Summit Investment Advisors Inc. Sells 83 Shares of First Solar, Inc. (NASDAQ:FSLR)

Summit Investment Advisors Inc. lessened its position in shares of First Solar, Inc. (NASDAQ:FSLR) by 7.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,043 shares of the solar cell manufacturer’s stock after selling 83 shares during the quarter. Summit Investment Advisors Inc.’s holdings in First Solar were worth $184,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Smartleaf Asset Management LLC increased its position in shares of First Solar by 31.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 262 shares of the solar cell manufacturer’s stock worth $47,000 after purchasing an additional 63 shares in the last quarter. Crews Bank & Trust purchased a new stake in First Solar in the fourth quarter valued at about $53,000. Hudson Edge Investment Partners Inc. purchased a new stake in First Solar in the fourth quarter valued at about $53,000. CoreFirst Bank & Trust acquired a new stake in First Solar in the fourth quarter worth about $54,000. Finally, Montag A & Associates Inc. increased its holdings in shares of First Solar by 18.8% during the fourth quarter. Montag A & Associates Inc. now owns 475 shares of the solar cell manufacturer’s stock valued at $84,000 after acquiring an additional 75 shares in the last quarter. Hedge funds and other institutional investors own 92.08% of the company’s stock.

Wall Street Analysts Forecast Growth

FSLR has been the subject of a number of research analyst reports. Barclays decreased their price target on shares of First Solar from $236.00 to $204.00 and set an “overweight” rating for the company in a report on Friday, April 11th. StockNews.com raised First Solar from a “sell” rating to a “hold” rating in a report on Thursday, January 2nd. JPMorgan Chase & Co. dropped their target price on First Solar from $282.00 to $268.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 26th. Piper Sandler reduced their price target on shares of First Solar from $230.00 to $205.00 and set an “overweight” rating for the company in a research report on Monday. Finally, Citigroup dropped their price objective on shares of First Solar from $254.00 to $236.00 and set a “neutral” rating on the stock in a report on Wednesday, February 26th. Four research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $250.58.

First Solar Stock Performance

Shares of NASDAQ:FSLR opened at $135.35 on Wednesday. The business’s 50 day moving average price is $134.91 and its 200-day moving average price is $170.58. First Solar, Inc. has a 1 year low of $116.56 and a 1 year high of $306.77. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.14 and a quick ratio of 1.44. The firm has a market capitalization of $14.49 billion, a PE ratio of 11.66, a P/E/G ratio of 0.19 and a beta of 1.48.

First Solar (NASDAQ:FSLR) last released its earnings results 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 for the quarter, compared to analysts’ expectations of $1.48 billion. First Solar had a return on equity of 17.56% and a net margin of 32.41%. As a group, equities research analysts expect that First Solar, Inc. will post 13.05 earnings per share for the current fiscal year.

Insider Transactions at First Solar

In related news, insider Georges Antoun sold 229 shares of the company’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $133.75, for a total value of $30,628.75. Following the completion of the sale, the insider now owns 52,836 shares of the company’s stock, valued at approximately $7,066,815. This represents a 0.43 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Mark R. Widmar sold 1,272 shares of First Solar stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $132.96, for a total transaction of $169,125.12. Following the transaction, the chief executive officer now directly owns 109,000 shares in the company, valued at $14,492,640. This trade represents a 1.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 34,311 shares of company stock worth $4,767,158 in the last ninety days. Insiders own 0.48% of the company’s stock.

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.