ProShare Advisors LLC Buys 7,072 Shares of First Solar, Inc. (NASDAQ:FSLR)

Posted by on Apr 25th, 2023

ProShare Advisors LLC boosted its stake in First Solar, Inc. (NASDAQ:FSLR – Get Rating) by 65.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 17,947 shares of the solar cell manufacturer’s stock after purchasing an additional 7,072 shares during the period. ProShare Advisors LLC’s holdings in First Solar were worth $2,688,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Riverview Trust Co bought a new stake in shares of First Solar during the 3rd quarter valued at $25,000. TCI Wealth Advisors Inc. grew its position in shares of First Solar by 370.7% during the 3rd quarter. TCI Wealth Advisors Inc. now owns 193 shares of the solar cell manufacturer’s stock valued at $26,000 after acquiring an additional 152 shares during the period. First Horizon Advisors Inc. grew its position in shares of First Solar by 214.5% during the 3rd quarter. First Horizon Advisors Inc. now owns 261 shares of the solar cell manufacturer’s stock valued at $33,000 after acquiring an additional 178 shares during the period. Asset Dedication LLC bought a new stake in shares of First Solar during the 3rd quarter valued at $35,000. Finally, Ellevest Inc. grew its position in shares of First Solar by 97.8% during the 3rd quarter. Ellevest Inc. now owns 267 shares of the solar cell manufacturer’s stock valued at $35,000 after acquiring an additional 132 shares during the period. Institutional investors own 80.97% of the company’s stock.

First Solar Stock Performance

First Solar stock opened at $209.90 on Tuesday. The company has a debt-to-equity ratio of 0.03, a current ratio of 3.65 and a quick ratio of 3.05. First Solar, Inc. has a 1-year low of $59.60 and a 1-year high of $221.88. The firm has a market capitalization of $22.42 billion, a P/E ratio of -499.75 and a beta of 1.42. The company’s 50-day moving average is $199.70 and its 200 day moving average is $171.16.

First Solar (NASDAQ:FSLR – Get Rating) last posted its quarterly earnings data on Tuesday, February 28th. The solar cell manufacturer reported ($0.07) earnings per share for the quarter, topping 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 for the quarter, compared to analyst estimates of $1 billion. During the same period in the prior year, the company posted $1.23 EPS. The firm’s revenue for the quarter was up 10.5% on a year-over-year basis. Research analysts forecast that First Solar, Inc. will post 7.25 EPS for the current year.

Analyst Ratings Changes

FSLR has been the subject of a number of recent research reports. StockNews.com began coverage on shares of First Solar in a research report on Thursday, March 16th. They set a “hold” rating for the company. The Goldman Sachs Group upped their target price on shares of First Solar from $231.00 to $260.00 and gave the stock a “buy” rating in a report on Wednesday, March 1st. Cowen upped their target price on shares of First Solar from $195.00 to $205.00 in a report on Wednesday, March 1st. KeyCorp upped their target price on shares of First Solar from $201.00 to $227.00 and gave the stock an “overweight” rating in a report on Monday, March 6th. Finally, Argus upped their target price on shares of First Solar from $176.00 to $261.00 in a report on Tuesday, March 14th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, First Solar has an average rating of “Hold” and an average price target of $207.48.

Insider Buying and Selling

In related news, CEO Mark R. Widmar sold 26,553 shares of the stock in a transaction dated Friday, March 3rd. The shares were sold at an average price of $206.70, for a total value of $5,488,505.10. Following the sale, the chief executive officer now directly owns 108,413 shares of the company’s stock, valued at approximately $22,408,967.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other First Solar news, CEO Mark R. Widmar sold 26,553 shares of the company’s stock in a transaction dated Friday, March 3rd. The shares were sold at an average price of $206.70, for a total value of $5,488,505.10. Following the transaction, the chief executive officer now directly owns 108,413 shares in the company, valued at approximately $22,408,967.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Jason E. Dymbort sold 965 shares of the company’s stock in a transaction dated Tuesday, March 7th. The stock was sold at an average price of $212.50, for a total transaction of $205,062.50. Following the completion of the transaction, the general counsel now owns 6,002 shares in the company, valued at $1,275,425. The disclosure for this sale can be found here. Insiders have sold 37,909 shares of company stock valued at $7,870,618 in the last ninety days. 0.58% of the stock is owned by company insiders.

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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