Canada Pension Plan Investment Board Has $95.97 Million Stake in First Solar, Inc. $FSLR

Key Points

• The Canada Pension Plan Investment Board increased its stake in First Solar, Inc. by 16,857.8% in Q1 2023, reaching approximately $95.97 million by owning 759,033 shares.
• Insiders at First Solar have sold over 37,000 shares in the last three months, indicating a decrease in their ownership, with notable sales from CEO Mark R. Widmar valued at over $4.43 million.
• Wall Street analysts show strong confidence in First Solar, with multiple firms upgrading their price targets, leading to an average target of approximately $225.84 and mostly "buy" ratings.

Canada Pension Plan Investment Board increased its holdings in shares of First Solar, Inc. (NASDAQ:FSLR - Free Report) by 16,857.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 759,033 shares of the solar cell manufacturer's stock after purchasing an additional 754,557 shares during the quarter. Canada Pension Plan Investment Board owned approximately 0.71% of First Solar worth $95,965,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Garde Capital Inc. acquired a new position in First Solar during the first quarter worth $25,000. Wealth Preservation Advisors LLC acquired a new position in First Solar during the first quarter worth $25,000. Colonial Trust Advisors acquired a new position in First Solar during the first quarter worth $32,000. Larson Financial Group LLC lifted 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 valued at $32,000 after acquiring an additional 219 shares during the last quarter. Finally, Banque Transatlantique SA acquired a new stake in First Solar in the fourth quarter valued at $53,000. Institutional investors and hedge funds own 92.08% of the company's stock.

Insider Activity at First Solar

In other news, insider Patrick James Buehler sold 1,868 shares of the stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $149.08, for a total value of $278,481.44. Following the transaction, the insider directly owned 5,998 shares of the company's stock, valued at $894,181.84. This represents a 23.75% 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 this link. Also, CEO Mark R. Widmar sold 23,912 shares of the stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $185.47, for a total transaction of $4,434,958.64. Following the completion of the transaction, the chief executive officer directly owned 87,978 shares in the company, valued at $16,317,279.66. The trade was a 21.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 37,134 shares of company stock valued at $6,766,664 over the last three months. Company insiders own 0.48% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Mizuho increased their price target on shares of First Solar from $275.00 to $278.00 and gave the company an "outperform" rating in a research note on Monday, July 14th. TD Cowen increased their price target on shares of First Solar from $200.00 to $220.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Hsbc Global Res upgraded shares of First Solar to a "strong-buy" rating in a research note on Friday, August 1st. UBS Group reiterated a "buy" rating and issued a $275.00 price target (up previously from $255.00) on shares of First Solar in a research note on Tuesday, August 5th. Finally, JPMorgan Chase & Co. increased their price target on shares of First Solar from $200.00 to $208.00 and gave the company an "overweight" rating in a research note on Tuesday, July 22nd. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $225.84.

First Solar Price Performance

Shares of FSLR opened at $195.19 on Friday. The firm has a market capitalization of $20.93 billion, a PE ratio of 16.70, a PEG ratio of 0.39 and a beta of 1.48. The company's 50-day moving average is $179.73 and its 200-day moving average is $156.33. First Solar, Inc. has a fifty-two week low of $116.56 and a fifty-two week high of $262.72. 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 issued its quarterly earnings data on Thursday, July 31st. The solar cell manufacturer reported $3.18 earnings per share for the quarter, beating the consensus estimate of $2.68 by $0.50. The company had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.03 billion. First Solar had a net margin of 28.95% and a return on equity of 15.57%. The company's revenue was up 8.6% on a year-over-year basis. During the same period in the prior year, the firm earned $3.25 earnings per share. First Solar has set its FY 2025 guidance at 13.500-16.500 EPS. Equities analysts forecast that First Solar, Inc. will post 13.05 EPS for the current year.

First Solar Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.