Veritable L.P. boosted its stake in shares of First Solar, Inc. (NASDAQ:FSLR – Free Report) by 8.2% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,750 shares of the solar cell manufacturer’s stock after purchasing an additional 362 shares during the period. Veritable L.P.’s holdings in First Solar were worth $903,000 at the end of the most recent reporting period.
Several other large investors have also recently added to or reduced their stakes in FSLR. Spire Wealth Management increased its stake in shares of First Solar by 67.9% in the first quarter. Spire Wealth Management now owns 178 shares of the solar cell manufacturer’s stock worth $39,000 after acquiring an additional 72 shares during the last quarter. Financial Gravity Asset Management Inc. purchased a new stake in shares of First Solar during the 2nd quarter worth about $827,000. WealthPlan Investment Management LLC acquired a new stake in shares of First Solar during the 1st quarter valued at about $42,000. Clear Street Markets LLC grew its stake in shares of First Solar by 94.0% in the 1st quarter. Clear Street Markets LLC now owns 194 shares of the solar cell manufacturer’s stock valued at $42,000 after buying an additional 94 shares in the last quarter. Finally, Glass Jacobson Investment Advisors llc acquired a new position in First Solar in the second quarter worth approximately $38,000. Institutional investors and hedge funds own 82.08% of the company’s stock.
Analysts Set New Price Targets
Several analysts have commented on the stock. TD Cowen boosted their target price on shares of First Solar from $250.00 to $293.00 and gave the stock an “outperform” rating in a research report on Friday, July 28th. Citigroup decreased their price objective on shares of First Solar from $200.00 to $185.00 and set a “neutral” rating for the company in a report on Wednesday, October 18th. JPMorgan Chase & Co. upgraded First Solar from a “neutral” rating to an “overweight” rating and cut their target price for the company from $239.00 to $220.00 in a report on Thursday, October 19th. Morgan Stanley decreased their price target on First Solar from $226.00 to $214.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 17th. Finally, Oppenheimer raised their price objective on First Solar from $262.00 to $268.00 and gave the company an “outperform” rating in a research note on Friday, September 8th. Six investment analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $234.72.
First Solar Stock Performance
FSLR opened at $154.51 on Friday. The stock’s 50 day simple moving average is $154.59 and its 200-day simple moving average is $179.60. The company has a current ratio of 3.19, a quick ratio of 2.45 and a debt-to-equity ratio of 0.07. The stock has a market cap of $16.51 billion, a PE ratio of 34.96 and a beta of 1.42. First Solar, Inc. has a 1 year low of $129.21 and a 1 year high of $232.00.
First Solar (NASDAQ:FSLR – Get Free Report) last posted its quarterly earnings results on Tuesday, October 31st. The solar cell manufacturer reported $2.50 earnings per share for the quarter, topping analysts’ consensus estimates of $2.09 by $0.41. The firm had revenue of $801.09 million for the quarter, compared to the consensus estimate of $904.11 million. First Solar had a net margin of 14.99% and a return on equity of 8.35%. The business’s revenue was up 27.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.46) earnings per share. Sell-side analysts forecast that First Solar, Inc. will post 7.97 EPS for the current year.
Insider Buying and Selling
In other First Solar news, insider Kuntal Kumar Verma sold 1,621 shares of First Solar stock in a transaction that occurred on Monday, October 30th. The stock was sold at an average price of $144.16, for a total transaction of $233,683.36. Following the sale, the insider now directly owns 1,621 shares of the company’s stock, valued at $233,683.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other First Solar news, insider Kuntal Kumar Verma sold 1,621 shares of the stock in a transaction on Monday, October 30th. The stock was sold at an average price of $144.16, for a total transaction of $233,683.36. Following the completion of the transaction, the insider now directly owns 1,621 shares in the company, valued at $233,683.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Markus Gloeckler sold 464 shares of the business’s stock in a transaction 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 completion of the sale, the chief technology officer now owns 7,649 shares in the company, valued at approximately $1,392,118. The disclosure for this sale can be found here. Insiders sold 12,585 shares of company stock valued at $2,133,491 over the last quarter. Corporate insiders own 0.58% of the company’s stock.
First Solar Profile
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.
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