HB Wealth Management LLC Purchases 6,230 Shares of First Solar, Inc. (NASDAQ:FSLR)

Key Points

• HB Wealth Management LLC increased its stake in First Solar, Inc. by 512.8% during the first quarter, owning a total of 7,445 shares valued at $941,000.
• Insiders at First Solar have sold a total of 15,976 shares valued at $2.5 million over the last three months, reflecting a decrease in their ownership positions.
• Despite some analysts lowering their price targets, First Solar holds an average rating of "Moderate Buy" with a consensus price target of $225.73.

HB Wealth Management LLC grew its holdings in First Solar, Inc. (NASDAQ:FSLR - Free Report) by 512.8% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 7,445 shares of the solar cell manufacturer's stock after buying an additional 6,230 shares during the quarter. HB Wealth Management LLC's holdings in First Solar were worth $941,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Huntington National Bank lifted its stake in shares of First Solar by 15.3% in the 4th quarter. Huntington National Bank now owns 511 shares of the solar cell manufacturer's stock valued at $90,000 after purchasing an additional 68 shares during the period. Evexia Wealth LLC lifted its stake in shares of First Solar by 2.1% in the 4th quarter. Evexia Wealth LLC now owns 3,481 shares of the solar cell manufacturer's stock valued at $586,000 after purchasing an additional 70 shares during the period. Westpac Banking Corp lifted its stake in shares of First Solar by 8.9% in the 4th quarter. Westpac Banking Corp now owns 917 shares of the solar cell manufacturer's stock valued at $162,000 after purchasing an additional 75 shares during the period. Covestor Ltd lifted its stake in shares of First Solar by 8.4% in the 4th quarter. Covestor Ltd now owns 993 shares of the solar cell manufacturer's stock valued at $175,000 after purchasing an additional 77 shares during the period. Finally, Nomura Asset Management Co. Ltd. lifted its stake in shares of First Solar by 0.3% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 30,948 shares of the solar cell manufacturer's stock valued at $5,454,000 after purchasing an additional 81 shares during the period. Hedge funds and other institutional investors own 92.08% of the company's stock.

Insider Activity

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

First Solar Stock Performance

NASDAQ FSLR traded down $4.40 on Thursday, hitting $174.73. 3,554,488 shares of the company traded hands, compared to its average volume of 2,775,619. The company has a market capitalization of $18.74 billion, a price-to-earnings ratio of 14.86, a P/E/G ratio of 0.35 and a beta of 1.52. The company has a current ratio of 1.93, a quick ratio of 1.39 and a debt-to-equity ratio of 0.04. The business's 50 day moving average price is $165.30 and its 200-day moving average price is $153.41. 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 announced its quarterly earnings data on Thursday, July 31st. The solar cell manufacturer reported $3.18 EPS for the quarter, beating the consensus estimate of $2.68 by $0.50. First Solar had a return on equity of 16.32% and a net margin of 29.72%. During the same period in the prior year, the business earned $3.25 EPS. The firm's revenue for the quarter was up 8.6% compared to the same quarter last year. Equities analysts expect that First Solar, Inc. will post 13.05 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Wolfe Research upgraded First Solar from a "peer perform" rating to an "outperform" rating and set a $221.00 target price for the company in a research note on Tuesday, May 13th. Jefferies Financial Group set a $194.00 price objective on First Solar and gave the company a "buy" rating in a research report on Tuesday, July 15th. BMO Capital Markets reduced their price objective on First Solar from $200.00 to $187.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th. KeyCorp lowered First Solar from a "sector weight" rating to an "underweight" rating and set a $100.00 price objective for the company. in a research report on Wednesday, April 30th. Finally, Wells Fargo & Company reduced their price objective on First Solar from $191.00 to $177.00 and set an "overweight" rating for the company in a research report on Wednesday, April 30th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, First Solar presently has an average rating of "Moderate Buy" and a consensus target price of $225.73.

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.