First Solar, Inc. (NASDAQ:FSLR) Shares Purchased by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC grew its holdings in shares of First Solar, Inc. (NASDAQ:FSLR - Free Report) by 25.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 49,302 shares of the solar cell manufacturer's stock after buying an additional 10,110 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in First Solar were worth $6,289,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Garde Capital Inc. bought a new position in First Solar in the 1st quarter worth about $25,000. Smartleaf Asset Management LLC grew its stake in First Solar by 31.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 262 shares of the solar cell manufacturer's stock worth $47,000 after acquiring an additional 63 shares in the last quarter. Princeton Global Asset Management LLC bought a new position in First Solar in the 1st quarter worth about $51,000. Banque Transatlantique SA bought a new position in First Solar in the 4th quarter worth about $53,000. Finally, CoreFirst Bank & Trust bought a new position in First Solar in the 4th quarter worth about $54,000. 92.08% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Truist Financial restated a "buy" rating and issued a $200.00 target price (down from $245.00) on shares of First Solar in a research note on Thursday, May 1st. Piper Sandler dropped their target price on shares of First Solar from $230.00 to $205.00 and set an "overweight" rating on the stock in a research note on Monday, April 21st. Glj Research upgraded shares of First Solar from a "hold" rating to a "buy" rating and set a $172.37 price objective on the stock in a research note on Thursday, May 1st. Susquehanna dropped their price objective on shares of First Solar from $223.00 to $217.00 and set a "positive" rating on the stock in a research note on Monday, April 14th. Finally, TD Cowen dropped their price objective on shares of First Solar from $275.00 to $200.00 and set a "buy" rating on the stock in a research note on Wednesday, April 30th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $228.69.

First Solar Stock Performance

Shares of First Solar stock traded up $0.64 during trading on Wednesday, hitting $166.12. 1,951,048 shares of the company's stock were exchanged, compared to its average volume of 3,244,735. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.39 and a current ratio of 1.93. The business has a 50-day simple moving average of $157.95 and a 200-day simple moving average of $154.52. First Solar, Inc. has a 52-week low of $116.56 and a 52-week high of $262.72. The stock has a market capitalization of $17.82 billion, a price-to-earnings ratio of 14.12, a PEG ratio of 0.35 and a beta of 1.52.

First Solar (NASDAQ:FSLR - Get Free Report) last issued its earnings results on Tuesday, April 29th. The solar cell manufacturer reported $1.95 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.50 by ($0.55). First Solar had a return on equity of 16.32% and a net margin of 29.72%. The business had revenue of $844.57 million for the quarter, compared to analysts' expectations of $863.11 million. During the same period last year, the business earned $2.20 EPS. The company's revenue for the quarter was up 6.4% on a year-over-year basis. On average, research analysts forecast that First Solar, Inc. will post 13.05 EPS for the current year.

Insider Activity at First Solar

In related news, insider Michael Koralewski sold 2,951 shares of the firm's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $158.21, for a total transaction of $466,877.71. Following the sale, the insider 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Markus Gloeckler sold 9,557 shares of the firm's stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $155.05, for a total transaction of $1,481,812.85. Following the sale, the chief technology officer owned 8,037 shares in the company, valued at approximately $1,246,136.85. This represents a 54.32% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 15,976 shares of company stock worth $2,515,172. 0.48% of the stock is owned by company insiders.

First Solar Company Profile

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.