Allspring Global Investments Holdings LLC Grows Stake in First Solar, Inc. (NASDAQ:FSLR)

Allspring Global Investments Holdings LLC increased its stake in shares of First Solar, Inc. (NASDAQ:FSLR - Free Report) by 25.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. 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 filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Smartleaf Asset Management LLC lifted its position in First Solar by 31.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 262 shares of the solar cell manufacturer's stock worth $47,000 after buying an additional 63 shares in the last quarter. Independent Advisor Alliance raised its position in First Solar by 3.1% in the fourth quarter. Independent Advisor Alliance now owns 2,090 shares of the solar cell manufacturer's stock valued at $368,000 after purchasing an additional 63 shares during the period. Huntington National Bank raised its position in First Solar by 15.3% in the fourth quarter. Huntington National Bank now owns 511 shares of the solar cell manufacturer's stock valued at $90,000 after purchasing an additional 68 shares during the period. Evexia Wealth LLC raised its position in First Solar by 2.1% in the fourth quarter. Evexia Wealth LLC now owns 3,481 shares of the solar cell manufacturer's stock valued at $586,000 after purchasing an additional 70 shares during the period. Finally, Westpac Banking Corp raised its position in First Solar by 8.9% in the fourth quarter. Westpac Banking Corp now owns 917 shares of the solar cell manufacturer's stock valued at $162,000 after purchasing an additional 75 shares during the period. 92.08% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other First Solar news, insider Michael Koralewski sold 2,951 shares of the business's stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $158.21, for a total transaction of $466,877.71. Following the transaction, the insider owned 11,369 shares in the company, valued at approximately $1,798,689.49. The trade was a 20.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Patrick James Buehler sold 1,868 shares of the firm's stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $149.08, for a total value of $278,481.44. Following the completion of the transaction, the insider directly owned 5,998 shares of the company's stock, valued at $894,181.84. The trade was a 23.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 15,976 shares of company stock worth $2,515,172. Company insiders own 0.48% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Truist Financial restated a "buy" rating and issued a $200.00 target price (down previously from $245.00) on shares of First Solar in a research report on Thursday, May 1st. Barclays dropped their price objective on First Solar from $236.00 to $204.00 and set an "overweight" rating for the company in a research note on Friday, April 11th. Bank of America dropped their price objective on First Solar from $236.00 to $215.00 and set a "buy" rating for the company in a research note on Tuesday, April 8th. Wolfe Research raised First Solar from a "peer perform" rating to an "outperform" rating and set a $221.00 price objective for the company in a research note on Tuesday, May 13th. Finally, The Goldman Sachs Group lifted their price objective on First Solar from $204.00 to $255.00 and gave the company a "buy" rating in a research note on Monday, May 19th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, twenty-four have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $228.69.

First Solar Stock Performance

FSLR traded up $0.51 on Wednesday, hitting $165.99. 2,976,182 shares of the company traded hands, compared to its average volume of 3,255,305. The company has a 50 day moving average of $158.75 and a 200-day moving average of $154.60. 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 stock has a market capitalization of $17.80 billion, a PE ratio of 14.11, a PEG ratio of 0.33 and a beta of 1.52. First Solar, Inc. has a 12-month low of $116.56 and a 12-month high of $262.72.

First Solar (NASDAQ:FSLR - Get Free Report) last released 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 analyst estimates of $863.11 million. During the same quarter in the previous year, the firm posted $2.20 EPS. The business's revenue for the quarter was up 6.4% on a year-over-year basis. Sell-side analysts anticipate that First Solar, Inc. will post 13.05 earnings per share for the current year.

First Solar 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.