Zurcher Kantonalbank Zurich Cantonalbank Sells 86,597 Shares of First Solar, Inc. (NASDAQ:FSLR)

Zurcher Kantonalbank Zurich Cantonalbank lessened its holdings in First Solar, Inc. (NASDAQ:FSLR) by 20.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 344,565 shares of the solar cell manufacturer’s stock after selling 86,597 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned approximately 0.32% of First Solar worth $85,948,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Western Financial Corp CA bought a new position in First Solar during the third quarter worth about $1,209,000. Harbour Capital Advisors LLC raised its holdings in First Solar by 224.0% in the third quarter. Harbour Capital Advisors LLC now owns 5,217 shares of the solar cell manufacturer’s stock worth $1,301,000 after purchasing an additional 3,607 shares during the period. Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of First Solar by 6.4% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 244,140 shares of the solar cell manufacturer’s stock valued at $60,898,000 after buying an additional 14,597 shares during the period. Mivtachim The Workers Social Insurance Fund Ltd. Under Special Management bought a new stake in shares of First Solar in the 3rd quarter valued at $17,635,000. Finally, Warther Private Wealth LLC acquired a new stake in First Solar during the 3rd quarter worth $2,655,000. Institutional investors and hedge funds own 92.08% of the company’s stock.

First Solar Stock Performance

Shares of NASDAQ:FSLR opened at $192.57 on Thursday. The company’s 50 day moving average price is $210.88 and its two-hundred day moving average price is $225.81. First Solar, Inc. has a 12-month low of $135.88 and a 12-month high of $306.77. The company has a quick ratio of 1.44, a current ratio of 2.14 and a debt-to-equity ratio of 0.05. The firm has a market cap of $20.62 billion, a PE ratio of 16.59, a PEG ratio of 0.34 and a beta of 1.48.

First Solar (NASDAQ:FSLR) last released its earnings results on Tuesday, October 29th. The solar cell manufacturer reported $2.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.10 by ($0.19). The company had revenue of $887.70 million for the quarter, compared to analyst estimates of $1.07 billion. First Solar had a return on equity of 17.56% and a net margin of 32.41%. The business’s revenue for the quarter was up 10.7% compared to the same quarter last year. During the same period last year, the company posted $2.50 earnings per share. Equities research analysts predict that First Solar, Inc. will post 13.15 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Roth Mkm lowered their target price on First Solar from $320.00 to $280.00 and set a “buy” rating for the company in a research note on Tuesday, October 15th. The Goldman Sachs Group lowered their price objective on shares of First Solar from $311.00 to $279.00 and set a “buy” rating for the company in a research report on Wednesday, October 30th. Clarkson Capital initiated coverage on shares of First Solar in a research report on Wednesday, August 14th. They issued a “buy” rating and a $270.00 price objective on the stock. Truist Financial began coverage on First Solar in a report on Thursday, September 26th. They set a “buy” rating and a $300.00 target price for the company. Finally, Guggenheim reduced their price objective on First Solar from $368.00 to $335.00 and set a “buy” rating for the company in a research report on Wednesday, October 30th. Four research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, First Solar presently has an average rating of “Moderate Buy” and a consensus price target of $279.04.

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.