Hennessy Advisors Inc. Takes Position in First Solar, Inc. (NASDAQ:FSLR)

Hennessy Advisors Inc. bought a new position in shares of First Solar, Inc. (NASDAQ:FSLR - Free Report) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 2,500 shares of the solar cell manufacturer's stock, valued at approximately $316,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Allspring Global Investments Holdings LLC increased its stake in First Solar by 665.8% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 39,192 shares of the solar cell manufacturer's stock valued at $7,308,000 after buying an additional 34,074 shares during the last quarter. RWC Asset Management LLP acquired a new position in First Solar in the 4th quarter valued at about $16,745,000. Bank of New York Mellon Corp raised its holdings in First Solar by 9.9% in the 4th quarter. Bank of New York Mellon Corp now owns 711,688 shares of the solar cell manufacturer's stock valued at $125,428,000 after acquiring an additional 63,820 shares during the period. Ethic Inc. boosted its holdings in shares of First Solar by 34.2% during the fourth quarter. Ethic Inc. now owns 17,807 shares of the solar cell manufacturer's stock worth $3,138,000 after acquiring an additional 4,542 shares during the period. Finally, Mader & Shannon Wealth Management Inc. increased its stake in shares of First Solar by 69.7% during the fourth quarter. Mader & Shannon Wealth Management Inc. now owns 14,363 shares of the solar cell manufacturer's stock worth $2,531,000 after purchasing an additional 5,897 shares during the period. 92.08% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other First Solar news, insider Patrick James Buehler sold 1,868 shares of the firm'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 sale, the insider now owns 5,998 shares of the company's stock, valued at $894,181.84. This trade represents a 23.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CTO Markus Gloeckler sold 9,557 shares of the business'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 now directly owns 8,037 shares of the company's stock, valued at $1,246,136.85. The trade was a 54.32% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 14,376 shares of company stock worth $2,227,172 over the last ninety days. Company insiders own 0.48% of the company's stock.

First Solar Stock Down 0.2%

Shares of FSLR traded down $0.23 on Thursday, reaching $143.67. The company's stock had a trading volume of 7,587,328 shares, compared to its average volume of 3,150,870. First Solar, Inc. has a twelve month low of $116.56 and a twelve month high of $268.12. The firm has a fifty day moving average of $149.44 and a 200-day moving average of $158.09. The stock has a market capitalization of $15.41 billion, a PE ratio of 12.22, a PEG ratio of 0.29 and a beta of 1.53. The company has a current ratio of 1.93, a quick ratio of 1.39 and a debt-to-equity ratio of 0.04.

First Solar (NASDAQ:FSLR - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The solar cell manufacturer reported $1.95 earnings per share for the quarter, missing the consensus estimate of $2.50 by ($0.55). The firm had revenue of $844.57 million for the quarter, compared to the consensus estimate of $863.11 million. First Solar had a net margin of 29.72% and a return on equity of 16.32%. First Solar's revenue for the quarter was up 6.4% on a year-over-year basis. During the same period last year, the company posted $2.20 earnings per share. Equities analysts predict that First Solar, Inc. will post 13.05 EPS for the current year.

Analyst Ratings Changes

FSLR has been the subject of a number of recent research reports. BMO Capital Markets reduced their target price on shares of First Solar from $200.00 to $187.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th. Guggenheim dropped their target price on shares of First Solar from $253.00 to $202.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. Susquehanna reduced their price target on shares of First Solar from $223.00 to $217.00 and set a "positive" rating on the stock in a research report on Monday, April 14th. Wells Fargo & Company lowered their target price on First Solar from $191.00 to $177.00 and set an "overweight" rating for the company in a research note on Wednesday, April 30th. Finally, Piper Sandler dropped their target price on First Solar from $230.00 to $205.00 and set an "overweight" rating for the company in a research report on Monday, April 21st. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, twenty-five have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $229.19.

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.