Castle Hook Partners LP Lowers Holdings in First Solar, Inc. $FSLR

Castle Hook Partners LP decreased its stake in First Solar, Inc. (NASDAQ:FSLR) by 34.6% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 443,731 shares of the solar cell manufacturer’s stock after selling 235,044 shares during the quarter. First Solar makes up 0.5% of Castle Hook Partners LP’s holdings, making the stock its 26th largest position. Castle Hook Partners LP owned about 0.41% of First Solar worth $115,916,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of FSLR. Aventura Private Wealth LLC purchased a new stake in shares of First Solar in the fourth quarter worth about $25,000. Strategic Wealth Investment Group LLC purchased a new stake in shares of First Solar in the second quarter worth about $26,000. Commonwealth Retirement Investments LLC purchased a new stake in shares of First Solar in the fourth quarter worth about $26,000. Larson Financial Group LLC boosted its stake in shares of First Solar by 117.0% in the fourth quarter. Larson Financial Group LLC now owns 102 shares of the solar cell manufacturer’s stock worth $27,000 after buying an additional 55 shares during the last quarter. Finally, Elyxium Wealth LLC purchased a new stake in shares of First Solar in the fourth quarter worth about $30,000. Hedge funds and other institutional investors own 92.08% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on FSLR. Morgan Stanley reduced their price target on First Solar from $275.00 to $230.00 and set an “overweight” rating for the company in a report on Tuesday, April 28th. The Goldman Sachs Group increased their target price on First Solar from $300.00 to $310.00 in a report on Friday, May 1st. Sanford C. Bernstein started coverage on First Solar in a research report on Tuesday. They issued an “underperform” rating and a $217.00 target price on the stock. Evercore raised their target price on First Solar from $212.00 to $219.00 in a research report on Monday, May 4th. Finally, BMO Capital Markets decreased their target price on First Solar from $252.00 to $237.00 and set a “market perform” rating on the stock in a research report on Monday, April 20th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, twelve have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $249.78.

Insider Transactions at First Solar

In related news, insider Caroline Stockdale sold 10,628 shares of the stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $275.60, for a total value of $2,929,076.80. Following the completion of the sale, the insider owned 23,792 shares of the company’s stock, valued at approximately $6,557,075.20. This trade represents a 30.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Markus Gloeckler sold 420 shares of the stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $215.63, for a total value of $90,564.60. Following the completion of the sale, the chief technology officer directly owned 10,896 shares of the company’s stock, valued at approximately $2,349,504.48. This represents a 3.71% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 32,466 shares of company stock valued at $8,014,105. 0.39% of the stock is currently owned by company insiders.

First Solar Price Performance

NASDAQ:FSLR opened at $254.80 on Thursday. First Solar, Inc. has a one year low of $139.26 and a one year high of $320.95. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.15 and a current ratio of 2.56. The stock has a market cap of $27.38 billion, a PE ratio of 16.46, a P/E/G ratio of 0.58 and a beta of 1.71. The stock has a 50 day moving average price of $236.08 and a 200 day moving average price of $233.38.

First Solar (NASDAQ:FSLR) last posted its quarterly earnings results on Thursday, April 30th. The solar cell manufacturer reported $3.22 EPS for the quarter, beating 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 firm had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.03 billion. During the same quarter last year, the firm earned $1.95 earnings per share. The business’s revenue for the quarter was up 23.6% on a year-over-year basis. Equities research analysts expect that First Solar, Inc. will post 17.61 EPS for the current fiscal year.

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.