First Solar, Inc. $FSLR Stake Lessened by Independence Bank of Kentucky

Key Points

• Independence Bank of Kentucky reduced its stake in First Solar by 44.6% in Q2, now holding 7,045 shares valued at approximately $1.17 million.
• Several other institutional investors have increased their holdings in First Solar, including Oppenheimer & Co. with a significant 396.5% increase, now totaling 11,777 shares.
• First Solar's stock has shown a mixed performance with a 52-week high of $262.72 and a low of $116.56, while analysts have generally maintained a positive outlook with an average rating of "Moderate Buy."

Independence Bank of Kentucky lowered its holdings in First Solar, Inc. (NASDAQ:FSLR - Free Report) by 44.6% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,045 shares of the solar cell manufacturer's stock after selling 5,670 shares during the period. Independence Bank of Kentucky's holdings in First Solar were worth $1,166,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Cetera Investment Advisers raised its holdings in shares of First Solar by 10.9% during the first quarter. Cetera Investment Advisers now owns 25,437 shares of the solar cell manufacturer's stock worth $3,216,000 after acquiring an additional 2,510 shares in the last quarter. Oppenheimer & Co. Inc. raised its holdings in First Solar by 396.5% during the first quarter. Oppenheimer & Co. Inc. now owns 11,777 shares of the solar cell manufacturer's stock valued at $1,489,000 after buying an additional 9,405 shares in the last quarter. Asset Management One Co. Ltd. raised its holdings in First Solar by 7.1% during the first quarter. Asset Management One Co. Ltd. now owns 48,722 shares of the solar cell manufacturer's stock valued at $6,160,000 after buying an additional 3,226 shares in the last quarter. Vontobel Holding Ltd. raised its holdings in First Solar by 14.2% during the first quarter. Vontobel Holding Ltd. now owns 189,320 shares of the solar cell manufacturer's stock valued at $23,936,000 after buying an additional 23,528 shares in the last quarter. Finally, Oakworth Capital Inc. raised its holdings in First Solar by 24.7% during the first quarter. Oakworth Capital Inc. now owns 9,682 shares of the solar cell manufacturer's stock valued at $1,224,000 after buying an additional 1,916 shares in the last quarter. 92.08% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Mark R. Widmar sold 2,321 shares of First Solar stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $199.44, for a total transaction of $462,900.24. Following the sale, the chief executive officer directly owned 81,861 shares of the company's stock, valued at $16,326,357.84. This trade represents a 2.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Patrick James Buehler sold 1,600 shares of First Solar stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $180.00, for a total value of $288,000.00. Following the sale, the insider directly owned 4,398 shares in the company, valued at approximately $791,640. This trade represents a 26.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 32,315 shares of company stock valued at $6,021,305 over the last three months. 0.48% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have weighed in on FSLR. Wall Street Zen upgraded First Solar from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. JPMorgan Chase & Co. raised their target price on First Solar from $241.00 to $262.00 and gave the company an "overweight" rating in a report on Friday, September 19th. Guggenheim raised their target price on First Solar from $202.00 to $287.00 and gave the company a "buy" rating in a report on Friday, August 22nd. UBS Group restated a "buy" rating and set a $275.00 target price (up from $255.00) on shares of First Solar in a report on Tuesday, August 5th. Finally, Glj Research restated a "buy" rating and set a $214.06 target price (up from $172.53) on shares of First Solar in a report on Tuesday, August 12th. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $228.80.

First Solar Trading Down 1.4%

Shares of NASDAQ:FSLR opened at $220.02 on Monday. The company has a market cap of $23.60 billion, a P/E ratio of 18.82, a P/E/G ratio of 0.43 and a beta of 1.40. The stock's 50-day moving average is $196.64 and its 200-day moving average is $165.07. First Solar, Inc. has a 52-week low of $116.56 and a 52-week high of $262.72. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.41 and a current ratio of 1.90.

First Solar (NASDAQ:FSLR - Get Free Report) last issued 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. The company had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.03 billion. First Solar had a return on equity of 15.57% and a net margin of 28.95%.The firm's revenue was up 8.6% compared to the same quarter last year. During the same period last year, the business posted $3.25 earnings per share. First Solar has set its FY 2025 guidance at 13.500-16.500 EPS. Equities research analysts predict that First Solar, Inc. will post 13.05 earnings per share for the current year.

About First Solar

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.

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