Assenagon Asset Management S.A. Reduces Stake in First Solar, Inc. $FSLR

Key Points

• Assenagon Asset Management S.A. reduced its holdings in First Solar by 21.3%, owning approximately $24 million worth of shares after selling 39,159 shares in the second quarter.
• Several analysts have raised their price targets for First Solar, with UBS Group setting a new target price at $275, indicating a strong positive outlook for the company's stock.
• Insider trading activity revealed that CEO Mark R. Widmar sold 23,912 shares for about $4.43 million, decreasing his ownership by 21.37%.

Assenagon Asset Management S.A. cut its stake in First Solar, Inc. (NASDAQ:FSLR - Free Report) by 21.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 145,069 shares of the solar cell manufacturer's stock after selling 39,159 shares during the quarter. Assenagon Asset Management S.A. owned about 0.14% of First Solar worth $24,015,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Harbor Investment Advisory LLC lifted its position in First Solar by 138.9% in the second quarter. Harbor Investment Advisory LLC now owns 172 shares of the solar cell manufacturer's stock worth $28,000 after buying an additional 100 shares during the last quarter. Garde Capital Inc. purchased a new stake in First Solar in the first quarter worth $25,000. Wealth Preservation Advisors LLC purchased a new stake in First Solar in the first quarter worth $25,000. Colonial Trust Advisors purchased a new stake in First Solar in the first quarter worth $32,000. Finally, Larson Financial Group LLC increased its stake in First Solar by 591.9% in the first 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 period. 92.08% of the stock is currently owned by institutional investors.

First Solar Stock Performance

NASDAQ:FSLR traded up $6.71 during trading hours on Monday, reaching $219.20. The company had a trading volume of 2,687,011 shares, compared to its average volume of 2,023,652. First Solar, Inc. has a 1-year low of $116.56 and a 1-year high of $262.72. The firm has a market cap of $23.51 billion, a PE ratio of 18.75, a price-to-earnings-growth ratio of 0.42 and a beta of 1.40. The business's 50 day moving average price is $192.84 and its 200-day moving average price is $162.71. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.90 and a quick ratio of 1.41.

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

Wall Street Analyst Weigh In

FSLR has been the topic of a number of recent analyst reports. Royal Bank Of Canada increased their target price on First Solar from $188.00 to $200.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 1st. Bank of America raised their price objective on First Solar from $185.00 to $201.00 and gave the company a "buy" rating in a research report on Tuesday, July 22nd. Wall Street Zen raised First Solar from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Glj Research reaffirmed a "buy" rating and set a $214.06 price objective (up previously from $172.53) on shares of First Solar in a research report on Tuesday, August 12th. Finally, Jefferies Financial Group set a $194.00 price target on First Solar and gave the stock a "buy" rating in a report on Tuesday, July 15th. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $228.80.

Insider Buying and Selling

In related news, CEO Mark R. Widmar sold 2,321 shares of the business's stock in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $199.44, for a total transaction of $462,900.24. Following the completion of the sale, the chief executive officer directly owned 81,861 shares in the company, valued at approximately $16,326,357.84. The trade was a 2.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Nathan B. Theurer sold 686 shares of the business's stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $182.03, for a total value of $124,872.58. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 32,315 shares of company stock worth $6,021,305. 0.48% of the stock is owned by corporate insiders.

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.