LGT Group Foundation Boosts Position in First Solar, Inc. (NASDAQ:FSLR)

Key Points

• LGT Group Foundation increased its stake in First Solar, Inc. by 32.3%, owning a total of 53,045 shares valued at approximately $6.7 million.
• Insider transactions reveal significant selling activity, with CTO Markus Gloeckler selling 9,557 shares and insider Patrick James Buehler selling 1,600 shares, resulting in notable decreases in their ownership percentages.
• First Solar's stock has seen a price target range from $194 to $222 among various analysts, with an average rating of "Moderate Buy".

LGT Group Foundation increased its stake in shares of First Solar, Inc. (NASDAQ:FSLR - Free Report) by 32.3% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 53,045 shares of the solar cell manufacturer's stock after purchasing an additional 12,945 shares during the period. LGT Group Foundation's holdings in First Solar were worth $6,706,000 as of its most recent filing with the Securities & Exchange Commission.

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

Insider Activity at First Solar

In other First Solar news, insider Michael Koralewski sold 2,951 shares of the stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $158.21, for a total transaction of $466,877.71. Following the transaction, the insider directly owned 11,369 shares in the company, valued at $1,798,689.49. This represents a 20.61% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Markus Gloeckler sold 9,557 shares of the firm's 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 sale, the chief technology officer owned 8,037 shares in the company, valued at $1,246,136.85. This represents a 54.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 43,684 shares of company stock valued at $7,660,704. Company insiders own 0.48% of the company's stock.

First Solar Trading Up 11.1%

Shares of NASDAQ FSLR traded up $19.90 during mid-day trading on Friday, reaching $199.95. The company had a trading volume of 10,927,711 shares, compared to its average volume of 3,826,692. The business's 50-day moving average is $170.59 and its 200-day moving average is $153.62. 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 stock has a market cap of $21.44 billion, a price-to-earnings ratio of 17.10, a price-to-earnings-growth ratio of 0.36 and a beta of 1.48. First Solar, Inc. has a 52 week low of $116.56 and a 52 week high of $262.72.

First Solar (NASDAQ:FSLR - Get Free Report) last posted its quarterly earnings results 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 for the quarter, compared to analysts' expectations of $1.03 billion. First Solar had a net margin of 28.95% and a return on equity of 15.57%. The business's revenue for the quarter was up 8.6% on a year-over-year basis. During the same period in the prior year, the business posted $3.25 earnings per share. Equities analysts expect that First Solar, Inc. will post 13.05 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Morgan Stanley set a $223.00 price target on shares of First Solar and gave the stock an "overweight" rating in a research report on Wednesday, April 23rd. Bank of America boosted their price target on shares of First Solar from $185.00 to $201.00 and gave the stock a "buy" rating in a research report on Tuesday, July 22nd. Wolfe Research raised shares of First Solar from a "peer perform" rating to an "outperform" rating and set a $221.00 price target on the stock in a research note on Tuesday, May 13th. KeyCorp downgraded shares of First Solar from a "sector weight" rating to an "underweight" rating and set a $100.00 price target on the stock. in a research note on Wednesday, April 30th. Finally, Wells Fargo & Company decreased their price target on shares of First Solar from $191.00 to $177.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 30th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty-two have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $222.44.

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.