First Solar, Inc. $FSLR Position Increased by CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT

Key Points

• CUSHING ASSET MANAGEMENT LP increased its holdings in First Solar, Inc. by 77.4%, acquiring an additional 24,000 shares during the second quarter, bringing their total ownership to approximately $9.1 million.
• JPMorgan Chase & Co. and other analysts have increased their target prices for First Solar, with the current consensus rating being "Moderate Buy" and an average target price of $228.80.
• Insider selling activity occurred, with CEO Mark R. Widmar selling 23,912 shares, resulting in a 21.37% decrease in his position, while insiders have sold a total of 32,315 shares valued at over $6 million in the last 90 days.

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its position in shares of First Solar, Inc. (NASDAQ:FSLR - Free Report) by 77.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 55,000 shares of the solar cell manufacturer's stock after acquiring an additional 24,000 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned about 0.05% of First Solar worth $9,105,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. Garde Capital Inc. bought a new stake in First Solar in the 1st quarter valued at $25,000. Wealth Preservation Advisors LLC bought a new position in shares of First Solar during the 1st quarter worth approximately $25,000. Harbor Investment Advisory LLC increased its stake in First Solar by 138.9% during the 2nd quarter. Harbor Investment Advisory LLC now owns 172 shares of the solar cell manufacturer's stock valued at $28,000 after purchasing an additional 100 shares in the last quarter. Larson Financial Group LLC boosted its holdings in shares of First Solar by 591.9% in the 1st 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, Colonial Trust Advisors purchased a new stake in shares of First Solar in the 1st quarter valued at $32,000. 92.08% of the stock is currently owned by institutional investors.

First Solar Price 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. The stock has a 50-day moving average of $192.84 and a two-hundred day moving average of $162.71. The company has a quick ratio of 1.41, a current ratio of 1.90 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $23.51 billion, a PE ratio of 18.75, a PEG ratio of 0.42 and a beta of 1.40. First Solar, Inc. has a one year low of $116.56 and a one year high of $262.72.

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

Analysts Set New Price Targets

A number of equities research analysts have recently commented on FSLR shares. BMO Capital Markets increased their target price on shares of First Solar from $194.00 to $203.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Jefferies Financial Group set a $194.00 target price on shares of First Solar and gave the company a "buy" rating in a report on Tuesday, July 15th. TD Cowen boosted their target price on shares of First Solar from $220.00 to $240.00 and gave the stock a "buy" rating in a research report on Friday, September 12th. Susquehanna upped their target price on shares of First Solar from $203.00 to $222.00 and gave the company a "positive" rating in a report on Friday, August 1st. Finally, Royal Bank Of Canada increased their target price on shares of First Solar from $188.00 to $200.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 1st. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $228.80.

Insider Buying and Selling at First Solar

In other First Solar news, CEO Mark R. Widmar sold 2,321 shares of the stock in a transaction 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 transaction, the chief executive officer directly owned 81,861 shares of the company's stock, valued at approximately $16,326,357.84. This represents a 2.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Patrick James Buehler sold 1,600 shares of First Solar stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $180.00, for a total transaction of $288,000.00. Following the transaction, the insider owned 4,398 shares of the company's stock, valued at $791,640. The trade was a 26.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 32,315 shares of company stock worth $6,021,305. Insiders own 0.48% of the company's stock.

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.