C WorldWide Group Holding A S Purchases New Stake in First Solar, Inc. $FSLR

Key Points

• C WorldWide Group purchased 31,495 First Solar shares worth approximately $7.4 million in the second quarter, while institutional investors collectively owned 92.08% of the company.
• First Solar reported quarterly EPS of $3.92, beating estimates of $2.90, on revenue of $1.06 billion; analysts maintain a “Moderate Buy” consensus with an average price target of $266.27.
• Insiders sold 15,881 shares valued at $3.6 million during the last quarter, though the transactions were conducted under pre-arranged Rule 10b5-1 trading plans.

C WorldWide Group Holding A S purchased a new stake in shares of First Solar, Inc. (NASDAQ:FSLR - Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 31,495 shares of the solar cell manufacturer's stock, valued at approximately $7,432,000.

Several other institutional investors have also recently bought and sold shares of the business. California State Teachers Retirement System increased its position in shares of First Solar by 24,534.5% during the second quarter. California State Teachers Retirement System now owns 38,336,421 shares of the solar cell manufacturer's stock worth $9,045,862,000 after acquiring an additional 38,180,800 shares in the last quarter. BlackRock Inc. bought a new stake in First Solar during the 2nd quarter worth approximately $3,310,298,000. Hill City Capital LP bought a new stake in First Solar during the 2nd quarter worth approximately $620,133,555. Norges Bank purchased a new stake in shares of First Solar in the fourth quarter worth approximately $392,040,000. Finally, Deutsche Bank AG bought a new position in shares of First Solar in the second quarter valued at approximately $212,626,000. Institutional investors and hedge funds own 92.08% of the company's stock.

First Solar Stock Up 4.3%

NASDAQ FSLR opened at $213.25 on Wednesday. The stock's 50-day simple moving average is $217.75 and its two-hundred day simple moving average is $222.29. First Solar, Inc. has a twelve month low of $182.99 and a twelve month high of $320.95. The company has a market capitalization of $22.91 billion, a price-to-earnings ratio of 13.15, a PEG ratio of 0.54 and a beta of 1.74.

First Solar (NASDAQ:FSLR - Get Free Report) last released 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. The company had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.06 billion. First Solar had a return on equity of 18.02% and a net margin of 32.47%.First Solar's quarterly revenue was down 3.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.18 EPS. On average, equities analysts expect that First Solar, Inc. will post 17.77 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have issued reports on FSLR. HSBC raised shares of First Solar from a "hold" rating to a "buy" rating in a report on Friday, August 7th. Morgan Stanley boosted their price target on shares of First Solar from $245.00 to $323.00 and gave the stock an "overweight" rating in a report on Tuesday, August 18th. Sanford C. Bernstein decreased their price objective on shares of First Solar from $217.00 to $197.00 and set an "underperform" rating for the company in a report on Friday, July 31st. Roth Capital reaffirmed a "buy" rating and set a $300.00 price objective on shares of First Solar in a research note on Friday, July 24th. Finally, Wells Fargo & Company boosted their price objective on First Solar from $300.00 to $313.00 and gave the stock an "overweight" rating in a report on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, twelve have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $266.27.

Insider Buying and Selling

In other news, CTO Markus Gloeckler sold 3,425 shares of the stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $218.95, for a total value of $749,903.75. Following the completion of the transaction, the chief technology officer owned 7,471 shares of the company's stock, valued at approximately $1,635,775.45. This represents a 31.43% decrease in their position. The sale was disclosed in a legal 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, General Counsel Jason E. Dymbort sold 3,700 shares of First Solar stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $249.38, for a total value of $922,706.00. Following the sale, the general counsel owned 5,624 shares in the company, valued at $1,402,513.12. This represents a 39.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 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 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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