Allspring Global Investments Holdings LLC Has $6.29 Million Stake in First Solar, Inc. (NASDAQ:FSLR)

Allspring Global Investments Holdings LLC raised its position in shares of First Solar, Inc. (NASDAQ:FSLR - Free Report) by 25.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 49,302 shares of the solar cell manufacturer's stock after acquiring an additional 10,110 shares during the period. Allspring Global Investments Holdings LLC's holdings in First Solar were worth $6,289,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of FSLR. Garde Capital Inc. acquired a new position in shares of First Solar during the first quarter valued at about $25,000. Smartleaf Asset Management LLC raised its position in shares of First Solar by 31.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 262 shares of the solar cell manufacturer's stock valued at $47,000 after buying an additional 63 shares during the last quarter. Princeton Global Asset Management LLC acquired a new position in shares of First Solar during the first quarter valued at about $51,000. Banque Transatlantique SA acquired a new position in First Solar in the fourth quarter worth about $53,000. Finally, CoreFirst Bank & Trust acquired a new position in First Solar in the fourth quarter worth about $54,000. 92.08% of the stock is currently owned by institutional investors.

First Solar Trading Up 8.7%

FSLR stock traded up $14.91 during midday trading on Friday, reaching $185.43. The company's stock had a trading volume of 6,399,688 shares, compared to its average volume of 3,236,857. First Solar, Inc. has a 52 week low of $116.56 and a 52 week high of $262.72. The stock has a market cap of $19.89 billion, a PE ratio of 15.77, a price-to-earnings-growth ratio of 0.37 and a beta of 1.52. The company has a quick ratio of 1.39, a current ratio of 1.93 and a debt-to-equity ratio of 0.04. The business's 50-day simple moving average is $156.66 and its 200-day simple moving average is $154.63.

First Solar (NASDAQ:FSLR - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The solar cell manufacturer reported $1.95 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.50 by ($0.55). First Solar had a net margin of 29.72% and a return on equity of 16.32%. The business had revenue of $844.57 million during the quarter, compared to the consensus estimate of $863.11 million. During the same period in the previous year, the business posted $2.20 earnings per share. First Solar's revenue was up 6.4% compared to the same quarter last year. As a group, sell-side analysts expect that First Solar, Inc. will post 13.05 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on FSLR. The Goldman Sachs Group increased their price target on shares of First Solar from $204.00 to $255.00 and gave the stock a "buy" rating in a research report on Monday, May 19th. TD Cowen dropped their price target on shares of First Solar from $275.00 to $200.00 and set a "buy" rating for the company in a research report on Wednesday, April 30th. Oppenheimer lowered shares of First Solar from an "outperform" rating to a "market perform" rating in a research report on Wednesday, April 30th. Jefferies Financial Group raised shares of First Solar from a "hold" rating to a "buy" rating and increased their price target for the stock from $157.00 to $192.00 in a research report on Wednesday, June 11th. Finally, Wall Street Zen lowered shares of First Solar from a "hold" rating to a "sell" rating in a research report on Friday, May 2nd. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, First Solar has a consensus rating of "Moderate Buy" and a consensus price target of $228.69.

Insider Buying and Selling at First Solar

In other First Solar news, insider Michael Koralewski sold 2,951 shares of the stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $158.21, for a total value of $466,877.71. Following the sale, the insider directly owned 11,369 shares in the company, valued at approximately $1,798,689.49. This trade represents a 20.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CTO Markus Gloeckler sold 9,557 shares of the stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $155.05, for a total transaction of $1,481,812.85. Following the completion of the sale, the chief technology officer owned 8,037 shares in the company, valued at approximately $1,246,136.85. This trade represents a 54.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 14,376 shares of company stock valued at $2,227,172. 0.48% of the stock is currently owned by insiders.

About First Solar

First Solar, Inc, a solar technology company, provides photovoltaic (PV) solar energy solutions in the United States, France, Japan, Chile, and internationally. The company manufactures and sells PV solar modules with a thin film semiconductor technology that provides a lower-carbon alternative to conventional crystalline silicon PV solar modules.