First Solar, Inc. $FSLR Shares Acquired by Allstate Corp

Key Points

• Allstate Corp more than doubled its First Solar stake in the fourth quarter, buying an additional 3,884 shares to bring its total to 7,581 shares worth about $1.98 million.
• First Solar’s stock has been strong, recently trading up 10.9% and hitting a new 52-week high as investors react to momentum, favorable U.S. trade-policy expectations, and AI-driven electricity demand themes.
• The company posted solid quarterly results, with EPS of $3.22 beating estimates and revenue rising 23.6% year over year, while analysts currently maintain a Moderate Buy consensus and a target price around $247.40.

Allstate Corp increased its holdings in First Solar, Inc. (NASDAQ:FSLR - Free Report) by 105.1% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 7,581 shares of the solar cell manufacturer's stock after purchasing an additional 3,884 shares during the quarter. Allstate Corp's holdings in First Solar were worth $1,980,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in shares of First Solar by 3.5% during the third quarter. Vanguard Group Inc. now owns 13,721,979 shares of the solar cell manufacturer's stock valued at $3,026,108,000 after acquiring an additional 464,130 shares during the last quarter. Viking Global Investors LP raised its position in shares of 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 valued at $375,122,000 after buying an additional 854,919 shares during the last quarter. Amundi raised its position in shares of First Solar by 38.6% in the third quarter. Amundi now owns 2,025,835 shares of the solar cell manufacturer's stock valued at $459,917,000 after buying an additional 564,032 shares during the last quarter. Northern Trust Corp raised its position in shares of First Solar by 2.6% in the third quarter. Northern Trust Corp now owns 1,349,531 shares of the solar cell manufacturer's stock valued at $297,612,000 after buying an additional 34,313 shares during the last quarter. Finally, Clean Energy Transition LLP raised its position in shares of First Solar by 48.2% in the third quarter. Clean Energy Transition LLP now owns 1,117,228 shares of the solar cell manufacturer's stock valued at $246,382,000 after buying an additional 363,274 shares during the last quarter. Institutional investors and hedge funds own 92.08% of the company's stock.

Key Headlines Impacting First Solar

Here are the key news stories impacting First Solar this week:

• Positive Sentiment: First Solar broke out to a new 52-week high, which is likely attracting momentum traders and short-covering after its recent earnings-driven run. First Solar shares jump as investors bet on favorable U.S. trade-policy backdrop and extend post-earnings momentum
• Positive Sentiment: Investors are betting that a favorable U.S. trade-policy backdrop, including a pending Section 232 decision, could improve pricing and demand for domestically produced solar modules. First Solar shares jump as investors bet on favorable U.S. trade-policy backdrop and extend post-earnings momentum
• Positive Sentiment: Coverage highlighting AI-driven electricity demand is keeping First Solar in focus as a beneficiary of growing renewable power needs from data center buildouts. Solar Stocks To Watch As AI Drives Energy Demand
• Positive Sentiment: Analyst sentiment remains constructive, with recent notes pointing to a “Moderate Buy” consensus and multiple price targets still above current trading levels. First Solar, Inc. NASDAQ: FSLR Receives Consensus Rating of "Moderate Buy" from Analysts
• Neutral Sentiment: Recent commentary also notes that First Solar continues to benefit from Section 45X manufacturing tax credits, supporting profitability, though policy uncertainty remains part of the story. First Solar shares jump as investors bet on favorable U.S. trade-policy backdrop and extend post-earnings momentum
• Negative Sentiment: Insider activity has been heavily skewed toward sales over the past six months, which can weigh on sentiment even if it does not necessarily change the business outlook. First Solar shares jump as investors bet on favorable U.S. trade-policy backdrop and extend post-earnings momentum

Insider Buying and Selling

In other First Solar news, CFO Alexander R. Bradley sold 498 shares of the firm's stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $215.63, for a total value of $107,383.74. Following the sale, the chief financial officer directly owned 30,712 shares in the company, valued at $6,622,428.56. This trade represents a 1.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Kuntal Kumar Verma sold 582 shares of the company's stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $250.00, for a total value of $145,500.00. Following the transaction, the insider directly owned 4,967 shares of the company's stock, valued at approximately $1,241,750. This represents a 10.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 97,827 shares of company stock valued at $20,006,930 over the last 90 days. 0.39% of the stock is currently owned by corporate insiders.

First Solar Trading Up 10.9%

Shares of FSLR stock opened at $303.38 on Friday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.15 and a current ratio of 2.56. The stock has a market capitalization of $32.60 billion, a P/E ratio of 19.60, a price-to-earnings-growth ratio of 0.60 and a beta of 1.57. The company has a 50 day moving average price of $211.27 and a 200 day moving average price of $231.14. First Solar, Inc. has a fifty-two week low of $135.50 and a fifty-two week high of $310.42.

First Solar (NASDAQ:FSLR - Get Free Report) last issued its quarterly earnings results on Thursday, April 30th. The solar cell manufacturer reported $3.22 earnings per share for the quarter, topping the consensus estimate of $2.87 by $0.35. First Solar had a return on equity of 18.01% and a net margin of 30.73%.The company had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the prior year, the business earned $1.95 EPS. First Solar's revenue was up 23.6% on a year-over-year basis. Equities research analysts predict that First Solar, Inc. will post 17.64 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently commented on FSLR shares. TD Cowen cut their price target on First Solar from $320.00 to $253.00 and set a "buy" rating for the company in a report on Wednesday, February 25th. Weiss Ratings upgraded shares of First Solar from a "hold (c)" rating to a "hold (c+)" rating in a research report on Tuesday. Wells Fargo & Company cut their price objective on shares of First Solar from $285.00 to $255.00 and set an "overweight" rating for the company in a research report on Thursday, February 26th. Deutsche Bank Aktiengesellschaft cut First Solar from a "buy" rating to a "hold" rating and cut their target price for the stock from $300.00 to $245.00 in a research note on Wednesday, February 25th. Finally, Morgan Stanley cut their target price on First Solar from $275.00 to $230.00 and set an "overweight" rating for the company in a research note on Tuesday, April 28th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $247.40.

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.

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.