Bank of America Corp DE Takes $171.04 Million Position in First Solar, Inc. $FSLR

Key Points

• Bank of America acquired a new First Solar position of 724,880 shares valued at approximately $171 million, representing 0.67% of the company.
• Institutional investors and hedge funds own 92.08% of First Solar, while insiders sold 15,881 shares worth $3.6 million over the past 90 days.
• First Solar exceeded quarterly earnings expectations with $3.92 in EPS versus a $2.90 estimate, though revenue declined 3.4% year over year. Analysts maintain a “Moderate Buy” consensus with an average price target of $266.06.

Bank of America Corp DE bought a new position in shares of First Solar, Inc. (NASDAQ:FSLR - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 724,880 shares of the solar cell manufacturer's stock, valued at approximately $171,043,000. Bank of America Corp DE owned 0.67% of First Solar at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Pictet Asset Management Holding SA grew its position in shares of First Solar by 29.3% during the 1st quarter. Pictet Asset Management Holding SA now owns 1,138,473 shares of the solar cell manufacturer's stock worth $224,540,000 after purchasing an additional 258,204 shares in the last quarter. Atlatl Advisers LLC bought a new position in shares of First Solar during the fourth quarter worth approximately $1,697,000. Northwestern Mutual Wealth Management Co. raised its position in shares of First Solar by 1,054.3% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 52,219 shares of the solar cell manufacturer's stock valued at $13,641,000 after buying an additional 47,695 shares in the last quarter. Genus Capital Management Inc. acquired a new stake in shares of First Solar in the fourth quarter valued at approximately $4,525,000. Finally, Norges Bank bought a new stake in shares of First Solar in the fourth quarter valued at approximately $392,040,000. 92.08% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at First Solar

In other news, EVP Samantha L. Sloan sold 127 shares of the business's stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $222.95, for a total transaction of $28,314.65. Following the sale, the executive vice president directly owned 2,018 shares in the company, valued at approximately $449,913.10. The trade was a 5.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Michael Koralewski sold 7,000 shares of the company's stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $221.51, for a total value of $1,550,570.00. Following the completion of the transaction, the insider directly owned 7,642 shares of the company's stock, valued at $1,692,779.42. This represents a 47.81% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 15,881 shares of company stock worth $3,617,086 in the last 90 days. 0.39% of the stock is currently owned by company insiders.

First Solar Price Performance

Shares of NASDAQ:FSLR opened at $201.16 on Friday. First Solar, Inc. has a one year low of $182.99 and a one year high of $320.95. The company has a market cap of $21.61 billion, a price-to-earnings ratio of 12.40, a PEG ratio of 0.51 and a beta of 1.74. The firm has a 50 day simple moving average of $214.27 and a 200 day simple moving average of $221.25.

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 for the quarter, topping analysts' consensus estimates of $2.90 by $1.02. First Solar had a net margin of 32.47% and a return on equity of 18.02%. The firm had revenue of $1.06 billion for the quarter, compared to analysts' expectations of $1.06 billion. During the same quarter in the previous year, the firm posted $3.18 earnings per share. The company's revenue was down 3.4% on a year-over-year basis. As a group, analysts expect that First Solar, Inc. will post 17.78 EPS for the current year.

Wall Street Analyst Weigh In

FSLR has been the topic of a number of analyst reports. Mizuho set a $324.00 price target on First Solar in a research report on Thursday, August 13th. Evercore reiterated a "positive" rating and set a $218.00 target price on shares of First Solar in a research report on Monday, August 17th. Roth Capital reissued a "buy" rating and set a $300.00 target price on shares of First Solar in a report on Friday, July 24th. TD Cowen reissued a "buy" rating on shares of First Solar in a report on Monday, July 20th. Finally, Truist Financial restated a "hold" rating and issued a $229.00 price target (down from $249.00) on shares of First Solar in a research report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, twelve have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, First Solar presently has an average rating of "Moderate Buy" and an average price target of $266.06.

Key First Solar News

Here are the key news stories impacting First Solar this week:

• Positive Sentiment: Broad solar-sector rebound: First Solar rose alongside Sunrun, SolarEdge and the Invesco Solar ETF as investors unwound recent selling. The rally’s breadth provides near-term support for FSLR, although the absence of a company-specific catalyst suggests the move may be momentum-driven. Sunrun and First Solar Rise as Solar Selloff Unwinds
• Positive Sentiment: Elevated call-option activity: Traders bought 40,306 call options on First Solar, approximately 61% above typical daily call volume. This indicates increased short-term bullish interest, though options activity is not necessarily evidence of improving fundamentals.
• Neutral Sentiment: Patent strategy remains active: First Solar plans to withdraw its Section 337 complaint at the U.S. International Trade Commission without prejudice, while continuing TOPCon patent lawsuits in federal court and preserving the option to refile. The shift may reflect improved protection from new polysilicon tariffs, but it also removes a faster ITC enforcement route. First Solar Drops ITC Patent Case
• Negative Sentiment: Recent litigation-related pressure: The voluntary withdrawal of the ITC case triggered concern that First Solar could lose a potentially quicker remedy against competitors accused of infringing its TOPCon technology. That uncertainty contributed to the prior session’s decline and remains a risk until the federal lawsuits produce results.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.