of $290.90. The company has a market capitalization of $18.79 billion, a price-to-earnings ratio of 15.09, a price-to-earnings-growth ratio of 0.19 and a beta of 1.53. The firm’s 50-day moving average is $147.77 and its two-hundred day moving average is $158.93. The company has a current ratio of 2.14, a quick ratio of 1.44 and a debt-to-equity ratio of 0.05.

First Solar (NASDAQ:FSLR) last released its quarterly 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). First Solar had a return on equity of 17.56% and a net margin of 32.41%. The company had revenue of $844.57 million for the quarter, compared to the consensus estimate of $863.11 million. During the same quarter last year, the firm posted $2.20 earnings per share. The firm’s quarterly revenue was up 6.4% compared to the same quarter last year. On average, analysts forecast that First Solar, Inc. will post 13.05 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Michael Koralewski sold 2,951 shares of the business’s stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $158.21, for a total value of $466,877.71. Following the sale, the insider now directly owns 11,369 shares in the company, valued at $1,798,689.49. The trade was a 20.61% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Patrick James Buehler sold 1,868 shares of the business’s stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $149.08, for a total transaction of $278,481.44. Following the completion of the sale, the insider now owns 5,998 shares in the company, valued at $894,181.84. The trade was a 23.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 17,948 shares of company stock worth $2,704,927 in the last ninety days. 0.48% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on FSLR shares. Glj Research raised shares of First Solar from a “hold” rating to a “buy” rating and set a $172.37 price objective for the company in a report on Thursday, May 1st. Wolfe Research raised shares of First Solar from a “peer perform” rating to an “outperform” rating and set a $221.00 price target for the company in a report on Tuesday, May 13th. UBS Group reaffirmed a “buy” rating and issued a $255.00 price target on shares of First Solar in a report on Wednesday, May 14th. Truist Financial reaffirmed a “buy” rating and issued a $200.00 price target (down from $245.00) on shares of First Solar in a report on Thursday, May 1st. Finally, JPMorgan Chase & Co. decreased their price target on shares of First Solar from $282.00 to $268.00 and set an “overweight” rating for the company in a report on Wednesday, February 26th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, twenty-five have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, First Solar has a consensus rating of “Moderate Buy” and a consensus target price of $229.19.

About First Solar

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.