Quentec Asset Management adds First Solar (FSLR) to its portfolio

First Solar (FSLR) : Quentec Asset Management added new position in First Solar during the most recent quarter end. The investment management firm now holds 209,800 shares of First Solar which is valued at $8,138,142 , the company said in a statement filed on Aug 15, 2016 with the SEC.First Solar makes up approximately 1.80% of Quentec Asset Management’s portfolio.

Other Hedge Funds, Including , Arizona State Retirement System boosted its stake in FSLR in the latest quarter, The investment management firm added 300 additional shares and now holds a total of 20,700 shares of First Solar which is valued at $802,953. First Solar makes up approx 0.01% of Arizona State Retirement System’s portfolio.Pictet Asset Management Ltd reduced its stake in FSLR by selling 75,623 shares or 14.15% in the most recent quarter. The Hedge Fund company now holds 458,925 shares of FSLR which is valued at $17,801,701. First Solar makes up approx 0.07% of Pictet Asset Management Ltd’s portfolio. Caxton Associates Lp added FSLR to its portfolio by purchasing 15,000 company shares during the most recent quarter which is valued at $581,850. First Solar makes up approx 0.02% of Caxton Associates Lp’s portfolio.Retirement Systems Of Alabama reduced its stake in FSLR by selling 31 shares or 0.08% in the most recent quarter. The Hedge Fund company now holds 39,094 shares of FSLR which is valued at $1,898,014. First Solar makes up approx 0.01% of Retirement Systems Of Alabama’s portfolio.

First Solar closed down -0.485 points or -1.24% at $38.49 with 2,198,701 shares getting traded on Wednesday. Post opening the session at $39, the shares hit an intraday low of $38 and an intraday high of $39.101 and the price fluctuated in this range throughout the day.Shares ended Wednesday session in Red.

On the company’s financial health, First Solar reported $0.87 EPS for the quarter, beating the analyst consensus estimate by $ 0.32 according to the earnings call on Aug 3, 2016. Analyst had a consensus of $0.55. The company had revenue of $934.00 million for the quarter, compared to analysts expectations of $862.68 million. The company’s revenue was up 4.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.93 EPS.

Many Wall Street Analysts have commented on First Solar. Shares were Reiterated by Barclays on Aug 10, 2016 to “Overweight” and Lowered the Price Target to $ 50 from a previous price target of $68 .Shares were Reiterated by Mizuho on Aug 10, 2016 to “Neutral” and Lowered the Price Target to $ 46 from a previous price target of $67 .Shares were Downgraded by Deutsche Bank on Jul 7, 2016 to ” Hold” and Lowered the Price Target to $ 44 from a previous price target of $80 .

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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