First Solar, Inc. (NASDAQ:FSLR) Shares Purchased by Wedbush Securities Inc.

Posted by on Apr 16th, 2023

Wedbush Securities Inc. increased its position in shares of First Solar, Inc. (NASDAQ:FSLR – Get Rating) by 14.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,043 shares of the solar cell manufacturer’s stock after purchasing an additional 500 shares during the period. Wedbush Securities Inc.’s holdings in First Solar were worth $606,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in FSLR. Goldman Sachs Group Inc. lifted its holdings 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 valued at $111,880,000 after acquiring an additional 887,443 shares during the last quarter. Fred Alger Management LLC acquired a new stake in First Solar during the third quarter valued at approximately $100,007,000. Renaissance Technologies LLC boosted its holdings in First Solar by 74.4% during the first quarter. Renaissance Technologies LLC now owns 931,000 shares of the solar cell manufacturer’s stock worth $77,962,000 after buying an additional 397,100 shares in the last quarter. Encompass Capital Advisors LLC acquired a new position in First Solar in the third quarter worth approximately $43,765,000. Finally, Marshall Wace LLP bought a new position in shares of First Solar in the third quarter valued at $42,687,000. 80.97% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other First Solar 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 transaction, the director now owns 21,689 shares in the company, valued at $4,576,379. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CAO Byron Michael Jeffers sold 1,281 shares of First Solar stock in a transaction on Tuesday, March 7th. The shares were sold at an average price of $212.50, for a total value of $272,212.50. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Richard D. Chapman sold 7,500 shares of the company’s stock in a transaction dated Wednesday, March 8th. The shares were sold at an average price of $211.00, for a total transaction of $1,582,500.00. Following the sale, the director now owns 21,689 shares of the company’s stock, valued at $4,576,379. The disclosure for this sale can be found here. In the last ninety days, insiders sold 37,909 shares of company stock worth $7,870,618. 0.58% of the stock is currently owned by insiders.

First Solar Stock Down 1.4 %

FSLR stock opened at $208.40 on Friday. The firm has a market cap of $22.26 billion, a PE ratio of -496.18 and a beta of 1.42. First Solar, Inc. has a 1 year low of $59.60 and a 1 year high of $219.55. The company has a fifty day simple moving average of $193.59 and a 200 day simple moving average of $167.49. The company has a current ratio of 3.65, a quick ratio of 3.05 and a debt-to-equity ratio of 0.03.

First Solar (NASDAQ:FSLR – Get Rating) last posted its earnings results on Tuesday, February 28th. The solar cell manufacturer reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.18) by $0.11. The company had revenue of $1 billion for 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 business’s revenue was up 10.5% compared to the same quarter last year. During the same period last year, the company earned $1.23 earnings per share. Sell-side analysts anticipate that First Solar, Inc. will post 7.25 EPS for the current fiscal year.

Analyst Ratings Changes

FSLR has been the subject of several research reports. UBS Group raised First Solar from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $140.00 to $250.00 in a research note on Friday, March 3rd. Guggenheim increased their price target on First Solar from $255.00 to $260.00 in a research report on Wednesday, March 1st. Deutsche Bank Aktiengesellschaft cut First Solar from a “buy” rating to a “hold” rating and lifted their price target for the stock from $190.00 to $230.00 in a research note on Thursday. Robert W. Baird raised their target price on shares of First Solar from $180.00 to $208.00 and gave the stock an “outperform” rating in a report on Wednesday, March 1st. Finally, Bank of America downgraded shares of First Solar from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $196.00 to $195.00 in a research report on Thursday, February 2nd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, First Solar has a consensus rating of “Moderate Buy” and a consensus price target of $206.79.

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.

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

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