MGO One Seven LLC Purchases New Position in First Solar, Inc. (NASDAQ:FSLR)

Posted by Defense World Staff on Aug 16th, 2023

MGO One Seven LLC purchased a new stake in First Solar, Inc. (NASDAQ:FSLR – Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 1,335 shares of the solar cell manufacturer’s stock, valued at approximately $290,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank acquired a new stake in First Solar in the 4th quarter worth about $213,049,000. Renaissance Technologies LLC boosted its holdings in shares of First Solar by 1,046.1% during the 4th quarter. Renaissance Technologies LLC now owns 1,518,401 shares of the solar cell manufacturer’s stock worth $227,441,000 after purchasing an additional 1,385,912 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of First Solar by 197.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,336,038 shares of the solar cell manufacturer’s stock worth $111,880,000 after purchasing an additional 887,443 shares during the last quarter. Geode Capital Management LLC lifted its holdings 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 acquiring an additional 780,028 shares during the last quarter. Finally, Premier Fund Managers Ltd purchased a new stake in First Solar in the fourth quarter valued at approximately $13,044,000. Hedge funds and other institutional investors own 82.74% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on FSLR shares. StockNews.com raised First Solar from a “sell” rating to a “hold” rating in a report on Friday, July 28th. Guggenheim decreased their target price on shares of First Solar from $334.00 to $332.00 and set a “buy” rating for the company in a research note on Friday, July 28th. Susquehanna increased their price target on shares of First Solar from $225.00 to $261.00 and gave the stock a “positive” rating in a report on Friday, July 28th. 51job reaffirmed a “maintains” rating on shares of First Solar in a report on Monday, June 26th. Finally, BMO Capital Markets increased their target price on shares of First Solar from $204.00 to $235.00 and gave the company a “market perform” rating in a report on Friday, July 28th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $225.62.

Get Our Latest Report on First Solar

Insiders Place Their Bets

In other news, CEO Mark R. Widmar sold 2,160 shares of the stock in a transaction that occurred on Friday, July 28th. The shares were sold at an average price of $223.41, for a total value of $482,565.60. Following the completion of the transaction, the chief executive officer now directly owns 81,861 shares in the company, valued at $18,288,566.01. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Mark R. Widmar sold 2,160 shares of the stock in a transaction on Friday, July 28th. The shares were sold at an average price of $223.41, for a total transaction of $482,565.60. Following the transaction, the chief executive officer now owns 81,861 shares in the company, valued at approximately $18,288,566.01. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Kuntal Kumar Verma sold 3,000 shares of the firm’s stock in a transaction on Monday, July 10th. The shares were sold at an average price of $187.52, for a total transaction of $562,560.00. Following the completion of the transaction, the insider now owns 3,242 shares in the company, valued at $607,939.84. The disclosure for this sale can be found here. In the last 90 days, insiders sold 63,090 shares of company stock worth $12,644,177. Insiders own 0.58% of the company’s stock.

First Solar Price Performance

NASDAQ FSLR opened at $199.83 on Wednesday. First Solar, Inc. has a 52 week low of $111.20 and a 52 week high of $232.00. The company has a current ratio of 3.36, a quick ratio of 2.66 and a debt-to-equity ratio of 0.07. The stock has a market cap of $21.35 billion, a price-to-earnings ratio of 136.87 and a beta of 1.37. The company has a 50-day moving average price of $194.33 and a two-hundred day moving average price of $194.84.

About First Solar

(Free Report)

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.