Ballentine Partners LLC Grows Holdings in First Solar, Inc. (NASDAQ:FSLR)

Posted by on Apr 11th, 2023

Ballentine Partners LLC raised its position in First Solar, Inc. (NASDAQ:FSLR – Get Rating) by 12.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,377 shares of the solar cell manufacturer’s stock after buying an additional 272 shares during the period. Ballentine Partners LLC’s holdings in First Solar were worth $356,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Raymond James & Associates boosted its stake in shares of First Solar by 160.6% during the 1st quarter. Raymond James & Associates now owns 26,796 shares of the solar cell manufacturer’s stock valued at $2,244,000 after buying an additional 16,515 shares during the last quarter. American Century Companies Inc. increased its stake in shares of First Solar by 13.8% in the first quarter. American Century Companies Inc. now owns 8,472 shares of the solar cell manufacturer’s stock worth $710,000 after buying an additional 1,030 shares during the last quarter. Cibc World Market Inc. raised its holdings in First Solar by 71.0% in the first quarter. Cibc World Market Inc. now owns 7,464 shares of the solar cell manufacturer’s stock valued at $625,000 after acquiring an additional 3,100 shares in the last quarter. Blair William & Co. IL boosted its stake in First Solar by 1.8% during the 1st quarter. Blair William & Co. IL now owns 50,128 shares of the solar cell manufacturer’s stock valued at $4,198,000 after acquiring an additional 890 shares during the last quarter. Finally, Sei Investments Co. grew its holdings in First Solar by 11.6% during the 1st quarter. Sei Investments Co. now owns 25,804 shares of the solar cell manufacturer’s stock worth $2,161,000 after acquiring an additional 2,691 shares in the last quarter. 80.97% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at First Solar

In other First Solar news, General Counsel Jason E. Dymbort sold 1,610 shares of the business’s stock in a transaction dated Friday, March 3rd. The shares were sold at an average price of $200.21, for a total transaction of $322,338.10. Following the sale, the general counsel now directly owns 5,039 shares in the company, valued at approximately $1,008,858.19. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other First Solar news, General Counsel Jason E. Dymbort sold 1,610 shares of the 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 of the company’s stock, valued at approximately $1,008,858.19. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Richard D. Chapman sold 7,500 shares of the business’s stock in a transaction on 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 completion of the sale, the director now directly owns 21,689 shares in the company, valued at approximately $4,576,379. The disclosure for this sale can be found here. Insiders sold 37,909 shares of company stock worth $7,870,618 in the last 90 days. Corporate insiders own 0.58% of the company’s stock.

First Solar Stock Performance

Shares of FSLR stock opened at $212.03 on Tuesday. First Solar, Inc. has a 12-month low of $59.60 and a 12-month 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 firm has a market capitalization of $22.65 billion, a price-to-earnings ratio of -504.82 and a beta of 1.42. The business has a 50 day simple moving average of $190.73 and a 200 day simple moving average of $165.52.

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

Analysts Set New Price Targets

FSLR has been the topic of a number of recent analyst reports. Guggenheim upped their target price on shares of First Solar from $255.00 to $260.00 in a research note on Wednesday, March 1st. Cowen upped their price objective on First Solar from $195.00 to $205.00 in a research note on Wednesday, March 1st. Susquehanna lifted their target price on First Solar from $175.00 to $225.00 and gave the stock a “positive” rating in a research report on Wednesday, January 18th. Credit Suisse Group upped their price target on First Solar from $152.00 to $163.00 and gave the company a “neutral” rating in a research report on Wednesday, March 15th. Finally, Morgan Stanley downgraded shares of First Solar from an “equal weight” rating to an “underweight” rating and lifted their price objective for the stock from $194.00 to $200.00 in a report on Monday, April 3rd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $205.13.

First Solar Company 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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