First Solar, Inc. (NASDAQ:FSLR) Position Increased by LGT Fund Management Co Ltd.

Key Points

• LGT Fund Management Co Ltd increased its holdings in First Solar, Inc. by 89.6% in the 1st quarter, owning a total of 26,915 shares valued at approximately $3.4 million.
• First Solar reported an earnings per share (EPS) of $3.18 for the latest quarter, significantly exceeding analysts’ estimates of $2.68, with a revenue growth of 8.6% year-over-year.
• Analysts have mixed views on First Solar, with ratings ranging from "sell" to "strong buy", and an average price target of $222.67 suggesting moderate buy sentiment.

LGT Fund Management Co Ltd. raised its holdings in shares of First Solar, Inc. (NASDAQ:FSLR - Free Report) by 89.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 26,915 shares of the solar cell manufacturer's stock after purchasing an additional 12,716 shares during the period. LGT Fund Management Co Ltd.'s holdings in First Solar were worth $3,403,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in FSLR. Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in shares of First Solar by 0.7% in the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 11,348 shares of the solar cell manufacturer's stock valued at $1,435,000 after purchasing an additional 82 shares during the period. Linden Thomas Advisory Services LLC grew its stake in shares of First Solar by 4.3% in the 1st quarter. Linden Thomas Advisory Services LLC now owns 2,243 shares of the solar cell manufacturer's stock valued at $284,000 after buying an additional 92 shares in the last quarter. EP Wealth Advisors LLC grew its stake in shares of First Solar by 7.9% in the 4th quarter. EP Wealth Advisors LLC now owns 1,293 shares of the solar cell manufacturer's stock valued at $228,000 after buying an additional 95 shares in the last quarter. Signaturefd LLC grew its stake in shares of First Solar by 11.6% in the 1st quarter. Signaturefd LLC now owns 985 shares of the solar cell manufacturer's stock valued at $125,000 after buying an additional 102 shares in the last quarter. Finally, Covestor Ltd grew its stake in shares of First Solar by 10.4% in the 1st quarter. Covestor Ltd now owns 1,096 shares of the solar cell manufacturer's stock valued at $139,000 after buying an additional 103 shares in the last quarter. Institutional investors own 92.08% of the company's stock.

First Solar Stock Performance

Shares of NASDAQ:FSLR opened at $182.13 on Tuesday. First Solar, Inc. has a twelve month low of $116.56 and a twelve month high of $262.72. The firm has a market cap of $19.53 billion, a PE ratio of 15.58, a price-to-earnings-growth ratio of 0.36 and a beta of 1.48. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.41 and a current ratio of 1.90. The business has a fifty day moving average of $169.26 and a 200-day moving average of $153.07.

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

Insider Buying and Selling

In other First Solar news, insider Michael Koralewski sold 2,951 shares of the firm's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $158.21, for a total transaction of $466,877.71. Following the transaction, the insider owned 11,369 shares in the company, valued at approximately $1,798,689.49. This trade represents a 20.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Markus Gloeckler sold 9,557 shares of the firm's stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $155.05, for a total value of $1,481,812.85. Following the transaction, the chief technology officer owned 8,037 shares in the company, valued at approximately $1,246,136.85. This trade represents a 54.32% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 15,976 shares of company stock worth $2,515,172 over the last three months. 0.48% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on FSLR. KeyCorp cut First Solar from a "sector weight" rating to an "underweight" rating and set a $100.00 price target for the company. in a research note on Wednesday, April 30th. Truist Financial reissued a "buy" rating and issued a $200.00 price target (down previously from $245.00) on shares of First Solar in a research note on Thursday, May 1st. The Goldman Sachs Group increased their price target on First Solar from $204.00 to $255.00 and gave the company a "buy" rating in a report on Monday, May 19th. Wall Street Zen upgraded First Solar from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Finally, Royal Bank Of Canada increased their price target on First Solar from $188.00 to $200.00 and gave the company an "outperform" rating in a report on Tuesday, July 1st. One analyst has rated the stock with a sell rating, five have given a hold rating, twenty-three have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $222.67.

First Solar 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.

Want to see what other hedge funds are holding FSLR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for First Solar, Inc. (NASDAQ:FSLR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.