West Tower Group LLC Takes Position in First Solar, Inc. (NASDAQ:FSLR)

West Tower Group LLC purchased a new position in shares of First Solar, Inc. (NASDAQ:FSLR) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 500 shares of the solar cell manufacturer’s stock, valued at approximately $125,000.

Other institutional investors have also recently added to or reduced their stakes in the company. AlphaMark Advisors LLC purchased a new stake in First Solar during the 3rd quarter worth $25,000. Strengthening Families & Communities LLC purchased a new position in First Solar in the 3rd quarter valued at about $25,000. Kennebec Savings Bank purchased a new position in First Solar in the 3rd quarter valued at about $29,000. Atlas Capital Advisors LLC boosted its position in First Solar by 411.1% in the 2nd quarter. Atlas Capital Advisors LLC now owns 138 shares of the solar cell manufacturer’s stock valued at $31,000 after buying an additional 111 shares during the last quarter. Finally, Summit Securities Group LLC purchased a new position in First Solar in the 2nd quarter valued at about $36,000. 92.08% of the stock is owned by hedge funds and other institutional investors.

First Solar Price Performance

NASDAQ FSLR opened at $192.82 on Tuesday. The company has a 50-day moving average price of $211.84 and a two-hundred day moving average price of $225.80. The company has a current ratio of 2.14, a quick ratio of 1.44 and a debt-to-equity ratio of 0.05. The stock has a market cap of $20.64 billion, a price-to-earnings ratio of 16.61, a price-to-earnings-growth ratio of 0.33 and a beta of 1.48. First Solar, Inc. has a 52 week low of $135.88 and a 52 week high of $306.77.

First Solar (NASDAQ:FSLR) last posted its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $1.07 billion. First Solar had a net margin of 32.41% and a return on equity of 17.56%. The company’s revenue was up 10.7% on a year-over-year basis. During the same quarter last year, the business earned $2.50 earnings per share. Analysts forecast that First Solar, Inc. will post 13.15 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on FSLR shares. Mizuho decreased their price objective on shares of First Solar from $274.00 to $257.00 and set a “neutral” rating for the company in a research report on Thursday, October 31st. Truist Financial started coverage on shares of First Solar in a research report on Thursday, September 26th. They issued a “buy” rating and a $300.00 price objective for the company. Jefferies Financial Group decreased their price objective on shares of First Solar from $271.00 to $266.00 and set a “buy” rating for the company in a research report on Thursday, October 10th. Citigroup raised shares of First Solar from a “neutral” rating to a “buy” rating and upped their price objective for the company from $200.00 to $254.00 in a research report on Tuesday, October 22nd. Finally, Evercore ISI cut their target price on shares of First Solar from $281.00 to $278.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 30th. Four equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, First Solar has a consensus 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.