Essex Investment Management Co. LLC Has $1.67 Million Stock Holdings in First Solar, Inc. (NASDAQ:FSLR)

Key Points

• Essex Investment Management Co. LLC increased its holdings in First Solar, Inc. by 85.8% during Q1, owning 13,232 shares valued at approximately $1.67 million as of its latest SEC filing.
• First Solar reported a Q1 EPS of $1.95, missing estimates by $0.55, while its revenue rose 6.4% year-over-year to $844.57 million.
• Analysts have a current average price target of $225.73 for First Solar, with 24 analysts giving it a buy rating and two a strong buy rating.

Essex Investment Management Co. LLC boosted its position in First Solar, Inc. (NASDAQ:FSLR - Free Report) by 85.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,232 shares of the solar cell manufacturer's stock after purchasing an additional 6,110 shares during the period. Essex Investment Management Co. LLC's holdings in First Solar were worth $1,673,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the company. Demars Financial Group LLC boosted its holdings in First Solar by 17,404.5% in the fourth quarter. Demars Financial Group LLC now owns 722,760 shares of the solar cell manufacturer's stock valued at $127,379,000 after acquiring an additional 718,631 shares during the last quarter. Royal Bank of Canada boosted its holdings in First Solar by 218.6% in the fourth quarter. Royal Bank of Canada now owns 446,799 shares of the solar cell manufacturer's stock valued at $78,744,000 after acquiring an additional 306,581 shares during the last quarter. Northern Trust Corp boosted its holdings in First Solar by 30.7% in the fourth quarter. Northern Trust Corp now owns 1,248,552 shares of the solar cell manufacturer's stock valued at $220,045,000 after acquiring an additional 293,134 shares during the last quarter. Encompass Capital Advisors LLC boosted its holdings in First Solar by 445.5% in the fourth quarter. Encompass Capital Advisors LLC now owns 329,718 shares of the solar cell manufacturer's stock valued at $58,110,000 after acquiring an additional 269,273 shares during the last quarter. Finally, Wellington Management Group LLP boosted its holdings in First Solar by 12.5% in the fourth quarter. Wellington Management Group LLP now owns 2,359,846 shares of the solar cell manufacturer's stock valued at $415,899,000 after acquiring an additional 262,482 shares during the last quarter. 92.08% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at First Solar

In other First Solar news, insider Michael Koralewski sold 2,951 shares of the business's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $158.21, for a total transaction of $466,877.71. Following the sale, the insider directly owned 11,369 shares of the company's stock, valued at $1,798,689.49. The trade was a 20.61% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Markus Gloeckler sold 9,557 shares of the business's stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $155.05, for a total transaction of $1,481,812.85. Following the sale, the chief technology officer directly owned 8,037 shares in the company, valued at approximately $1,246,136.85. This trade represents a 54.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 15,976 shares of company stock valued at $2,515,172 in the last three months. 0.48% of the stock is currently owned by company insiders.

First Solar Price Performance

Shares of NASDAQ FSLR traded down $4.40 during trading on Thursday, hitting $174.73. The company had a trading volume of 3,554,488 shares, compared to its average volume of 2,775,619. The company has a market cap of $18.74 billion, a P/E ratio of 14.86, a PEG ratio of 0.35 and a beta of 1.52. First Solar, Inc. has a 52 week low of $116.56 and a 52 week high of $262.72. The business's 50-day moving average is $165.30 and its 200 day moving average is $153.41. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.39 and a current ratio of 1.93.

First Solar (NASDAQ:FSLR - Get Free Report) last posted 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. First Solar had a return on equity of 16.32% and a net margin of 29.72%. During the same period in the previous year, the company earned $3.25 EPS. First Solar's quarterly revenue was up 8.6% compared to the same quarter last year. Equities research analysts predict that First Solar, Inc. will post 13.05 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Susquehanna lifted their target price on First Solar from $186.00 to $203.00 and gave the company a "positive" rating in a report on Monday, July 21st. Oppenheimer cut First Solar from an "outperform" rating to a "market perform" rating in a research note on Wednesday, April 30th. Morgan Stanley set a $223.00 price objective on First Solar and gave the stock an "overweight" rating in a research note on Wednesday, April 23rd. Glj Research upgraded First Solar from a "hold" rating to a "buy" rating and set a $172.37 price objective on the stock in a research note on Thursday, May 1st. Finally, Guggenheim reduced their price objective on First Solar from $253.00 to $202.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, twenty-four have given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, First Solar has a consensus rating of "Moderate Buy" and a consensus price target of $225.73.

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.