Hsbc Holdings PLC Sells 71,602 Shares of First Solar, Inc. $FSLR

Key Points

• Hsbc Holdings PLC reduced its First Solar stake by 11.2% in the fourth quarter, selling 71,602 shares and leaving it with 566,927 shares valued at about $148.2 million.
• Several other institutions also adjusted their positions, while institutional investors now own 92.08% of First Solar and insiders own about 0.39%.
• First Solar reported strong quarterly results with EPS of $3.22, topping estimates, and revenue of $1.04 billion; however, analysts have trimmed price targets, with consensus still at a Moderate Buy and a target of $249.78.

Hsbc Holdings PLC cut its position in First Solar, Inc. (NASDAQ:FSLR - Free Report) by 11.2% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 566,927 shares of the solar cell manufacturer's stock after selling 71,602 shares during the period. Hsbc Holdings PLC owned approximately 0.53% of First Solar worth $148,245,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in FSLR. Mengis Capital Management Inc. increased its position in shares of First Solar by 26.1% during the fourth quarter. Mengis Capital Management Inc. now owns 7,243 shares of the solar cell manufacturer's stock valued at $1,892,000 after acquiring an additional 1,500 shares in the last quarter. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in First Solar in the 4th quarter valued at approximately $2,952,000. Employees Provident Fund Board bought a new position in First Solar in the 4th quarter valued at approximately $25,531,000. Caitong International Asset Management Co. Ltd purchased a new stake in First Solar during the 4th quarter valued at $107,000. Finally, Reflection Asset Management purchased a new stake in First Solar during the 4th quarter valued at $26,000. Institutional investors own 92.08% of the company's stock.

Insider Buying and Selling

In related news, CTO Markus Gloeckler sold 420 shares of the company's stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $215.63, for a total transaction of $90,564.60. Following the completion of the sale, the chief technology officer owned 10,896 shares in the company, valued at approximately $2,349,504.48. This represents a 3.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Kuntal Kumar Verma sold 582 shares of the stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $250.00, for a total value of $145,500.00. Following the completion of the transaction, the insider directly owned 4,967 shares in the company, valued at approximately $1,241,750. This represents a 10.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 32,466 shares of company stock valued at $8,014,105 over the last ninety days. 0.39% of the stock is owned by insiders.

First Solar Stock Performance

Shares of FSLR stock opened at $257.70 on Friday. The company has a current ratio of 2.56, a quick ratio of 2.15 and a debt-to-equity ratio of 0.02. First Solar, Inc. has a 12-month low of $139.26 and a 12-month high of $320.95. The stock has a market capitalization of $27.69 billion, a P/E ratio of 16.65, a P/E/G ratio of 0.57 and a beta of 1.71. The firm's 50 day moving average is $238.53 and its 200 day moving average is $233.45.

First Solar (NASDAQ:FSLR - Get Free Report) last announced its earnings results on Thursday, April 30th. The solar cell manufacturer reported $3.22 earnings per share for the quarter, beating analysts' consensus estimates of $2.87 by $0.35. The business had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.03 billion. First Solar had a net margin of 30.73% and a return on equity of 18.01%. The company's quarterly revenue was up 23.6% compared to the same quarter last year. During the same period in the previous year, the business earned $1.95 EPS. Research analysts expect that First Solar, Inc. will post 17.61 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. Royal Bank Of Canada reduced their target price on First Solar from $258.00 to $236.00 and set an "outperform" rating for the company in a report on Wednesday, February 25th. TD Cowen lowered their price target on First Solar from $320.00 to $253.00 and set a "buy" rating on the stock in a report on Wednesday, February 25th. Morgan Stanley dropped their price objective on First Solar from $275.00 to $230.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 28th. Glj Research downgraded First Solar from a "buy" rating to a "hold" rating and reduced their price objective for the stock from $314.43 to $207.82 in a report on Wednesday, March 4th. Finally, Robert W. Baird reissued a "neutral" rating and issued a $205.00 target price (down from $264.00) on shares of First Solar in a research report on Wednesday, February 25th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, twelve have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $249.78.

First Solar Profile

First Solar, Inc NASDAQ: FSLR is a United States–based solar technology company best known for designing and manufacturing thin‑film photovoltaic (PV) modules that use cadmium telluride (CdTe) semiconductor technology. The company supplies PV modules and delivers integrated solar power solutions for utility‑scale projects, positioning itself as a provider of both components and complete solar energy systems rather than solely a parts supplier. First Solar was founded in 1999 and is headquartered in Tempe, Arizona.

Beyond module manufacturing, First Solar offers a range of project services including development support, engineering, procurement and construction (EPC) services, and operations and maintenance (O&M) for large-scale solar installations.

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