Synovus Financial Corp Increases Stake in First Solar, Inc. (NASDAQ:FSLR)

Synovus Financial Corp grew its position in shares of First Solar, Inc. (NASDAQ:FSLR) by 13.5% in the first quarter, according to its most recent filing with the SEC. The fund owned 7,534 shares of the solar cell manufacturer’s stock after acquiring an additional 897 shares during the quarter. Synovus Financial Corp’s holdings in First Solar were worth $655,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Capital Asset Advisory Services LLC bought a new position in shares of First Solar during the 4th quarter valued at approximately $26,000. Atlas Capital Advisors LLC bought a new position in shares of First Solar during the 1st quarter valued at approximately $26,000. Gradient Investments LLC boosted its position in shares of First Solar by 297.0% during the 1st quarter. Gradient Investments LLC now owns 397 shares of the solar cell manufacturer’s stock valued at $35,000 after acquiring an additional 297 shares during the last quarter. Certified Advisory Corp bought a new position in shares of First Solar during the 1st quarter valued at approximately $38,000. Finally, Advisory Services Network LLC boosted its position in shares of First Solar by 219.2% during the 4th quarter. Advisory Services Network LLC now owns 415 shares of the solar cell manufacturer’s stock valued at $41,000 after acquiring an additional 285 shares during the last quarter. Hedge funds and other institutional investors own 75.42% of the company’s stock.

In other First Solar news, insider Georges Antoun sold 3,006 shares of First Solar stock in a transaction dated Wednesday, March 17th. The stock was sold at an average price of $79.97, for a total value of $240,389.82. Following the transaction, the insider now owns 34,667 shares in the company, valued at $2,772,319.99. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director R Craig Kennedy sold 550 shares of First Solar stock in a transaction dated Monday, March 15th. The shares were sold at an average price of $82.23, for a total value of $45,226.50. Following the completion of the transaction, the director now owns 25,739 shares in the company, valued at approximately $2,116,517.97. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 11,962 shares of company stock worth $946,193. Insiders own 0.55% of the company’s stock.

A number of research analysts have recently commented on FSLR shares. Citigroup upgraded First Solar from a “neutral” rating to a “buy” rating and increased their target price for the company from $88.00 to $100.00 in a research report on Monday, April 19th. Piper Sandler lowered their price target on First Solar from $92.00 to $81.00 and set a “neutral” rating for the company in a research report on Tuesday, March 9th. They noted that the move was a valuation call. Credit Suisse Group upgraded First Solar from an “underperform” rating to a “neutral” rating and set a $70.00 price target for the company in a research report on Monday, March 8th. Bank of America upgraded First Solar from a “neutral” rating to a “buy” rating and set a $91.00 price target for the company in a research report on Monday, May 3rd. Finally, JPMorgan Chase & Co. lowered their price target on First Solar from $100.00 to $94.00 and set a “neutral” rating for the company in a research report on Monday, March 8th. Four research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the company’s stock. First Solar presently has an average rating of “Hold” and an average price target of $95.76.

Shares of First Solar stock opened at $80.40 on Friday. The stock has a market capitalization of $8.55 billion, a price-to-earnings ratio of 16.61 and a beta of 1.29. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.86 and a current ratio of 4.69. First Solar, Inc. has a 12 month low of $47.87 and a 12 month high of $112.50. The company’s fifty day moving average price is $78.16.

First Solar (NASDAQ:FSLR) last announced its quarterly earnings results on Thursday, April 29th. The solar cell manufacturer reported $1.96 EPS for the quarter, beating the consensus estimate of $1.00 by $0.96. The firm had revenue of $803.37 million for the quarter, compared to analyst estimates of $694.80 million. First Solar had a return on equity of 9.48% and a net margin of 17.34%. During the same quarter last year, the firm posted $0.85 earnings per share. As a group, research analysts forecast that First Solar, Inc. will post 4.49 earnings per share for the current year.

First Solar Company Profile

First Solar, Inc provides photovoltaic (PV) solar energy solutions in the United State, Japan, France, Canada, India, Australia, and internationally. It operates in two segments, Modules and Systems. The Modules segment designs, manufactures, and sells cadmium telluride solar modules that convert sunlight into electricity to integrators and operators of PV solar power systems.

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

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