Jupiter Topco LLC bought a new position in First Solar, Inc. (NASDAQ:FSLR – Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 25,951 shares of the solar cell manufacturer’s stock, valued at approximately $6,121,000.
Several other hedge funds and other institutional investors also recently modified their holdings of FSLR. ABS Investment Management LLC purchased a new stake in shares of First Solar during the 2nd quarter valued at approximately $1,297,780,000. EFG International AG purchased a new position in First Solar in the 2nd quarter valued at approximately $1,107,000. Ancora Advisors LLC bought a new stake in First Solar during the 2nd quarter valued at $47,000. Redwood Grove Capital LLC bought a new stake in First Solar during the 2nd quarter valued at $20,104,000. Finally, Canada Pension Plan Investment Board purchased a new stake in shares of First Solar during the second quarter worth $2,483,000. Institutional investors own 92.08% of the company’s stock.
Analyst Ratings Changes
Several brokerages have recently weighed in on FSLR. Truist Financial reiterated a “hold” rating and issued a $229.00 price target (down from $249.00) on shares of First Solar in a research report on Friday, July 31st. HC Wainwright started coverage on First Solar in a report on Thursday. They set a “buy” rating on the stock. TD Cowen restated a “buy” rating on shares of First Solar in a research note on Monday, July 20th. Jefferies Financial Group set a $196.00 target price on First Solar in a report on Monday, August 3rd. Finally, Morgan Stanley upped their price target on First Solar from $245.00 to $323.00 and gave the company an “overweight” rating in a research report on Tuesday, August 18th. One analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, twelve have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, First Solar presently has a consensus rating of “Moderate Buy” and a consensus price target of $266.27.
Insiders Place Their Bets
In other news, insider Michael Koralewski sold 7,000 shares of the business’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $221.51, for a total transaction of $1,550,570.00. Following the completion of the transaction, the insider owned 7,642 shares of the company’s stock, valued at approximately $1,692,779.42. The trade was a 47.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Jason E. Dymbort sold 3,700 shares of the company’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $249.38, for a total transaction of $922,706.00. Following the completion of the transaction, the general counsel owned 5,624 shares in the company, valued at approximately $1,402,513.12. This trade represents a 39.68% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 15,081 shares of company stock worth $3,457,086. Insiders own 0.39% of the company’s stock.
First Solar Stock Performance
Shares of FSLR stock opened at $201.90 on Tuesday. First Solar, Inc. has a 52-week low of $182.99 and a 52-week high of $320.95. The company has a market capitalization of $21.69 billion, a PE ratio of 12.45, a price-to-earnings-growth ratio of 0.45 and a beta of 1.76. The business’s fifty day moving average is $222.19 and its 200 day moving average is $223.22.
First Solar (NASDAQ:FSLR – Get Free Report) last posted its earnings results on Thursday, July 30th. The solar cell manufacturer reported $3.92 EPS for the quarter, topping the consensus estimate of $2.90 by $1.02. The business had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.06 billion. First Solar had a return on equity of 18.02% and a net margin of 32.47%.The firm’s revenue was down 3.4% on a year-over-year basis. During the same period in the previous year, the business earned $3.18 earnings per share. On average, sell-side analysts forecast that First Solar, Inc. will post 17.77 EPS for the current fiscal year.
About First Solar
First Solar, Inc (NASDAQ: FSLR) is a United States–based solar technology company best known for designing and manufacturing thin‑film photovoltaic (PV) modules that use cadmium telluride (CdTe) semiconductor technology. The company supplies PV modules and delivers integrated solar power solutions for utility‑scale projects, positioning itself as a provider of both components and complete solar energy systems rather than solely a parts supplier. First Solar was founded in 1999 and is headquartered in Tempe, Arizona.
Beyond module manufacturing, First Solar offers a range of project services including development support, engineering, procurement and construction (EPC) services, and operations and maintenance (O&M) for large-scale solar installations.
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