Janney Montgomery Scott LLC Lowers Stock Position in First Solar, Inc. $FSLR

Key Points

• Janney Montgomery Scott LLC reduced its stake in First Solar, Inc. (NASDAQ:FSLR) by 20.5%, selling 4,363 shares, which left it with 16,901 shares valued at approximately $2.8 million.
• Insider trading revealed that CEO Mark R. Widmar sold 23,912 shares valued at about $4.43 million, resulting in a 21.37% decrease in his ownership of the company.
• Analysts are optimistic about First Solar's future, with price targets being raised significantly; TD Cowen set a new target of $240, while Guggenheim's target reached $287, both maintaining a "buy" rating.

Janney Montgomery Scott LLC cut its holdings in shares of First Solar, Inc. (NASDAQ:FSLR - Free Report) by 20.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 16,901 shares of the solar cell manufacturer's stock after selling 4,363 shares during the period. Janney Montgomery Scott LLC's holdings in First Solar were worth $2,798,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. TD Private Client Wealth LLC grew its position in shares of First Solar by 126.9% during the second quarter. TD Private Client Wealth LLC now owns 152 shares of the solar cell manufacturer's stock worth $25,000 after acquiring an additional 85 shares during the last quarter. Harbor Investment Advisory LLC grew its position in First Solar by 138.9% in the 2nd quarter. Harbor Investment Advisory LLC now owns 172 shares of the solar cell manufacturer's stock valued at $28,000 after buying an additional 100 shares during the last quarter. Garde Capital Inc. purchased a new position in First Solar in the 1st quarter valued at $25,000. Wealth Preservation Advisors LLC purchased a new position in First Solar in the 1st quarter valued at $25,000. Finally, Colonial Trust Advisors purchased a new position in First Solar in the 1st quarter valued at $32,000. 92.08% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Mark R. Widmar sold 23,912 shares of the business's stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $185.47, for a total value of $4,434,958.64. Following the completion of the transaction, the chief executive officer owned 87,978 shares of the company's stock, valued at approximately $16,317,279.66. The trade was a 21.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Nathan B. Theurer sold 686 shares of the business's stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $182.03, for a total transaction of $124,872.58. The disclosure for this sale can be found here. Insiders sold a total of 30,715 shares of company stock valued at $5,733,305 in the last three months. 0.48% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

FSLR has been the topic of a number of analyst reports. TD Cowen lifted their price objective on shares of First Solar from $220.00 to $240.00 and gave the company a "buy" rating in a research report on Friday, September 12th. Guggenheim lifted their price objective on shares of First Solar from $202.00 to $287.00 and gave the company a "buy" rating in a research report on Friday, August 22nd. Glj Research reiterated a "buy" rating and issued a $214.06 price objective (up from $172.53) on shares of First Solar in a research report on Tuesday, August 12th. Susquehanna lifted their price objective on shares of First Solar from $203.00 to $222.00 and gave the company a "positive" rating in a research report on Friday, August 1st. Finally, Jefferies Financial Group lifted their price objective on shares of First Solar from $212.00 to $260.00 and gave the company a "buy" rating in a research report on Thursday, October 2nd. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $231.04.

First Solar Trading Up 1.3%

NASDAQ:FSLR opened at $234.30 on Friday. The company has a market capitalization of $25.13 billion, a PE ratio of 20.04, a price-to-earnings-growth ratio of 0.46 and a beta of 1.38. The company has a quick ratio of 1.41, a current ratio of 1.90 and a debt-to-equity ratio of 0.04. First Solar, Inc. has a 52-week low of $116.56 and a 52-week high of $237.20. The stock has a fifty day simple moving average of $205.26 and a 200-day simple moving average of $170.68.

First Solar (NASDAQ:FSLR - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The solar cell manufacturer reported $3.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.68 by $0.50. The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.03 billion. First Solar had a return on equity of 15.57% and a net margin of 28.95%.The business's revenue was up 8.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $3.25 EPS. First Solar has set its FY 2025 guidance at 13.500-16.500 EPS. On average, equities research analysts expect that First Solar, Inc. will post 13.05 earnings per share for the current fiscal year.

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.

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