Firsthand Capital Management Lowers stake in First Solar (FSLR)

First Solar (FSLR) : Firsthand Capital Management reduced its stake in First Solar by 10.0% during the most recent quarter end. The investment management company now holds a total of 9,000 shares of First Solar which is valued at $297,720 after selling 1,000 shares in First Solar , the firm said in a disclosure report filed with the SEC on Nov 14, 2016.First Solar makes up approximately 0.31% of Firsthand Capital Management’s portfolio.

Other Hedge Funds, Including , Lebenthal Asset Management added FSLR to its portfolio by purchasing 250 company shares during the most recent quarter which is valued at $8,270.Geode Capital Management boosted its stake in FSLR in the latest quarter, The investment management firm added 40,831 additional shares and now holds a total of 718,762 shares of First Solar which is valued at $22,964,446. First Solar makes up approx 0.01% of Geode Capital Management’s portfolio.California State Teachers Retirement System boosted its stake in FSLR in the latest quarter, The investment management firm added 1,600 additional shares and now holds a total of 166,237 shares of First Solar which is valued at $5,336,208. First Solar makes up approx 0.01% of California State Teachers Retirement System’s portfolio.Trust Co Of Vermont boosted its stake in FSLR in the latest quarter, The investment management firm added 105 additional shares and now holds a total of 4,989 shares of First Solar which is valued at $209,937. First Solar makes up approx 0.03% of Trust Co Of Vermont’s portfolio.

First Solar closed down -1.95 points or -6.26% at $29.21 with 75,22,578 shares getting traded on Monday. Post opening the session at $30.54, the shares hit an intraday low of $29.05 and an intraday high of $30.95 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

On the company’s financial health, First Solar reported $1.22 EPS for the quarter, beating the analyst consensus estimate by $ 0.56 according to the earnings call on Nov 2, 2016. Analyst had a consensus of $0.66. The company had revenue of $688.00 million for the quarter, compared to analysts expectations of $985.39 million. The company’s revenue was down -45.9 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $3.38 EPS.

Many Wall Street Analysts have commented on First Solar. Shares were Downgraded by UBS on Nov 18, 2016 to ” Sell” and Lowered the Price Target to $ 25 from a previous price target of $45 .Shares were Reiterated by Mizuho on Nov 17, 2016 to “Neutral” and Lowered the Price Target to $ 30 from a previous price target of $46 .First Solar was Upgraded by JMP Securities to ” Mkt Perform” on Nov 17, 2016.

First Solar Inc. is a global provider of solar energy solutions. The Company designs manufactures and sells photovoltaic (PV) solar modules and also develops designs constructs and sells PV solar power solutions. The Company operates through two segments: components and systems. The Company’s components segment involves the design manufacture and sale of solar modules which convert sunlight into electricity. The systems segment provides turn-key PV solar power systems or solar solutions for systems primarily using its solar modules. The Company also manufactures crystalline silicon solar modules and single-axis mounting systems with tracking capabilities. The Company offers its products and services for residential commercial and industrial applications including solar power system project developers system integrators and solar plant operators throughout the Americas Asia Australia the Middle East and Africa.

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