Allspring Global Investments Holdings LLC reduced its stake in First Solar Inc. (NASDAQ:FSLR – Free Report ) by 5.8% during the first quarter, according to the latest filing with the Securities and Exchange Commission. The institutional investor sold 326 shares during the quarter and now owns 5,272 shares of the solar cell manufacturer’s stock. Allspring Global Investments Holdings LLC’s holdings of First Solar stock were worth $890,000 at the end of the latest reporting period.
A number of other hedge funds have also been buying and selling the stock recently. Mirador Capital Partners LP purchased a new position in First Solar in the first quarter for approximately $310,000. SteelePeak Wealth LLC increased its holdings in First Solar by 108.7% in the first quarter. SteelePeak Wealth LLC now owns 8,753 shares of the solar cell manufacturer’s stock valued at $1,478,000 after purchasing an additional 4,559 shares in the last quarter. Atticus Wealth Management LLC increased its holdings in First Solar by 15.6% in the first quarter. Atticus Wealth Management LLC now owns 534 shares of the solar cell manufacturer’s stock valued at $90,000 after purchasing an additional 72 shares in the last quarter. Legend Financial Advisors Inc. bought a new position in First Solar in the first quarter valued at about $759,000. Finally, Viking Fund Management LLC bought a new position in First Solar in the first quarter valued at about $760,000. 92.08% of the stock is now owned by institutional investors.
Analyst Rating Changes
Several analysts have recently issued reports on the company. JPMorgan Chase & Co. increased their price target on First Solar from $240.00 to $262.00 and gave the company an “overweight” rating in a research note on Thursday, May 23rd. Morgan Stanley increased their price target on First Solar from $248.00 to $331.00 and gave the company an “overweight” rating in a report on Tuesday, June 4th. Susquehanna increased their price target on First Solar from $258.00 to $285.00 and gave the company a “positive” rating in a report on Wednesday, July 3rd. Barclays increased their price target on First Solar from $227.00 to $228.00 and gave the company an “overweight” rating in a research note on Wednesday, May 15th. Finally, Bank of America boosted their target price on First Solar from $187.00 to $194.00 and gave the company a “buy” rating in a research note on Wednesday, April 10. Five equities research analysts have rated the stock with a hold rating and 21 have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of a “moderate buy” and a consensus target price of $271.92.
Check out the latest stock report on FSLR
Insider Trading at First Solar
In other First Solar news, CFO Alexander R. Bradley sold 16,051 shares of the company’s stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $274.69, for a total transaction value of $4,409,049.19. Following the completion of the transaction, the CFO now directly owns 30,652 shares of the company’s stock, valued at $8,419,797.88. The sale was disclosed in a filing with the SEC, which is available on the SEC’s website. In other First Solar news, CFO Alexander R. Bradley sold 16,051 shares of the company’s stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $274.69, for a total transaction value of $4,409,049.19. Following the completion of the transaction, the Chief Financial Officer now directly owns 30,652 shares of the company’s stock, valued at $8,419,797.88. The sale was disclosed in a filing with the SEC, available on the SEC’s website. Additionally, Director Richard D. Chapman sold 3,165 shares of the company’s stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $190.48, for a total value of $602,869.20. Following the sale, the Director now owns 1,045 shares of the company’s stock, valued at approximately $199,051.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 51,153 shares of the company’s stock, valued at $12,540,428. Company insiders own 0.58% of the company’s shares.
First Solar Stock Performance
FSLR shares opened trading at $227.12 on Tuesday. The company has a market capitalization of $24.31 billion, a price-to-earnings ratio (PE) of 23.81, a price-to-earnings ratio (PEG) of 0.29 and a beta of 1.44. The company has a quick ratio of 1.86, a current ratio of 2.41 and a debt-to-equity ratio of 0.06. The company’s 50-day moving average is $238.22 and its 200-day moving average is $187.96. First Solar Inc.’s low in the past 12 months is $129.21 and its high in the past 12 months is $306.77.
First Solar (NASDAQ:FSLR – Get free report ) announced its latest earnings results on Wednesday, May 1st. The solar cell manufacturer reported quarterly earnings per share (EPS) of $2.20, beating the consensus estimate of $1.90 by $0.30. The company’s quarterly revenue was $794.10 million, beating analyst expectations of $718.19 million. First Solar’s return on equity was 16.24%, and net margin was 28.75%. First Solar’s quarterly revenue grew 44.8% year over year. In the same period last year, the company reported earnings per share of $0.40. As a group, sell-side analysts expect First Solar to post earnings per share of $13.58 this year.
First Solar Profile
(Free report)
First Solar, Inc., a photovoltaic technology company, provides photovoltaic (PV) solar energy solutions in the United States, France, Japan, Chile, and around the world. The company manufactures and sells PV solar modules that use thin-film semiconductor technology that offers a low-carbon alternative to traditional crystalline silicon PV solar modules.
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