Gulf International Bank UK Ltd Sells 4,809 Shares of First Solar, Inc. (NASDAQ:FSLR)

Posted by on Jun 24th, 2023

Gulf International Bank UK Ltd trimmed its position in shares of First Solar, Inc. (NASDAQ:FSLR – Get Rating) by 26.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,141 shares of the solar cell manufacturer’s stock after selling 4,809 shares during the period. Gulf International Bank UK Ltd’s holdings in First Solar were worth $2,858,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Financial Avengers Inc. boosted its holdings in First Solar by 27.1% during the fourth quarter. Financial Avengers Inc. now owns 286 shares of the solar cell manufacturer’s stock valued at $43,000 after purchasing an additional 61 shares in the last quarter. Wealth Architects LLC boosted its holdings in First Solar by 3.0% during the fourth quarter. Wealth Architects LLC now owns 2,104 shares of the solar cell manufacturer’s stock valued at $315,000 after purchasing an additional 61 shares in the last quarter. CWM LLC boosted its holdings in First Solar by 3.5% during the fourth quarter. CWM LLC now owns 2,625 shares of the solar cell manufacturer’s stock valued at $393,000 after purchasing an additional 88 shares in the last quarter. Cary Street Partners Asset Management LLC boosted its holdings in First Solar by 25.9% during the fourth quarter. Cary Street Partners Asset Management LLC now owns 433 shares of the solar cell manufacturer’s stock valued at $65,000 after purchasing an additional 89 shares in the last quarter. Finally, Fifth Third Bancorp boosted its holdings in First Solar by 15.3% during the fourth quarter. Fifth Third Bancorp now owns 693 shares of the solar cell manufacturer’s stock valued at $104,000 after purchasing an additional 92 shares in the last quarter. 82.74% of the stock is currently owned by institutional investors.

First Solar Stock Performance

Shares of First Solar stock opened at $184.52 on Friday. The firm has a fifty day moving average of $197.61 and a two-hundred day moving average of $185.48. The stock has a market capitalization of $19.71 billion, a price-to-earnings ratio of 473.13 and a beta of 1.42. First Solar, Inc. has a 52 week low of $60.96 and a 52 week high of $232.00. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.44 and a current ratio of 3.08.

First Solar (NASDAQ:FSLR – Get Rating) last issued its earnings results on Thursday, April 27th. The solar cell manufacturer reported $0.40 EPS for the quarter, missing the consensus estimate of $0.99 by ($0.59). The business had revenue of $548.29 million for the quarter, compared to the consensus estimate of $716.66 million. First Solar had a net margin of 1.49% and a return on equity of 0.71%. The business’s revenue was up 49.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.41) EPS. As a group, equities research analysts predict that First Solar, Inc. will post 7.33 EPS for the current year.

Insider Buying and Selling at First Solar

In other First Solar news, Director Paul H. Stebbins sold 2,500 shares of the company’s stock in a transaction on Friday, May 12th. The shares were sold at an average price of $229.31, for a total transaction of $573,275.00. Following the completion of the sale, the director now owns 28,772 shares in the company, valued at approximately $6,597,707.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Paul H. Stebbins sold 2,500 shares of the company’s stock in a transaction on Friday, May 12th. The shares were sold at an average price of $229.31, for a total value of $573,275.00. Following the completion of the sale, the director now owns 28,772 shares in the company, valued at approximately $6,597,707.32. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director William J. Post sold 10,000 shares of the company’s stock in a transaction on Tuesday, May 16th. The shares were sold at an average price of $218.52, for a total transaction of $2,185,200.00. Following the completion of the sale, the director now owns 24,207 shares of the company’s stock, valued at approximately $5,289,713.64. The disclosure for this sale can be found here. In the last 90 days, insiders sold 59,448 shares of company stock worth $12,182,857. Insiders own 0.58% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. The Goldman Sachs Group lifted their price objective on First Solar from $231.00 to $260.00 and gave the company a “buy” rating in a report on Wednesday, March 1st. UBS Group raised First Solar from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $140.00 to $250.00 in a report on Friday, March 3rd. Morgan Stanley downgraded First Solar from an “equal weight” rating to an “underweight” rating and boosted their target price for the stock from $194.00 to $200.00 in a report on Monday, April 3rd. Wells Fargo & Company boosted their target price on First Solar from $188.00 to $233.00 and gave the stock an “overweight” rating in a report on Monday, March 6th. Finally, Wolfe Research downgraded First Solar from an “outperform” rating to a “market perform” rating in a report on Monday, May 15th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $210.92.

About First Solar

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First Solar, Inc provides photovoltaic (PV) solar energy solutions in the United State, Japan, France, Canada, India, Australia, and internationally. The company designs, manufactures, and sells cadmium telluride solar modules that converts sunlight into electricity. It serves developers and operators of systems, utilities, independent power producers, commercial and industrial companies, and other system owners.

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

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