Mengis Capital Management Inc. Decreases Holdings in First Solar, Inc. (NASDAQ:FSLR)

Mengis Capital Management Inc. lessened its position in shares of First Solar, Inc. (NASDAQ:FSLRFree Report) by 10.2% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 6,117 shares of the solar cell manufacturer’s stock after selling 698 shares during the quarter. Mengis Capital Management Inc.’s holdings in First Solar were worth $988,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of FSLR. First Pacific Financial acquired a new stake in shares of First Solar in the third quarter valued at about $27,000. Harbor Investment Advisory LLC purchased a new position in First Solar during the third quarter worth about $32,000. Covestor Ltd raised its stake in First Solar by 97.7% during the first quarter. Covestor Ltd now owns 421 shares of the solar cell manufacturer’s stock worth $35,000 after purchasing an additional 208 shares during the period. RVW Wealth LLC purchased a new position in First Solar during the third quarter worth about $36,000. Finally, Massmutual Trust Co. FSB ADV raised its stake in First Solar by 46.7% during the second quarter. Massmutual Trust Co. FSB ADV now owns 220 shares of the solar cell manufacturer’s stock worth $42,000 after purchasing an additional 70 shares during the period. Institutional investors and hedge funds own 82.08% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on FSLR shares. JPMorgan Chase & Co. raised shares of First Solar from a “neutral” rating to an “overweight” rating and reduced their target price for the stock from $239.00 to $220.00 in a research note on Thursday, October 19th. BNP Paribas started coverage on shares of First Solar in a research note on Friday, October 20th. They set an “outperform” rating and a $237.00 target price on the stock. Citigroup decreased their price target on shares of First Solar from $200.00 to $185.00 and set a “neutral” rating for the company in a research report on Wednesday, October 18th. BMO Capital Markets decreased their price target on shares of First Solar from $226.00 to $216.00 and set an “outperform” rating for the company in a research report on Wednesday, November 1st. Finally, Wells Fargo & Company cut shares of First Solar from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $215.00 to $187.00 in a research report on Monday, January 8th. Six research analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $234.00.

Get Our Latest Research Report on First Solar

First Solar Stock Performance

First Solar stock traded up $5.72 during midday trading on Monday, hitting $157.22. 2,835,704 shares of the company’s stock were exchanged, compared to its average volume of 1,938,401. First Solar, Inc. has a 12-month low of $129.21 and a 12-month high of $232.00. The company has a debt-to-equity ratio of 0.07, a quick ratio of 2.45 and a current ratio of 3.19. The stock has a market cap of $16.80 billion, a price-to-earnings ratio of 34.28 and a beta of 1.41. The firm’s 50 day simple moving average is $156.54 and its 200 day simple moving average is $163.43.

Insiders Place Their Bets

In other news, insider Georges Antoun sold 2,400 shares of First Solar stock in a transaction dated Tuesday, December 19th. The shares were sold at an average price of $176.02, for a total value of $422,448.00. Following the sale, the insider now owns 42,041 shares of the company’s stock, valued at $7,400,056.82. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.58% of the stock is currently owned by insiders.

First Solar Profile

(Free Report)

First Solar, Inc provides photovoltaic (PV) solar energy solutions in the United State, Japan, France, Canada, India, Australia, and internationally. The company designs, manufactures, and sells cadmium telluride solar modules that converts sunlight into electricity. It serves developers and operators of systems, utilities, independent power producers, commercial and industrial companies, and other system owners.

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Institutional Ownership by Quarter for First Solar (NASDAQ:FSLR)

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