Allspring Global Investments Holdings LLC Trims Stock Position in First Solar, Inc. $FSLR

Allspring Global Investments Holdings LLC lowered its holdings in shares of First Solar, Inc. (NASDAQ:FSLR - Free Report) by 89.7% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,071 shares of the solar cell manufacturer's stock after selling 44,231 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in First Solar were worth $826,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. increased its position in shares of First Solar by 3.0% during the 1st quarter. Vanguard Group Inc. now owns 13,200,342 shares of the solar cell manufacturer's stock valued at $1,668,919,000 after purchasing an additional 378,641 shares during the last quarter. Wellington Management Group LLP increased its position in shares of First Solar by 17.2% during the 1st quarter. Wellington Management Group LLP now owns 2,765,303 shares of the solar cell manufacturer's stock valued at $349,617,000 after purchasing an additional 405,457 shares during the last quarter. Invesco Ltd. increased its position in shares of First Solar by 32.3% during the 1st quarter. Invesco Ltd. now owns 2,427,500 shares of the solar cell manufacturer's stock valued at $306,909,000 after purchasing an additional 592,444 shares during the last quarter. Samlyn Capital LLC increased its position in shares of First Solar by 6.3% during the 1st quarter. Samlyn Capital LLC now owns 1,741,794 shares of the solar cell manufacturer's stock valued at $220,215,000 after purchasing an additional 103,403 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of First Solar by 20.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,741,026 shares of the solar cell manufacturer's stock valued at $220,118,000 after acquiring an additional 290,112 shares during the period. Hedge funds and other institutional investors own 92.08% of the company's stock.

First Solar Trading Up 2.5%

FSLR stock opened at $229.00 on Friday. First Solar, Inc. has a 1-year low of $116.56 and a 1-year high of $248.04. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.90 and a quick ratio of 1.41. The company has a market capitalization of $24.56 billion, a price-to-earnings ratio of 19.59, a PEG ratio of 0.42 and a beta of 1.38. The business has a 50 day simple moving average of $214.41 and a two-hundred day simple moving average of $177.63.

First Solar (NASDAQ:FSLR - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The solar cell manufacturer reported $3.18 earnings per share for the quarter, topping the consensus estimate of $2.68 by $0.50. First Solar had a return on equity of 15.57% and a net margin of 28.95%.The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.03 billion. During the same period in the prior year, the company posted $3.25 EPS. The firm's revenue for the quarter was up 8.6% compared to the same quarter last year. First Solar has set its FY 2025 guidance at 13.500-16.500 EPS. Research analysts anticipate that First Solar, Inc. will post 13.05 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Wolfe Research boosted their price objective on First Solar from $209.00 to $232.00 and gave the company an "outperform" rating in a research note on Wednesday. TD Cowen boosted their price objective on First Solar from $220.00 to $240.00 and gave the company a "buy" rating in a research note on Friday, September 12th. The Goldman Sachs Group boosted their price objective on First Solar from $283.00 to $293.00 and gave the company a "buy" rating in a research note on Wednesday, October 8th. BMO Capital Markets boosted their price objective on First Solar from $194.00 to $203.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. Finally, Citigroup boosted their price objective on First Solar from $198.00 to $300.00 and gave the company a "buy" rating in a research note on Tuesday, October 14th. Two analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, First Solar currently has a consensus rating of "Moderate Buy" and an average target price of $244.43.

Insider Buying and Selling

In other news, CAO Nathan B. Theurer sold 686 shares of the stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $182.03, for a total transaction of $124,872.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Mark R. Widmar sold 23,912 shares of the stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $185.47, for a total value of $4,434,958.64. Following the transaction, the chief executive officer owned 87,978 shares of the company's stock, valued at $16,317,279.66. This represents a 21.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 30,715 shares of company stock valued at $5,733,305 over the last quarter. Corporate insiders own 0.48% of the company's stock.

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.

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