Sierra Summit Advisors LLC Sells 3,817 Shares of First Solar, Inc. (NASDAQ:FSLR)

Sierra Summit Advisors LLC reduced its position in First Solar, Inc. (NASDAQ:FSLR) by 7.2% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 49,285 shares of the solar cell manufacturer’s stock after selling 3,817 shares during the period. First Solar accounts for about 1.7% of Sierra Summit Advisors LLC’s portfolio, making the stock its 25th largest position. Sierra Summit Advisors LLC’s holdings in First Solar were worth $8,686,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of FSLR. Smartleaf Asset Management LLC raised its stake in First Solar by 31.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 262 shares of the solar cell manufacturer’s stock valued at $47,000 after buying an additional 63 shares during the last quarter. Crews Bank & Trust purchased a new position in shares of First Solar in the 4th quarter valued at approximately $53,000. Hudson Edge Investment Partners Inc. acquired a new stake in First Solar in the 4th quarter worth approximately $53,000. CoreFirst Bank & Trust purchased a new stake in First Solar during the 4th quarter worth approximately $54,000. Finally, Financial Avengers Inc. purchased a new position in shares of First Solar in the third quarter worth $77,000. Hedge funds and other institutional investors own 92.08% of the company’s stock.

First Solar Stock Performance

NASDAQ:FSLR opened at $128.69 on Monday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.44 and a current ratio of 2.14. The stock has a market capitalization of $13.78 billion, a PE ratio of 11.08, a P/E/G ratio of 0.19 and a beta of 1.48. First Solar, Inc. has a fifty-two week low of $120.60 and a fifty-two week high of $306.77. The company has a fifty day moving average of $145.44 and a two-hundred day moving average of $181.04.

First Solar (NASDAQ:FSLR) last issued 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 analysts’ expectations of $1.48 billion. As a group, research analysts forecast that First Solar, Inc. will post 13.05 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on FSLR shares. UBS Group dropped their price objective on shares of First Solar from $360.00 to $285.00 and set a “buy” rating on the stock in a report on Wednesday, February 26th. Seaport Res Ptn raised First Solar from a “hold” rating to a “strong-buy” rating in a report on Wednesday, January 15th. Truist Financial reiterated a “buy” rating and issued a $245.00 target price (down previously from $285.00) on shares of First Solar in a research report on Wednesday, April 2nd. JPMorgan Chase & Co. reduced their price target on shares of First Solar from $282.00 to $268.00 and set an “overweight” rating for the company in a research report on Wednesday, February 26th. Finally, StockNews.com raised shares of First Solar from a “sell” rating to a “hold” rating in a report on Thursday, January 2nd. Four equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $260.42.

Insider Buying and Selling

In related news, CFO Alexander R. Bradley sold 599 shares of the business’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $133.75, for a total transaction of $80,116.25. Following the transaction, the chief financial officer now directly owns 45,717 shares in the company, valued at approximately $6,114,648.75. The trade was a 1.29 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Mark R. Widmar sold 21,542 shares of the stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $141.09, for a total transaction of $3,039,360.78. Following the completion of the sale, the chief executive officer now owns 103,403 shares of the company’s stock, valued at approximately $14,589,129.27. The trade was a 17.24 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 34,311 shares of company stock worth $4,767,158. 0.58% of the stock is owned by corporate insiders.

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.