Ronald Blue Trust Inc. Increases Stock Holdings in First Solar, Inc. (NASDAQ:FSLR)

Posted by on Jul 1st, 2023

Ronald Blue Trust Inc. lifted its position in First Solar, Inc. (NASDAQ:FSLR – Free Report) by 45.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,336 shares of the solar cell manufacturer’s stock after buying an additional 415 shares during the quarter. Ronald Blue Trust Inc.’s holdings in First Solar were worth $200,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of FSLR. Norges Bank purchased a new stake in shares of First Solar in the fourth quarter worth about $213,049,000. Renaissance Technologies LLC lifted its holdings in shares of First Solar by 1,046.1% in the fourth quarter. Renaissance Technologies LLC now owns 1,518,401 shares of the solar cell manufacturer’s stock worth $227,441,000 after buying an additional 1,385,912 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of First Solar by 197.8% in the first quarter. Goldman Sachs Group Inc. now owns 1,336,038 shares of the solar cell manufacturer’s stock worth $111,880,000 after buying an additional 887,443 shares in the last quarter. Geode Capital Management LLC raised its stake in First Solar by 55.7% in the fourth quarter. Geode Capital Management LLC now owns 2,180,340 shares of the solar cell manufacturer’s stock valued at $326,050,000 after purchasing an additional 780,028 shares in the last quarter. Finally, Fred Alger Management LLC purchased a new stake in First Solar in the third quarter valued at approximately $100,007,000. 82.74% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently weighed in on FSLR. Bank of America lowered their target price on shares of First Solar from $232.00 to $202.00 in a research note on Monday, June 26th. Guggenheim lifted their price target on shares of First Solar from $248.00 to $277.00 in a research note on Monday, May 15th. Wells Fargo & Company lifted their price target on shares of First Solar from $188.00 to $233.00 and gave the stock an “overweight” rating in a research note on Monday, March 6th. StockNews.com cut shares of First Solar from a “hold” rating to a “sell” rating in a report on Friday, June 23rd. Finally, Credit Suisse Group lifted their price target on shares of First Solar from $163.00 to $170.00 in a report on Friday, April 28th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $211.12.

Insider Transactions at First Solar

In other news, CEO Mark R. Widmar sold 39,948 shares of the firm’s stock in a transaction dated Tuesday, June 6th. The shares were sold at an average price of $199.97, for a total value of $7,988,401.56. Following the completion of the sale, the chief executive officer now owns 90,163 shares in the company, valued at approximately $18,029,895.11. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Michael T. Sweeney sold 7,000 shares of First Solar stock in a transaction that occurred on Monday, May 22nd. The shares were sold at an average price of $205.14, for a total value of $1,435,980.00. Following the transaction, the director now owns 19,647 shares of the company’s stock, valued at approximately $4,030,385.58. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Mark R. Widmar sold 39,948 shares of the business’s stock in a transaction that occurred on Tuesday, June 6th. The stock was sold at an average price of $199.97, for a total transaction of $7,988,401.56. Following the sale, the chief executive officer now directly owns 90,163 shares in the company, valued at approximately $18,029,895.11. The disclosure for this sale can be found here. In the last quarter, insiders sold 59,448 shares of company stock worth $12,182,857. 0.58% of the stock is currently owned by insiders.

First Solar Stock Performance

Shares of NASDAQ:FSLR opened at $190.09 on Friday. First Solar, Inc. has a 52 week low of $60.96 and a 52 week high of $232.00. The stock has a market capitalization of $20.31 billion, a P/E ratio of 487.42 and a beta of 1.42. The firm has a fifty day simple moving average of $194.22 and a two-hundred day simple moving average of $186.55. The company has a quick ratio of 2.44, a current ratio of 3.08 and a debt-to-equity ratio of 0.05.

First Solar (NASDAQ:FSLR – Free Report) last issued its quarterly earnings data on Thursday, April 27th. The solar cell manufacturer reported $0.40 EPS for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.59). The business had revenue of $548.29 million during the quarter, compared to analysts’ expectations of $716.66 million. First Solar had a return on equity of 0.71% and a net margin of 1.49%. The business’s quarterly revenue was up 49.4% on a year-over-year basis. During the same period in the previous year, the business earned ($0.41) earnings per share. On average, analysts expect that First Solar, Inc. will post 7.33 earnings per share for the current fiscal year.

First Solar Profile

(Free Report)

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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