Peregrine Capital Management LLC Raises Stake in First Solar, Inc. (NASDAQ:FSLR)

Posted by Defense World Staff on Mar 20th, 2023

Peregrine Capital Management LLC increased its stake in shares of First Solar, Inc. (NASDAQ:FSLR – Get Rating) by 40.4% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 9,037 shares of the solar cell manufacturer’s stock after purchasing an additional 2,600 shares during the period. Peregrine Capital Management LLC’s holdings in First Solar were worth $1,354,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in First Solar by 1.5% during the 3rd quarter. Vanguard Group Inc. now owns 9,457,489 shares of the solar cell manufacturer’s stock worth $1,250,942,000 after purchasing an additional 136,323 shares in the last quarter. State Street Corp increased its stake in First Solar by 1.9% in the 1st quarter. State Street Corp now owns 3,230,644 shares of the solar cell manufacturer’s stock worth $270,534,000 after acquiring an additional 60,266 shares during the last quarter. FMR LLC increased its stake in First Solar by 13.3% in the 2nd quarter. FMR LLC now owns 1,773,414 shares of the solar cell manufacturer’s stock worth $120,822,000 after acquiring an additional 208,322 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in First Solar by 8.6% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,655,227 shares of the solar cell manufacturer’s stock worth $218,933,000 after acquiring an additional 131,174 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in First Solar by 197.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,336,038 shares of the solar cell manufacturer’s stock worth $111,880,000 after acquiring an additional 887,443 shares during the last quarter. Hedge funds and other institutional investors own 80.97% of the company’s stock.

First Solar Stock Performance

Shares of FSLR stock opened at $199.62 on Monday. The stock has a fifty day moving average of $179.25 and a 200 day moving average of $156.97. First Solar, Inc. has a 52 week low of $59.60 and a 52 week high of $218.25. The firm has a market capitalization of $21.28 billion, a price-to-earnings ratio of -475.27 and a beta of 1.36. The company has a quick ratio of 3.05, a current ratio of 3.65 and a debt-to-equity ratio of 0.03.

First Solar (NASDAQ:FSLR – Get Rating) last announced its quarterly earnings results on Tuesday, February 28th. The solar cell manufacturer reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.11. First Solar had a negative return on equity of 0.75% and a negative net margin of 1.69%. The company had revenue of $1 billion during the quarter, compared to analyst estimates of $1 billion. During the same quarter last year, the firm posted $1.23 earnings per share. The firm’s revenue was up 10.5% on a year-over-year basis. As a group, research analysts expect that First Solar, Inc. will post 7.2 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on FSLR. Guggenheim upped their target price on First Solar from $255.00 to $260.00 in a research note on Wednesday, March 1st. The Goldman Sachs Group upped their target price on First Solar from $231.00 to $260.00 and gave the stock a “buy” rating in a research note on Wednesday, March 1st. StockNews.com initiated coverage on First Solar in a research report on Thursday. They set a “hold” rating on the stock. Daiwa Capital Markets initiated coverage on First Solar in a research report on Friday, December 23rd. They set an “outperform” rating and a $175.00 price objective on the stock. Finally, Credit Suisse Group increased their price objective on First Solar from $152.00 to $163.00 and gave the company a “neutral” rating in a research report on Wednesday, March 15th. Eight investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $201.00.

Insider Buying and Selling at First Solar

In other First Solar news, CAO Byron Michael Jeffers sold 1,281 shares of the firm’s stock in a transaction on Tuesday, March 7th. The stock was sold at an average price of $212.50, for a total transaction of $272,212.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other First Solar news, General Counsel Jason E. Dymbort sold 1,610 shares of the firm’s stock in a transaction on Friday, March 3rd. The stock was sold at an average price of $200.21, for a total transaction of $322,338.10. Following the completion of the transaction, the general counsel now owns 5,039 shares of the company’s stock, valued at $1,008,858.19. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Byron Michael Jeffers sold 1,281 shares of First Solar stock in a transaction dated Tuesday, March 7th. The stock was sold at an average price of $212.50, for a total value of $272,212.50. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 37,909 shares of company stock valued at $7,870,618. 0.54% of the stock is currently owned by company insiders.

About First Solar

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First Solar, Inc is a solar technology company, which engages in the provision of solar modules. It is involved in the design, manufacture, and sale of cadmium tellurid (CdTe) solar modules, which convert sunlight into electricity. The company was founded by Michael J. Ahearn in 1999 and is headquartered in Tempe, AZ.

Institutional Ownership by Quarter for First Solar (NASDAQ:FSLR)

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