Fideuram Intesa Sanpaolo Private Banking S.P.A. Takes $21.77 Million Position in First Solar, Inc. $FSLR

Key Points

• Fideuram Intesa Sanpaolo Private Banking opened a new position in First Solar during Q4, buying 83,346 shares worth about $21.8 million. The stake represents roughly 0.8% of the firm’s portfolio and about 0.08% of First Solar.
• First Solar continues to draw heavy institutional interest, with hedge funds and asset managers holding 92.08% of the stock. Recent buyers include Viking Global, Lightrock Netherlands, Amundi, Vanguard, and Atreides Management.
• The company recently beat earnings expectations, reporting $3.22 EPS on $1.04 billion in revenue, while analysts maintain a Moderate Buy consensus with an average price target of $247.03. Despite the positive outlook, the stock was trading down 5.1% in the session cited.

Fideuram Intesa Sanpaolo Private Banking S.P.A. purchased a new stake in shares of First Solar, Inc. (NASDAQ:FSLR - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 83,346 shares of the solar cell manufacturer's stock, valued at approximately $21,772,000. First Solar makes up about 0.8% of Fideuram Intesa Sanpaolo Private Banking S.P.A.'s investment portfolio, making the stock its 27th biggest position. Fideuram Intesa Sanpaolo Private Banking S.P.A. owned approximately 0.08% of First Solar as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the company. Viking Global Investors LP increased its holdings in First Solar by 60.6% in the second quarter. Viking Global Investors LP now owns 2,266,050 shares of the solar cell manufacturer's stock worth $375,122,000 after purchasing an additional 854,919 shares in the last quarter. Lightrock Netherlands B.V. increased its holdings in First Solar by 2,663.8% in the fourth quarter. Lightrock Netherlands B.V. now owns 666,307 shares of the solar cell manufacturer's stock worth $174,059,000 after purchasing an additional 642,199 shares in the last quarter. Amundi increased its holdings in First Solar by 38.6% in the third quarter. Amundi now owns 2,025,835 shares of the solar cell manufacturer's stock worth $459,917,000 after purchasing an additional 564,032 shares in the last quarter. Vanguard Group Inc. increased its holdings in First Solar by 3.5% in the third quarter. Vanguard Group Inc. now owns 13,721,979 shares of the solar cell manufacturer's stock worth $3,026,108,000 after purchasing an additional 464,130 shares in the last quarter. Finally, Atreides Management LP bought a new stake in First Solar in the second quarter worth approximately $65,134,000. 92.08% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FSLR has been the subject of a number of research analyst reports. HSBC lifted their target price on First Solar from $211.00 to $231.00 and gave the stock a "hold" rating in a report on Tuesday, May 5th. Wall Street Zen downgraded First Solar from a "buy" rating to a "hold" rating in a report on Saturday, February 28th. Mizuho lowered their target price on First Solar from $271.00 to $243.00 and set an "outperform" rating for the company in a report on Monday, April 27th. Barclays lowered their target price on First Solar from $228.00 to $213.00 and set an "overweight" rating for the company in a report on Monday, April 20th. Finally, The Goldman Sachs Group lifted their target price on First Solar from $300.00 to $310.00 in a report on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $247.03.

First Solar Trading Down 5.1%

NASDAQ FSLR opened at $221.71 on Wednesday. The company has a market cap of $23.82 billion, a price-to-earnings ratio of 14.32, a P/E/G ratio of 0.51 and a beta of 1.57. First Solar, Inc. has a 52 week low of $135.50 and a 52 week high of $285.99. The business has a 50 day moving average price of $202.02 and a 200-day moving average price of $231.11. The company has a quick ratio of 2.15, a current ratio of 2.56 and a debt-to-equity ratio of 0.02.

First Solar (NASDAQ:FSLR - Get Free Report) last released its quarterly earnings data on Thursday, April 30th. The solar cell manufacturer reported $3.22 EPS for the quarter, beating the consensus estimate of $2.87 by $0.35. The firm had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.03 billion. First Solar had a return on equity of 18.01% and a net margin of 30.73%.The company's quarterly revenue was up 23.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.95 earnings per share. As a group, equities analysts expect that First Solar, Inc. will post 17.64 earnings per share for the current fiscal year.

Insider Activity at First Solar

In related news, CEO Mark R. Widmar sold 9,926 shares of First Solar stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $233.21, for a total transaction of $2,314,842.46. Following the transaction, the chief executive officer owned 95,148 shares of the company's stock, valued at $22,189,465.08. The trade was a 9.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Markus Gloeckler sold 3,640 shares of First Solar stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $196.95, for a total value of $716,898.00. Following the transaction, the chief technology officer directly owned 8,037 shares in the company, valued at approximately $1,582,887.15. The trade was a 31.17% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 92,430 shares of company stock valued at $18,670,055 over the last 90 days. Corporate insiders own 0.39% of the company's stock.

First Solar Company 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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