Kornitzer Capital Management Inc. KS Buys Shares of 3,020 First Solar, Inc. $FSLR

Kornitzer Capital Management Inc. KS purchased a new stake in First Solar, Inc. (NASDAQ:FSLR) in the 3rd quarter, HoldingsChannel.com reports. The institutional investor purchased 3,020 shares of the solar cell manufacturer’s stock, valued at approximately $666,000.

Several other institutional investors have also recently made changes to their positions in FSLR. TD Private Client Wealth LLC lifted its holdings in First Solar by 126.9% in the second quarter. TD Private Client Wealth LLC now owns 152 shares of the solar cell manufacturer’s stock valued at $25,000 after acquiring an additional 85 shares during the last quarter. Strategic Wealth Investment Group LLC acquired a new position in shares of First Solar in the 2nd quarter valued at $26,000. Hantz Financial Services Inc. lifted its stake in shares of First Solar by 69.4% in the 2nd quarter. Hantz Financial Services Inc. now owns 183 shares of the solar cell manufacturer’s stock valued at $30,000 after purchasing an additional 75 shares during the last quarter. Total Investment Management Inc. purchased a new position in shares of First Solar during the 2nd quarter worth $36,000. Finally, First Pacific Financial acquired a new stake in shares of First Solar during the 2nd quarter worth about $41,000. Hedge funds and other institutional investors own 92.08% of the company’s stock.

Wall Street Analysts Forecast Growth

FSLR has been the topic of a number of recent analyst reports. Rothschild & Co Redburn upped their target price on shares of First Solar from $150.00 to $260.00 and gave the company a “neutral” rating in a research report on Thursday, November 13th. Guggenheim boosted their price target on shares of First Solar from $289.00 to $312.00 and gave the company a “buy” rating in a research note on Thursday, January 8th. Needham & Company LLC started coverage on shares of First Solar in a research report on Wednesday, October 22nd. They set a “buy” rating and a $286.00 price objective for the company. KeyCorp reiterated an “overweight” rating on shares of First Solar in a report on Friday, October 31st. Finally, Mizuho upped their price target on First Solar from $278.00 to $335.00 in a research note on Friday, October 31st. One research analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $276.76.

Insider Activity at First Solar

In related news, Director Michael T. Sweeney sold 4,500 shares of First Solar stock in a transaction on Thursday, November 6th. The stock was sold at an average price of $271.11, for a total value of $1,219,995.00. Following the completion of the transaction, the director directly owned 13,662 shares in the company, valued at approximately $3,703,904.82. This trade represents a 24.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Georges Antoun sold 37,412 shares of the business’s stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $265.01, for a total value of $9,914,554.12. Following the transaction, the insider directly owned 15,424 shares of the company’s stock, valued at $4,087,514.24. The trade was a 70.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 48,912 shares of company stock worth $12,971,349. Company insiders own 0.48% of the company’s stock.

First Solar Price Performance

Shares of FSLR opened at $249.41 on Thursday. The company has a market cap of $26.76 billion, a P/E ratio of 19.16, a PEG ratio of 0.30 and a beta of 1.60. First Solar, Inc. has a fifty-two week low of $116.56 and a fifty-two week high of $285.99. The company has a quick ratio of 1.55, a current ratio of 1.91 and a debt-to-equity ratio of 0.03. The firm’s 50 day moving average price is $256.66 and its 200 day moving average price is $229.06.

First Solar (NASDAQ:FSLR) last posted its quarterly earnings results on Thursday, October 30th. The solar cell manufacturer reported $4.24 EPS for the quarter, missing the consensus estimate of $4.32 by ($0.08). First Solar had a return on equity of 16.61% and a net margin of 27.73%.The business had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.56 billion. During the same quarter last year, the firm earned $2.91 EPS. The business’s revenue was up 79.7% on a year-over-year basis. On average, research analysts forecast that First Solar, Inc. will post 13.05 earnings per share for the current fiscal year.

About First Solar

First Solar, Inc (NASDAQ: FSLR) is a United States–based solar technology company best known for designing and manufacturing thin‑film photovoltaic (PV) modules that use cadmium telluride (CdTe) semiconductor technology. The company supplies PV modules and delivers integrated solar power solutions for utility‑scale projects, positioning itself as a provider of both components and complete solar energy systems rather than solely a parts supplier. First Solar was founded in 1999 and is headquartered in Tempe, Arizona.

Beyond module manufacturing, First Solar offers a range of project services including development support, engineering, procurement and construction (EPC) services, and operations and maintenance (O&M) for large-scale solar installations.