First Solar, Inc. $FSLR Shares Acquired by Graham Capital Management L.P.

Key Points

• Graham Capital Management boosted its First Solar stake by 63.5% in the fourth quarter, owning 98,074 shares valued at about $25.6 million at the time of filing.
• Several other large institutional investors also increased or held significant positions, and 92.08% of First Solar shares are owned by institutions and hedge funds.
• Analysts remain mixed but generally positive: the stock has a Moderate Buy consensus with a $250.99 target, while First Solar also recently beat earnings estimates and reported revenue growth of 23.6% year over year.

Graham Capital Management L.P. increased its position in First Solar, Inc. (NASDAQ:FSLR - Free Report) by 63.5% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 98,074 shares of the solar cell manufacturer's stock after purchasing an additional 38,074 shares during the period. First Solar accounts for about 0.6% of Graham Capital Management L.P.'s investment portfolio, making the stock its 25th biggest holding. Graham Capital Management L.P. owned about 0.09% of First Solar worth $25,620,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. grew its stake 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. Geode Capital Management LLC grew its stake in First Solar by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 2,919,991 shares of the solar cell manufacturer's stock worth $761,396,000 after purchasing an additional 24,206 shares in the last quarter. Viking Global Investors LP grew its stake 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. Amundi grew its stake 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. Finally, Norges Bank acquired a new position in First Solar in the fourth quarter worth about $392,040,000. 92.08% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CTO Markus Gloeckler sold 420 shares of the business's stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $215.63, for a total transaction of $90,564.60. Following the sale, the chief technology officer owned 10,896 shares of the company's stock, valued at $2,349,504.48. The trade was a 3.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Caroline Stockdale sold 10,628 shares of the business's stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $275.60, for a total value of $2,929,076.80. Following the sale, the insider directly owned 23,792 shares in the company, valued at approximately $6,557,075.20. The trade was a 30.88% decrease in their position. 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 have sold 32,466 shares of company stock valued at $8,014,105 over the last 90 days. Corporate insiders own 0.39% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have commented on FSLR shares. Evercore lifted their target price on First Solar from $212.00 to $219.00 in a research note on Monday, May 4th. UBS Group lifted their target price on First Solar from $290.00 to $330.00 and gave the company a "buy" rating in a research note on Thursday, June 11th. Sanford C. Bernstein started coverage on First Solar in a research note on Tuesday. They issued an "underperform" rating for the company. Freedom Capital upgraded First Solar from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, May 5th. Finally, Barclays decreased their target price on First Solar from $228.00 to $213.00 and set an "overweight" rating for the company in a research note on Monday, April 20th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, twelve have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $250.99.

First Solar Price Performance

Shares of NASDAQ:FSLR opened at $264.36 on Wednesday. First Solar, Inc. has a 12 month low of $135.50 and a 12 month high of $320.95. The stock has a market cap of $28.41 billion, a price-to-earnings ratio of 17.08, a PEG ratio of 0.60 and a beta of 1.71. The stock's 50 day moving average price is $234.90 and its 200 day moving average price is $233.51. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.56 and a quick ratio of 2.15.

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

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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