8,089 Shares in First Solar, Inc. (NASDAQ:FSLR) Acquired by Sumitomo Mitsui DS Asset Management Company Ltd

Posted by on Apr 9th, 2023

Sumitomo Mitsui DS Asset Management Company Ltd acquired a new stake in shares of First Solar, Inc. (NASDAQ:FSLR – Get Rating) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 8,089 shares of the solar cell manufacturer’s stock, valued at approximately $1,212,000.

Other large investors have also bought and sold shares of the company. Riverview Trust Co purchased a new position in shares of First Solar during the 3rd quarter valued at $25,000. TCI Wealth Advisors Inc. boosted its position in First Solar by 370.7% during the third quarter. TCI Wealth Advisors Inc. now owns 193 shares of the solar cell manufacturer’s stock worth $26,000 after purchasing an additional 152 shares during the period. First Horizon Advisors Inc. increased its stake in shares of First Solar by 214.5% in the third quarter. First Horizon Advisors Inc. now owns 261 shares of the solar cell manufacturer’s stock worth $33,000 after purchasing an additional 178 shares in the last quarter. Asset Dedication LLC bought a new stake in shares of First Solar in the third quarter valued at approximately $35,000. Finally, Ellevest Inc. boosted its holdings in First Solar by 97.8% in the 3rd quarter. Ellevest Inc. now owns 267 shares of the solar cell manufacturer’s stock worth $35,000 after buying an additional 132 shares during the period. 80.97% of the stock is owned by hedge funds and other institutional investors.

First Solar Stock Up 1.4 %

Shares of FSLR opened at $204.51 on Friday. First Solar, Inc. has a 1 year low of $59.60 and a 1 year high of $219.55. The company has a debt-to-equity ratio of 0.03, a current ratio of 3.65 and a quick ratio of 3.05. The stock has a 50 day simple moving average of $189.91 and a two-hundred day simple moving average of $164.75. The firm has a market cap of $21.85 billion, a P/E ratio of -486.92 and a beta of 1.42.

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

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on FSLR shares. UBS Group upgraded First Solar from a “neutral” rating to a “buy” rating and increased their target price for the stock from $140.00 to $250.00 in a research report on Friday, March 3rd. Citigroup raised their target price on First Solar from $75.00 to $220.00 and gave the stock a “neutral” rating in a research note on Friday, March 10th. Guggenheim upped their price target on First Solar from $255.00 to $260.00 in a research report on Wednesday, March 1st. Evercore ISI lowered shares of First Solar from an “outperform” rating to an “in-line” rating and cut their price objective for the company from $157.00 to $150.00 in a research report on Wednesday, March 1st. Finally, Cowen upped their target price on shares of First Solar from $195.00 to $205.00 in a report on Wednesday, March 1st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, First Solar has a consensus rating of “Moderate Buy” and an average price target of $205.13.

Insider Buying and Selling at First Solar

In other news, Director Richard D. Chapman sold 7,500 shares of First Solar stock in a transaction dated Wednesday, March 8th. The stock was sold at an average price of $211.00, for a total value of $1,582,500.00. Following the transaction, the director now owns 21,689 shares in the company, valued at $4,576,379. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, Director Richard D. Chapman sold 7,500 shares of the stock in a transaction that occurred on Wednesday, March 8th. The stock was sold at an average price of $211.00, for a total transaction of $1,582,500.00. Following the completion of the sale, the director now owns 21,689 shares of the company’s stock, valued at $4,576,379. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, General Counsel Jason E. Dymbort sold 1,610 shares of First Solar 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 directly owns 5,039 shares in the company, valued at $1,008,858.19. The disclosure for this sale can be found here. Insiders sold a total of 37,909 shares of company stock worth $7,870,618 over the last three months. Company insiders own 0.54% of the company’s stock.

First Solar Profile

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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.

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

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