BI Asset Management Fondsmaeglerselskab A S Sells 16,441 Shares of First Solar, Inc. $FSLR

Key Points

• BI Asset Management Fondsmaeglerselskab A S cut its First Solar stake by 33.8% in the first quarter, selling 16,441 shares and leaving it with 32,154 shares valued at about $6.34 million.
• Several other institutional investors also adjusted their positions, and 92.08% of First Solar’s stock is owned by institutions.
• First Solar reported strong quarterly results, with EPS of $3.22 beating estimates and revenue of $1.04 billion topping expectations; the stock was up 2.1% and opened at $263.11, while analysts currently rate it a Moderate Buy with a consensus price target of $249.78.

BI Asset Management Fondsmaeglerselskab A S reduced its holdings in First Solar, Inc. (NASDAQ:FSLR - Free Report) by 33.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 32,154 shares of the solar cell manufacturer's stock after selling 16,441 shares during the period. BI Asset Management Fondsmaeglerselskab A S's holdings in First Solar were worth $6,343,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in FSLR. Stance Capital LLC boosted its stake in shares of First Solar by 10,575.0% during the 4th quarter. Stance Capital LLC now owns 5,124 shares of the solar cell manufacturer's stock worth $1,339,000 after buying an additional 5,076 shares during the last quarter. Forty three Eighteen Advisors LLC acquired a new stake in shares of First Solar in the fourth quarter valued at about $711,000. Rockefeller Capital Management L.P. raised its holdings in First Solar by 79.9% during the fourth quarter. Rockefeller Capital Management L.P. now owns 41,723 shares of the solar cell manufacturer's stock worth $10,899,000 after acquiring an additional 18,537 shares in the last quarter. Green Ridge Wealth Planning LLC bought a new stake in First Solar during the fourth quarter worth about $234,000. Finally, Mengis Capital Management Inc. boosted its position in First Solar by 26.1% during the fourth quarter. Mengis Capital Management Inc. now owns 7,243 shares of the solar cell manufacturer's stock valued at $1,892,000 after purchasing an additional 1,500 shares during the last quarter. 92.08% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms have weighed in on FSLR. Wells Fargo & Company decreased their price target on First Solar from $285.00 to $255.00 and set an "overweight" rating for the company in a research note on Thursday, February 26th. HSBC increased their price objective on First Solar from $211.00 to $231.00 and gave the company a "hold" rating in a report on Tuesday, May 5th. Citigroup decreased their target price on shares of First Solar from $300.00 to $243.00 and set a "buy" rating for the company in a research note on Tuesday, April 21st. BMO Capital Markets lowered their target price on shares of First Solar from $252.00 to $237.00 and set a "market perform" rating on the stock in a report on Monday, April 20th. Finally, Barclays dropped their price target on shares of First Solar from $228.00 to $213.00 and set an "overweight" rating on the stock in a research report on Monday, April 20th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, twelve have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $249.78.

First Solar Stock Up 2.1%

FSLR opened at $263.11 on Tuesday. The stock's fifty day simple moving average is $239.85 and its 200 day simple moving average is $233.24. First Solar, Inc. has a 1-year low of $139.26 and a 1-year high of $320.95. The stock has a market cap of $28.27 billion, a PE ratio of 17.00, a price-to-earnings-growth ratio of 0.57 and a beta of 1.70. The company has a current ratio of 2.56, a quick ratio of 2.15 and a debt-to-equity ratio of 0.02.

First Solar (NASDAQ:FSLR - Get Free Report) last released its quarterly earnings data on Thursday, April 30th. The solar cell manufacturer reported $3.22 EPS for the quarter, topping analysts' consensus estimates of $2.87 by $0.35. First Solar had a net margin of 30.73% and a return on equity of 18.01%. The firm had revenue of $1.04 billion during the quarter, compared to analysts' expectations of $1.03 billion. During the same period in the previous year, the business posted $1.95 earnings per share. The company's revenue for the quarter was up 23.6% compared to the same quarter last year. As a group, research analysts expect that First Solar, Inc. will post 17.61 earnings per share for the current year.

Insider Buying and Selling at First Solar

In related news, insider Kuntal Kumar Verma sold 582 shares of the company's stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $250.00, for a total value of $145,500.00. Following the transaction, the insider owned 4,967 shares in the company, valued at approximately $1,241,750. This represents a 10.49% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Markus Gloeckler sold 420 shares of the stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $215.63, for a total transaction of $90,564.60. Following the completion of the transaction, the chief technology officer directly owned 10,896 shares in the company, valued at approximately $2,349,504.48. This represents a 3.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 32,466 shares of company stock worth $8,014,105 in the last ninety days. Insiders own 0.39% of the company's stock.

First Solar Profile

First Solar, Inc NASDAQ: FSLR is a United States–based solar technology company best known for designing and manufacturing thin‑film photovoltaic (PV) modules that use cadmium telluride (CdTe) semiconductor technology. The company supplies PV modules and delivers integrated solar power solutions for utility‑scale projects, positioning itself as a provider of both components and complete solar energy systems rather than solely a parts supplier. First Solar was founded in 1999 and is headquartered in Tempe, Arizona.

Beyond module manufacturing, First Solar offers a range of project services including development support, engineering, procurement and construction (EPC) services, and operations and maintenance (O&M) for large-scale solar installations.

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