Southpoint Capital Advisors LP Takes $32.63 Million Position in First Solar, Inc. (NASDAQ:FSLR)

Southpoint Capital Advisors LP bought a new stake in First Solar, Inc. (NASDAQ:FSLR) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 150,000 shares of the solar cell manufacturer’s stock, valued at approximately $32,625,000. Southpoint Capital Advisors LP owned 0.14% of First Solar at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Bessemer Group Inc. boosted its stake in First Solar by 1.4% during the 1st quarter. Bessemer Group Inc. now owns 5,399 shares of the solar cell manufacturer’s stock valued at $1,174,000 after acquiring an additional 77 shares during the last quarter. Banco Bilbao Vizcaya Argentaria S.A. boosted its stake in First Solar by 59.2% during the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 6,057 shares of the solar cell manufacturer’s stock valued at $906,000 after acquiring an additional 2,252 shares during the last quarter. Keybank National Association OH boosted its stake in First Solar by 1.6% during the 1st quarter. Keybank National Association OH now owns 4,929 shares of the solar cell manufacturer’s stock valued at $1,072,000 after acquiring an additional 80 shares during the last quarter. Banque Cantonale Vaudoise raised its holdings in shares of First Solar by 94.0% during the fourth quarter. Banque Cantonale Vaudoise now owns 26,020 shares of the solar cell manufacturer’s stock worth $3,898,000 after purchasing an additional 12,606 shares during the period. Finally, Vinva Investment Management Ltd acquired a new stake in shares of First Solar during the first quarter worth $610,000. 82.08% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on FSLR shares. Deutsche Bank Aktiengesellschaft raised shares of First Solar from a “hold” rating to a “buy” rating and increased their target price for the stock from $220.00 to $235.00 in a report on Friday. Evercore ISI dropped their target price on shares of First Solar from $189.00 to $185.00 in a report on Thursday, June 29th. TheStreet raised shares of First Solar from a “c” rating to a “b-” rating in a report on Thursday, July 27th. Piper Sandler dropped their price objective on shares of First Solar from $260.00 to $240.00 and set an “overweight” rating on the stock in a report on Monday. Finally, Roth Mkm reissued a “buy” rating and set a $230.00 target price on shares of First Solar in a research note on Wednesday, September 6th. Nine investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $232.62.

First Solar Trading Down 2.1 %

Shares of FSLR traded down $3.80 during midday trading on Monday, hitting $179.41. The stock had a trading volume of 1,138,968 shares, compared to its average volume of 2,334,428. The business has a 50-day simple moving average of $192.16 and a two-hundred day simple moving average of $196.75. The company has a current ratio of 3.36, a quick ratio of 2.66 and a debt-to-equity ratio of 0.07. The firm has a market cap of $19.17 billion, a P/E ratio of 122.95 and a beta of 1.40. First Solar, Inc. has a fifty-two week low of $115.66 and a fifty-two week high of $232.00.

First Solar (NASDAQ:FSLR) last posted its quarterly earnings results on Thursday, July 27th. The solar cell manufacturer reported $1.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.90. The business had revenue of $810.67 million during the quarter, compared to analyst estimates of $720.43 million. First Solar had a net margin of 5.23% and a return on equity of 3.13%. As a group, equities analysts forecast that First Solar, Inc. will post 7.92 EPS for the current year.

Insider Transactions at First Solar

In related news, Director R Craig Kennedy sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $192.92, for a total transaction of $289,380.00. Following the transaction, the director now owns 16,600 shares of the company’s stock, valued at $3,202,472. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CTO Markus Gloeckler sold 464 shares of the firm’s stock in a transaction that occurred on Monday, August 21st. The shares were sold at an average price of $182.00, for a total transaction of $84,448.00. Following the transaction, the chief technology officer now owns 7,649 shares of the company’s stock, valued at $1,392,118. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director R Craig Kennedy sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $192.92, for a total transaction of $289,380.00. Following the transaction, the director now directly owns 16,600 shares in the company, valued at approximately $3,202,472. The disclosure for this sale can be found here. Insiders sold 34,452 shares of company stock valued at $6,833,334 over the last three months. 0.58% of the stock is owned by corporate insiders.

About First Solar

First Solar, Inc provides photovoltaic (PV) solar energy solutions in the United State, Japan, France, Canada, India, Australia, and internationally. The company designs, manufactures, and sells cadmium telluride solar modules that converts sunlight into electricity. It serves developers and operators of systems, utilities, independent power producers, commercial and industrial companies, and other system owners.