CastleKnight Management LP Sells 8,300 Shares of First Solar, Inc. $FSLR

CastleKnight Management LP lowered its position in shares of First Solar, Inc. (NASDAQ:FSLR) by 20.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 33,000 shares of the solar cell manufacturer’s stock after selling 8,300 shares during the quarter. CastleKnight Management LP’s holdings in First Solar were worth $8,621,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of FSLR. Aventura Private Wealth LLC bought a new stake in First Solar during the fourth quarter valued at $25,000. Strategic Wealth Investment Group LLC bought a new position in shares of First Solar during the 2nd quarter worth about $26,000. Commonwealth Retirement Investments LLC bought a new position in shares of First Solar during the 4th quarter worth about $26,000. Larson Financial Group LLC boosted its position in shares of First Solar by 117.0% during the 4th quarter. Larson Financial Group LLC now owns 102 shares of the solar cell manufacturer’s stock worth $27,000 after purchasing an additional 55 shares in the last quarter. Finally, Elyxium Wealth LLC bought a new position in shares of First Solar during the 4th quarter worth about $30,000. Institutional investors own 92.08% of the company’s stock.

Insider Activity at First Solar

In related news, insider Caroline Stockdale sold 10,628 shares of the business’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $275.60, for a total transaction of $2,929,076.80. Following the sale, the insider owned 23,792 shares of the company’s stock, valued at $6,557,075.20. The trade was a 30.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Mark R. Widmar sold 9,926 shares of the business’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $233.21, for a total transaction of $2,314,842.46. Following the sale, the chief executive officer directly owned 95,148 shares in the company, valued at $22,189,465.08. The trade was a 9.45% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 32,466 shares of company stock valued at $8,014,105 over the last three months. Corporate insiders own 0.39% of the company’s stock.

First Solar Price Performance

Shares of NASDAQ:FSLR opened at $254.80 on Thursday. The company’s fifty day moving average is $236.08 and its 200 day moving average is $233.38. First Solar, Inc. has a 52 week low of $139.26 and a 52 week high of $320.95. The stock has a market cap of $27.38 billion, a PE ratio of 16.46, a PEG ratio of 0.58 and a beta of 1.71. The company has a quick ratio of 2.15, a current ratio of 2.56 and a debt-to-equity ratio of 0.02.

First Solar (NASDAQ:FSLR) last released its quarterly earnings data on Thursday, April 30th. The solar cell manufacturer reported $3.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.87 by $0.35. First Solar had a net margin of 30.73% and a return on equity of 18.01%. The firm had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.03 billion. During the same quarter in the previous year, the company earned $1.95 earnings per share. The company’s revenue for the quarter was up 23.6% compared to the same quarter last year. Research analysts anticipate that First Solar, Inc. will post 17.61 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Freedom Capital raised shares of First Solar from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 5th. Wells Fargo & Company decreased their price objective on shares of First Solar from $285.00 to $255.00 and set an “overweight” rating for the company in a research note on Thursday, February 26th. Sanford C. Bernstein assumed coverage on shares of First Solar in a research note on Tuesday. They set an “underperform” rating and a $217.00 price target for the company. UBS Group raised their price objective on shares of First Solar from $290.00 to $330.00 and gave the stock a “buy” rating in a report on Thursday, June 11th. Finally, Robert W. Baird reaffirmed a “neutral” rating and issued a $205.00 price objective (down from $264.00) on shares of First Solar in a report on Wednesday, February 25th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, twelve have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $249.78.

First Solar Profile

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.