First Solar, Inc. (NASDAQ:FSLR) is SCP Investment LP's 9th Largest Position

Key Points

• SCP Investment LP increased its stake in First Solar, Inc. by 15.5% in Q1, making it the 9th largest position in their portfolio, valued at approximately $1.98 million.
• Insider Michael Koralewski sold 2,951 shares of First Solar stock, significantly decreasing his stake by 20.61%, while total insider sales in the last 90 days reached approximately $2.5 million.
• First Solar reported earnings of $3.18 per share, surpassing estimates, and recorded 8.6% revenue growth year-over-year, with a total revenue of $1.10 billion for the quarter.

SCP Investment LP grew its holdings in shares of First Solar, Inc. (NASDAQ:FSLR - Free Report) by 15.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 15,688 shares of the solar cell manufacturer's stock after buying an additional 2,100 shares during the quarter. First Solar accounts for 1.7% of SCP Investment LP's portfolio, making the stock its 9th largest position. SCP Investment LP's holdings in First Solar were worth $1,983,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the stock. Garde Capital Inc. acquired a new position in shares of First Solar in the first quarter valued at approximately $25,000. Larson Financial Group LLC lifted its position in First Solar by 591.9% in the 1st quarter. Larson Financial Group LLC now owns 256 shares of the solar cell manufacturer's stock worth $32,000 after buying an additional 219 shares during the last quarter. Banque Transatlantique SA purchased a new position in First Solar in the 4th quarter worth approximately $53,000. Abound Financial LLC purchased a new stake in shares of First Solar in the 1st quarter worth about $45,000. Finally, Princeton Global Asset Management LLC bought a new position in First Solar during the 1st quarter valued at approximately $51,000. Institutional investors and hedge funds own 92.08% of the company's stock.

Analysts Set New Price Targets

FSLR has been the subject of several research analyst reports. TD Cowen raised their target price on shares of First Solar from $200.00 to $220.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Barclays decreased their target price on First Solar from $236.00 to $204.00 and set an "overweight" rating for the company in a research report on Friday, April 11th. Mizuho lifted their target price on First Solar from $275.00 to $278.00 and gave the stock an "outperform" rating in a report on Monday, July 14th. Guggenheim decreased their target price on First Solar from $253.00 to $202.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Finally, Oppenheimer lowered First Solar from an "outperform" rating to a "market perform" rating in a research report on Wednesday, April 30th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, twenty-three have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $222.67.

Insider Activity at First Solar

In other First Solar news, CTO Markus Gloeckler sold 9,557 shares of First Solar stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $155.05, for a total transaction of $1,481,812.85. Following the completion of the transaction, the chief technology officer owned 8,037 shares in the company, valued at approximately $1,246,136.85. The trade was a 54.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Patrick James Buehler sold 1,868 shares of the company's stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $149.08, for a total transaction of $278,481.44. Following the completion of the transaction, the insider directly owned 5,998 shares in the company, valued at $894,181.84. This trade represents a 23.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 15,976 shares of company stock valued at $2,515,172 in the last ninety days. Corporate insiders own 0.48% of the company's stock.

First Solar Stock Performance

NASDAQ:FSLR traded up $3.14 during mid-day trading on Thursday, reaching $188.15. The company's stock had a trading volume of 861,148 shares, compared to its average volume of 3,826,939. The stock has a market cap of $20.18 billion, a P/E ratio of 16.13, a PEG ratio of 0.37 and a beta of 1.48. The company has a current ratio of 1.90, a quick ratio of 1.41 and a debt-to-equity ratio of 0.04. The firm's fifty day moving average price is $167.51 and its two-hundred day moving average price is $153.29. First Solar, Inc. has a 12-month low of $116.56 and a 12-month high of $262.72.

First Solar (NASDAQ:FSLR - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The solar cell manufacturer reported $3.18 earnings per share for the quarter, topping analysts' consensus estimates of $2.68 by $0.50. First Solar had a net margin of 28.95% and a return on equity of 15.57%. The company had revenue of $1.10 billion for the quarter, compared to analysts' expectations of $1.03 billion. During the same quarter last year, the company earned $3.25 earnings per share. The firm's revenue for the quarter was up 8.6% on a year-over-year basis. On average, equities analysts forecast that First Solar, Inc. will post 13.05 EPS for the current fiscal year.

First Solar Company Profile

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.