First Solar, Inc. $FSLR Shares Sold by Patton Fund Management Inc.

Key Points

• Patton Fund Management sharply reduced its First Solar stake by 93.9% in the first quarter, selling 27,120 shares and leaving it with 1,764 shares valued at about $348,000.
• First Solar has seen mixed institutional and analyst activity: several funds increased holdings, while brokerages issued a moderate buy consensus with a target price of $249.78 and recent rating/price-target changes across firms.
• The company is facing increased legal overhang from multiple class-action announcements and securities-fraud investigations, even as its latest quarterly results beat expectations with $3.22 EPS and revenue up 23.6% year over year.

Patton Fund Management Inc. cut its holdings in shares of First Solar, Inc. (NASDAQ:FSLR - Free Report) by 93.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,764 shares of the solar cell manufacturer's stock after selling 27,120 shares during the quarter. Patton Fund Management Inc.'s holdings in First Solar were worth $348,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Patriot Financial Group Insurance Agency LLC acquired a new position in First Solar in the first quarter valued at about $511,000. Pictet Asset Management Holding SA boosted its stake in First Solar by 29.3% during the first quarter. Pictet Asset Management Holding SA now owns 1,138,473 shares of the solar cell manufacturer's stock worth $224,540,000 after buying an additional 258,204 shares during the period. ABN AMRO Bank N.V. increased its position in shares of First Solar by 8.9% during the first quarter. ABN AMRO Bank N.V. now owns 198,911 shares of the solar cell manufacturer's stock valued at $39,668,000 after acquiring an additional 16,281 shares during the last quarter. Union Bancaire Privee UBP SA increased its position in shares of First Solar by 21.5% during the first quarter. Union Bancaire Privee UBP SA now owns 46,802 shares of the solar cell manufacturer's stock valued at $9,232,000 after acquiring an additional 8,270 shares during the last quarter. Finally, Louisiana State Employees Retirement System purchased a new stake in shares of First Solar in the 1st quarter valued at approximately $1,085,000. 92.08% of the stock is owned by institutional investors and hedge funds.

Key Stories Impacting First Solar

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

• Negative Sentiment: Several firms, including Howard G. Smith, Bronstein Gewirtz & Grossman, Rosen Law, Pomerantz, Portnoy, and the Schall Law Firm, announced or promoted class-action cases tied to First Solar, increasing legal overhang and headline risk. Article Title
• Negative Sentiment: Multiple securities-fraud investigations were also launched or reiterated by plaintiff firms, suggesting investors are actively probing whether earlier company disclosures may have been misleading. Article Title
• Neutral Sentiment: One Zacks item called First Solar a strong growth stock, which is supportive on fundamentals, but it appears to be a generic rating piece rather than a new company-specific catalyst. Article Title

Analyst Ratings Changes

Several brokerages have recently commented on FSLR. Weiss Ratings upgraded shares of First Solar from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday. Barclays cut their target price on First Solar from $228.00 to $213.00 and set an "overweight" rating on the stock in a research report on Monday, April 20th. Zacks Research upgraded First Solar from a "strong sell" rating to a "hold" rating in a research note on Monday, April 27th. Guggenheim raised their price target on First Solar from $269.00 to $279.00 and gave the stock a "buy" rating in a research report on Thursday, May 21st. Finally, HSBC lifted their price objective on First Solar from $211.00 to $231.00 and gave the company a "hold" rating in a research note on Tuesday, May 5th. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, twelve have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $249.78.

Insider Transactions at First Solar

In related news, insider Georges Antoun sold 566 shares of the business's stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $215.63, for a total transaction of $122,046.58. Following the completion of the transaction, the insider directly owned 19,918 shares of the company's stock, valued at $4,294,918.34. The trade was a 2.76% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Alexander R. Bradley sold 498 shares of the company's stock in a transaction dated 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 owned 30,712 shares in the company, valued at approximately $6,622,428.56. This trade represents a 1.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 32,466 shares of company stock valued at $8,014,105 in the last 90 days. Insiders own 0.39% of the company's stock.

First Solar Price Performance

Shares of FSLR opened at $239.07 on Monday. First Solar, Inc. has a fifty-two week low of $149.54 and a fifty-two week high of $320.95. The firm's 50 day moving average price is $243.56 and its 200 day moving average price is $232.95. The company has a market cap of $25.69 billion, a P/E ratio of 15.44, a PEG ratio of 0.53 and a beta of 1.70. 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 issued its quarterly earnings results 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 company had revenue of $1.04 billion during the quarter, compared to analysts' expectations of $1.03 billion. First Solar had a net margin of 30.73% and a return on equity of 18.01%. The firm's revenue was up 23.6% compared to the same quarter last year. During the same quarter last year, the company posted $1.95 EPS. On average, research analysts forecast that First Solar, Inc. will post 17.61 earnings per share for the current fiscal year.

First Solar 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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