First Solar, Inc. $FSLR Stake Trimmed by Two Seas Capital LP

Key Points

• Two Seas Capital LP cut its First Solar stake by 36.9% in the third quarter, selling 221,500 shares and retaining 377,984 shares valued at approximately $66.2 million.
• Institutional investors own 92.08% of First Solar, while company insiders sold 16,681 shares worth about $3.76 million over the past three months.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $266.23. First Solar recently reported quarterly EPS of $3.92, exceeding estimates of $2.90, while its shares traded at $179.80.

Two Seas Capital LP lowered its position in First Solar, Inc. (NASDAQ:FSLR - Free Report) by 36.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 377,984 shares of the solar cell manufacturer's stock after selling 221,500 shares during the period. First Solar makes up approximately 0.8% of Two Seas Capital LP's investment portfolio, making the stock its 15th biggest holding. Two Seas Capital LP owned approximately 0.35% of First Solar worth $66,208,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. Reflection Asset Management purchased a new stake in shares of First Solar in the fourth quarter worth approximately $26,000. Commonwealth Retirement Investments LLC purchased a new position in First Solar during the 4th quarter valued at $26,000. MV Capital Management Inc. bought a new position in First Solar in the 4th quarter valued at $30,000. Clearstead Trust LLC purchased a new stake in First Solar in the second quarter worth $34,000. Finally, Vega Investment Solutions purchased a new stake in First Solar in the second quarter worth $40,000. Hedge funds and other institutional investors own 92.08% of the company's stock.

Insider Buying and Selling at First Solar

In other First Solar news, CTO Markus Gloeckler sold 3,425 shares of the stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $218.95, for a total transaction of $749,903.75. Following the sale, the chief technology officer owned 7,471 shares of the company's stock, valued at approximately $1,635,775.45. This trade represents a 31.43% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Samantha L. Sloan sold 127 shares of First Solar stock in a transaction on Monday, August 17th. The shares were sold at an average price of $222.95, for a total value of $28,314.65. Following the completion of the transaction, the executive vice president owned 2,018 shares in the company, valued at $449,913.10. This represents a 5.92% decrease in their ownership of the stock. 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. In the last three months, insiders sold 16,681 shares of company stock valued at $3,756,286. 0.39% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on FSLR. HSBC raised shares of First Solar from a "hold" rating to a "buy" rating in a research note on Friday, August 7th. Robert W. Baird decreased their price objective on shares of First Solar from $318.00 to $290.00 and set an "outperform" rating for the company in a report on Tuesday, September 22nd. Citigroup cut shares of First Solar from a "buy" rating to a "hold" rating in a research report on Thursday, August 27th. HC Wainwright initiated coverage on shares of First Solar in a research note on Thursday, August 27th. They issued a "buy" rating on the stock. Finally, Evercore reaffirmed a "positive" rating and set a $218.00 target price on shares of First Solar in a research report on Monday, August 17th. Two analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, First Solar currently has a consensus rating of "Moderate Buy" and an average price target of $266.23.

First Solar Stock Up 2.1%

Shares of FSLR stock traded up $3.64 on Tuesday, hitting $179.80. The stock had a trading volume of 1,766,282 shares, compared to its average volume of 2,377,186. First Solar, Inc. has a one year low of $168.60 and a one year high of $320.95. The business has a 50 day moving average price of $206.96 and a 200 day moving average price of $220.01. The company has a market cap of $19.32 billion, a PE ratio of 11.09, a P/E/G ratio of 0.47 and a beta of 1.80.

First Solar (NASDAQ:FSLR - Get Free Report) last issued its earnings results on Thursday, July 30th. The solar cell manufacturer reported $3.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.90 by $1.02. First Solar had a net margin of 32.47% and a return on equity of 18.02%. The company had revenue of $1.06 billion for the quarter, compared to analysts' expectations of $1.06 billion. During the same period in the prior year, the business earned $3.18 EPS. The firm's quarterly revenue was down 3.4% on a year-over-year basis. Equities research analysts expect that First Solar, Inc. will post 17.64 EPS for the current year.

First Solar Company Profile

First Solar, Inc is a solar technology and manufacturing company that designs and produces photovoltaic (PV) solar modules for utility-scale power projects. Unlike conventional crystalline-silicon panels, its modules use thin-film semiconductor technology based on cadmium telluride (CdTe), which the company says can provide advantages in energy yield, temperature performance and lifecycle sustainability.

The company's product portfolio includes its Series 6 and Series 7 thin-film solar modules, along with related services such as technical support, module recycling and end-of-life collection.

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