Redwood Grove Capital LLC Acquires New Holdings in First Solar, Inc. (NASDAQ:FSLR)

Redwood Grove Capital LLC bought a new position in shares of First Solar, Inc. (NASDAQ:FSLR) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 53,500 shares of the solar cell manufacturer’s stock, valued at approximately $9,429,000. First Solar accounts for 2.9% of Redwood Grove Capital LLC’s holdings, making the stock its 21st largest position.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Point72 Asset Management L.P. purchased a new stake in shares of First Solar during the 4th quarter worth $31,715,000. Point72 Europe London LLP grew its stake in First Solar by 148.3% in the fourth quarter. Point72 Europe London LLP now owns 39,085 shares of the solar cell manufacturer’s stock valued at $6,888,000 after purchasing an additional 23,346 shares during the last quarter. ProShare Advisors LLC raised its holdings in First Solar by 13.8% in the fourth quarter. ProShare Advisors LLC now owns 24,867 shares of the solar cell manufacturer’s stock worth $4,383,000 after purchasing an additional 3,018 shares in the last quarter. Quantinno Capital Management LP lifted its position in shares of First Solar by 290.2% during the fourth quarter. Quantinno Capital Management LP now owns 8,494 shares of the solar cell manufacturer’s stock valued at $1,497,000 after buying an additional 6,317 shares during the last quarter. Finally, Mufg Securities Americas Inc. bought a new stake in shares of First Solar in the 4th quarter valued at about $279,000. Institutional investors own 92.08% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on FSLR. Deutsche Bank Aktiengesellschaft set a $265.00 price target on First Solar in a research report on Thursday, February 27th. UBS Group restated a “buy” rating and set a $255.00 price target on shares of First Solar in a research note on Wednesday. BMO Capital Markets lowered their price objective on shares of First Solar from $200.00 to $187.00 and set an “outperform” rating for the company in a research note on Wednesday, April 30th. Citigroup lowered their price target on First Solar from $254.00 to $236.00 and set a “neutral” rating for the company in a research report on Wednesday, February 26th. Finally, Redburn Atlantic initiated coverage on shares of First Solar in a report on Monday, March 3rd. They set a “neutral” rating for the company. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $224.48.

First Solar Price Performance

Shares of First Solar stock opened at $192.98 on Thursday. The stock has a market capitalization of $20.70 billion, a P/E ratio of 16.62, a PEG ratio of 0.19 and a beta of 1.46. The business has a 50 day simple moving average of $133.12 and a two-hundred day simple moving average of $163.65. First Solar, Inc. has a 12 month low of $116.56 and a 12 month high of $306.77. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.14 and a quick ratio of 1.44.

First Solar (NASDAQ:FSLR) last announced its quarterly earnings data on Tuesday, April 29th. The solar cell manufacturer reported $1.95 earnings per share for the quarter, missing analysts’ consensus estimates of $2.50 by ($0.55). First Solar had a net margin of 32.41% and a return on equity of 17.56%. The firm had revenue of $844.57 million during the quarter, compared to analysts’ expectations of $863.11 million. During the same quarter in the previous year, the business posted $2.20 EPS. The company’s revenue for the quarter was up 6.4% on a year-over-year basis. As a group, analysts predict that First Solar, Inc. will post 13.05 EPS for the current fiscal year.

Insider Activity at First Solar

In other news, insider Georges Antoun sold 229 shares of First Solar stock in a transaction on Monday, March 17th. The stock was sold at an average price of $133.75, for a total transaction of $30,628.75. Following the transaction, the insider now owns 52,836 shares in the company, valued at $7,066,815. The trade was a 0.43% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Kuntal Kumar Verma sold 7,475 shares of the company’s stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $136.60, for a total transaction of $1,021,085.00. Following the completion of the sale, the insider now directly owns 3,549 shares of the company’s stock, valued at $484,793.40. This represents a 67.81% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 34,311 shares of company stock valued at $4,767,158. Corporate insiders own 0.48% of the company’s stock.

First Solar Profile

First Solar, Inc, a solar technology company, provides photovoltaic (PV) solar energy solutions in the United States, France, Japan, Chile, and internationally. The company manufactures and sells PV solar modules with a thin film semiconductor technology that provides a lower-carbon alternative to conventional crystalline silicon PV solar modules.