Andra AP fonden Purchases 19,607 Shares of First Solar, Inc. $FSLR

Key Points

• Andra AP fonden increased its First Solar stake by 25.1% in the second quarter, purchasing 19,607 shares and bringing its total holdings to 97,856 shares worth approximately $23.1 million.
• Institutional investors own 92.08% of First Solar, while company insiders own just 0.39%; insiders sold 15,881 shares valued at $3.62 million over the past quarter.
• First Solar reported quarterly EPS of $3.92, exceeding estimates of $2.90, while analysts maintain a “Moderate Buy” consensus and an average price target of $266.06.

Andra AP fonden raised its position in shares of First Solar, Inc. (NASDAQ:FSLR - Free Report) by 25.1% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 97,856 shares of the solar cell manufacturer's stock after purchasing an additional 19,607 shares during the period. Andra AP fonden owned approximately 0.09% of First Solar worth $23,090,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FSLR. BlackRock Inc. purchased a new stake in First Solar in the second quarter worth approximately $3,310,298,000. Geode Capital Management LLC lifted its holdings in shares of First Solar by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 2,919,991 shares of the solar cell manufacturer's stock worth $761,396,000 after acquiring an additional 24,206 shares during the last quarter. Hill City Capital LP purchased a new stake in shares of First Solar in the 2nd quarter valued at $620,133,555. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in First Solar by 7.0% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,535,836 shares of the solar cell manufacturer's stock worth $362,396,000 after purchasing an additional 100,694 shares during the period. Finally, Norges Bank purchased a new position in First Solar in the 4th quarter worth $392,040,000. 92.08% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at First Solar

In other news, General Counsel Jason Dymbort sold 3,700 shares of the firm's stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $249.38, for a total value of $922,706.00. Following the completion of the sale, the general counsel directly owned 5,624 shares of the company's stock, valued at approximately $1,402,513.12. This trade represents a 39.68% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Michael Koralewski sold 7,000 shares of First Solar stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $221.51, for a total transaction of $1,550,570.00. Following the sale, the insider directly owned 7,642 shares in the company, valued at $1,692,779.42. The trade was a 47.81% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 15,881 shares of company stock valued at $3,617,086 over the last quarter. Company insiders own 0.39% of the company's stock.

First Solar Price Performance

FSLR traded up $1.34 during midday trading on Tuesday, reaching $201.18. 862,358 shares of the company's stock traded hands, compared to its average volume of 2,358,138. First Solar, Inc. has a 52 week low of $182.99 and a 52 week high of $320.95. The firm has a fifty day moving average of $213.21 and a two-hundred day moving average of $221.24. The stock has a market capitalization of $21.62 billion, a price-to-earnings ratio of 12.42, a P/E/G ratio of 0.52 and a beta of 1.74.

First Solar (NASDAQ:FSLR - Get Free Report) last posted its earnings results on Thursday, July 30th. The solar cell manufacturer reported $3.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.90 by $1.02. First Solar had a return on equity of 18.02% and a net margin of 32.47%.The firm had revenue of $1.06 billion for the quarter, compared to analysts' expectations of $1.06 billion. During the same period in the previous year, the firm earned $3.18 earnings per share. The business's revenue was down 3.4% compared to the same quarter last year. Sell-side analysts forecast that First Solar, Inc. will post 17.78 EPS for the current year.

Wall Street Analysts Forecast Growth

FSLR has been the subject of several analyst reports. Deutsche Bank Aktiengesellschaft lowered shares of First Solar from a "buy" rating to a "hold" rating in a research report on Thursday, August 27th. Roth Capital reissued a "buy" rating and issued a $300.00 target price on shares of First Solar in a research note on Friday, July 24th. Morgan Stanley raised their price target on First Solar from $245.00 to $323.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 18th. Wells Fargo & Company boosted their price objective on First Solar from $300.00 to $313.00 and gave the company an "overweight" rating in a research report on Friday, August 7th. Finally, Sanford C. Bernstein dropped their price objective on First Solar from $217.00 to $197.00 and set an "underperform" rating for the company in a research note on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, twelve have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $266.06.

About First Solar

First Solar, Inc is a renewable energy technology company that designs and manufactures photovoltaic (PV) solar modules. Unlike conventional crystalline-silicon panels, its modules use thin-film semiconductor technology based on cadmium telluride (CdTe). The company also provides supporting services, including project development, engineering, procurement and construction support, operations and maintenance, and module recycling.

First Solar primarily serves utility-scale solar developers, system owners and operators, commercial customers, and government entities.

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