Deepwater Asset Management LLC Acquires 20,903 Shares of First Solar, Inc. $FSLR

Key Points

• Deepwater Asset Management boosted its First Solar stake by 495% in the fourth quarter, buying 20,903 additional shares and bringing its total holding to 25,126 shares worth about $6.56 million.
• First Solar reported strong quarterly results, with EPS of $3.22 beating estimates and revenue of $1.04 billion topping forecasts; revenue also rose 23.6% year over year.
• Despite recent analyst disagreement, the stock has a Moderate Buy consensus rating with an average price target of $247.40, while the shares recently traded above that level at $279.01.

Deepwater Asset Management LLC increased its holdings in shares of First Solar, Inc. (NASDAQ:FSLR - Free Report) by 495.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 25,126 shares of the solar cell manufacturer's stock after acquiring an additional 20,903 shares during the quarter. First Solar comprises about 1.9% of Deepwater Asset Management LLC's investment portfolio, making the stock its 22nd largest holding. Deepwater Asset Management LLC's holdings in First Solar were worth $6,564,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Aventura Private Wealth LLC bought a new position in First Solar during the fourth quarter worth about $25,000. Larson Financial Group LLC increased its position in First Solar by 117.0% during the fourth quarter. Larson Financial Group LLC now owns 102 shares of the solar cell manufacturer's stock worth $27,000 after acquiring an additional 55 shares during the period. Elyxium Wealth LLC bought a new position in First Solar during the fourth quarter worth about $30,000. Strategic Wealth Investment Group LLC bought a new position in First Solar during the second quarter worth about $26,000. Finally, Rothschild Investment LLC increased its position in First Solar by 212.3% during the fourth quarter. Rothschild Investment LLC now owns 178 shares of the solar cell manufacturer's stock worth $47,000 after acquiring an additional 121 shares during the period. 92.08% of the stock is owned by institutional investors.

First Solar Stock Performance

FSLR opened at $279.01 on Monday. The company's 50 day moving average is $224.60 and its 200-day moving average is $233.01. First Solar, Inc. has a 1-year low of $135.50 and a 1-year high of $320.95. The company has a current ratio of 2.56, a quick ratio of 2.15 and a debt-to-equity ratio of 0.02. The company has a market cap of $29.98 billion, a P/E ratio of 18.02, a PEG ratio of 0.62 and a beta of 1.70.

First Solar (NASDAQ:FSLR - Get Free Report) last posted its quarterly earnings results on Thursday, April 30th. The solar cell manufacturer reported $3.22 earnings per share for the quarter, beating 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 company had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same period last year, the company posted $1.95 EPS. The firm's quarterly revenue was up 23.6% compared to the same quarter last year. Equities research analysts predict that First Solar, Inc. will post 17.61 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Mark R. Widmar sold 4,815 shares of the firm's stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $247.43, for a total value of $1,191,375.45. Following the sale, the chief executive officer directly owned 89,033 shares in the company, valued at approximately $22,029,435.19. This trade represents a 5.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Caroline Stockdale sold 10,628 shares of the firm's stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $275.60, for a total transaction of $2,929,076.80. Following the completion of the sale, the insider owned 23,792 shares in the company, valued at approximately $6,557,075.20. The trade was a 30.88% 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 a total of 61,426 shares of company stock worth $13,802,836 in the last quarter. Corporate insiders own 0.39% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on FSLR shares. Susquehanna lowered their price target on shares of First Solar from $280.00 to $250.00 and set a "positive" rating on the stock in a research report on Thursday, April 9th. Wolfe Research downgraded shares of First Solar from a "strong-buy" rating to a "hold" rating in a research note on Thursday, February 26th. Weiss Ratings upgraded shares of First Solar from a "hold (c)" rating to a "hold (c+)" rating in a research note on Tuesday, May 26th. UBS Group reduced their price objective on shares of First Solar from $300.00 to $290.00 and set a "buy" rating on the stock in a research note on Monday, May 4th. Finally, DZ Bank upgraded shares of First Solar to a "strong sell" rating in a research note on Thursday, February 26th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $247.40.

About First Solar

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.

Want to see what other hedge funds are holding FSLR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for First Solar, Inc. (NASDAQ:FSLR - Free Report).

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.