HITE Hedge Asset Management LLC Invests $3.67 Million in First Solar, Inc. (NASDAQ:FSLR)

HITE Hedge Asset Management LLC bought a new stake in First Solar, Inc. (NASDAQ:FSLR) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 20,818 shares of the solar cell manufacturer’s stock, valued at approximately $3,669,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in First Solar by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 12,821,701 shares of the solar cell manufacturer’s stock worth $2,259,697,000 after purchasing an additional 120,289 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of First Solar by 2.4% in the 4th quarter. Geode Capital Management LLC now owns 2,666,242 shares of the solar cell manufacturer’s stock valued at $469,154,000 after acquiring an additional 63,739 shares in the last quarter. Wellington Management Group LLP raised its holdings in First Solar by 12.5% during the fourth quarter. Wellington Management Group LLP now owns 2,359,846 shares of the solar cell manufacturer’s stock worth $415,899,000 after acquiring an additional 262,482 shares in the last quarter. Invesco Ltd. boosted its position in First Solar by 13.9% during the fourth quarter. Invesco Ltd. now owns 1,835,056 shares of the solar cell manufacturer’s stock valued at $323,410,000 after purchasing an additional 223,933 shares during the last quarter. Finally, Amundi increased its position in shares of First Solar by 31.0% during the 4th quarter. Amundi now owns 1,805,244 shares of the solar cell manufacturer’s stock worth $336,871,000 after purchasing an additional 426,797 shares during the last quarter. 92.08% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other First Solar news, CTO Markus Gloeckler sold 380 shares of the stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $133.75, for a total transaction of $50,825.00. Following the completion of the transaction, the chief technology officer now owns 17,594 shares in the company, valued at $2,353,197.50. This trade represents a 2.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Georges Antoun sold 229 shares of the stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $133.75, for a total transaction of $30,628.75. Following the completion of the sale, the insider now directly owns 52,836 shares in the company, valued at approximately $7,066,815. The trade was a 0.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 34,311 shares of company stock worth $4,767,158. Corporate insiders own 0.48% of the company’s stock.

Analysts Set New Price Targets

FSLR has been the topic of a number of recent analyst reports. UBS Group lowered their target price on shares of First Solar from $285.00 to $240.00 and set a “buy” rating on the stock in a report on Monday. Redburn Atlantic began coverage on First Solar in a research report on Monday, March 3rd. They set a “neutral” rating on the stock. Citigroup reduced their target price on shares of First Solar from $254.00 to $236.00 and set a “neutral” rating for the company in a report on Wednesday, February 26th. Seaport Res Ptn raised First Solar from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, January 15th. Finally, JPMorgan Chase & Co. dropped their price target on First Solar from $282.00 to $268.00 and set an “overweight” rating for the company in a report on Wednesday, February 26th. Four investment 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 company’s stock. Based on data from MarketBeat.com, First Solar presently has a consensus rating of “Moderate Buy” and a consensus target price of $251.63.

First Solar Trading Up 2.9 %

Shares of FSLR stock opened at $127.98 on Friday. First Solar, Inc. has a twelve month low of $116.56 and a twelve month high of $306.77. The stock’s fifty day simple moving average is $136.81 and its 200 day simple moving average is $173.24. 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 capitalization of $13.70 billion, a P/E ratio of 11.02, a P/E/G ratio of 0.19 and a beta of 1.48.

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

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.