Allstate Corp Has $597,000 Holdings in First Solar, Inc. $FSLR

Key Points

• Allstate Corp increased its position in First Solar, Inc. by 57.4%, acquiring 1,721 additional shares, bringing its total holdings to 4,719 shares valued at $597,000.
• First Solar reported earnings of $3.18 per share for the quarter, exceeding the estimate of $2.68, and recorded a revenue of $1.10 billion, up 8.6% year-over-year.
• The stock currently holds a consensus rating of "Moderate Buy" from analysts, with a target price averaging $225.84, reflecting growing positive sentiment towards the company.

Allstate Corp lifted its holdings in shares of First Solar, Inc. (NASDAQ:FSLR - Free Report) by 57.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,719 shares of the solar cell manufacturer's stock after buying an additional 1,721 shares during the period. Allstate Corp's holdings in First Solar were worth $597,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Garde Capital Inc. acquired a new position in shares of First Solar during the 1st quarter worth about $25,000. Larson Financial Group LLC increased its stake in shares of First Solar by 591.9% during the 1st quarter. Larson Financial Group LLC now owns 256 shares of the solar cell manufacturer's stock worth $32,000 after purchasing an additional 219 shares during the last quarter. Colonial Trust Advisors acquired a new position in shares of First Solar during the 1st quarter worth about $32,000. Abound Financial LLC acquired a new position in shares of First Solar during the 1st quarter worth about $45,000. Finally, Princeton Global Asset Management LLC acquired a new position in shares of First Solar during the 1st quarter worth about $51,000. 92.08% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Royal Bank Of Canada boosted their price objective on shares of First Solar from $188.00 to $200.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 1st. Susquehanna boosted their price objective on shares of First Solar from $203.00 to $222.00 and gave the stock a "positive" rating in a research note on Friday, August 1st. Glj Research restated a "buy" rating and set a $214.06 price objective (up from $172.53) on shares of First Solar in a research note on Tuesday, August 12th. Bank of America boosted their price objective on shares of First Solar from $185.00 to $201.00 and gave the stock a "buy" rating in a research note on Tuesday, July 22nd. Finally, Mizuho raised their target price on shares of First Solar from $275.00 to $278.00 and gave the stock an "outperform" rating in a research note on Monday, July 14th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $225.84.

Insider Buying and Selling at First Solar

In related news, CAO Nathan B. Theurer sold 686 shares of the business's stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $182.03, for a total value of $124,872.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Michael Koralewski sold 2,951 shares of the business's stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $158.21, for a total value of $466,877.71. Following the completion of the transaction, the insider directly owned 11,369 shares of the company's stock, valued at approximately $1,798,689.49. This trade represents a 20.61% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 37,134 shares of company stock valued at $6,766,664. 0.48% of the stock is currently owned by insiders.

First Solar Stock Performance

Shares of FSLR stock traded down $1.83 on Friday, hitting $195.19. The company's stock had a trading volume of 1,397,034 shares, compared to its average volume of 3,815,746. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.41 and a current ratio of 1.90. The stock's 50 day moving average is $178.72 and its 200-day moving average is $156.09. First Solar, Inc. has a fifty-two week low of $116.56 and a fifty-two week high of $262.72. The company has a market capitalization of $20.93 billion, a PE ratio of 16.70, a PEG ratio of 0.38 and a beta of 1.48.

First Solar (NASDAQ:FSLR - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The solar cell manufacturer reported $3.18 EPS for the quarter, beating the consensus estimate of $2.68 by $0.50. First Solar had a net margin of 28.95% and a return on equity of 15.57%. The business had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same period in the prior year, the company posted $3.25 earnings per share. First Solar's revenue 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. Equities research analysts expect that First Solar, Inc. will post 13.05 earnings per share for the current fiscal 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.