Jupiter Asset Management Ltd. Sells 2,333 Shares of First Solar, Inc. (NASDAQ:FSLR)

Key Points

• Jupiter Asset Management Ltd. reduced its stake in First Solar, Inc. by 2.7% in Q1, holding approximately $10.75 million worth of shares after selling 2,333 shares during the quarter.
• Several hedge funds significantly increased their holdings in First Solar in the last quarter, with Demars Financial Group boosting its position by over 17,404%.
• First Solar's quarterly earnings beat analyst expectations, reporting $3.18 earnings per share against a forecast of $2.68, and projected a fiscal year EPS of 13.05.

Jupiter Asset Management Ltd. trimmed its position in shares of First Solar, Inc. (NASDAQ:FSLR - Free Report) by 2.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 85,017 shares of the solar cell manufacturer's stock after selling 2,333 shares during the period. Jupiter Asset Management Ltd. owned about 0.08% of First Solar worth $10,749,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Garde Capital Inc. purchased a new position in shares of First Solar during the 1st quarter valued at about $25,000. Larson Financial Group LLC raised its holdings in shares of First Solar by 591.9% during the 1st quarter. Larson Financial Group LLC now owns 256 shares of the solar cell manufacturer's stock valued at $32,000 after buying an additional 219 shares in the last quarter. Banque Transatlantique SA purchased a new position in shares of First Solar during the 4th quarter valued at about $53,000. Abound Financial LLC purchased a new position in First Solar in the 1st quarter worth approximately $45,000. Finally, Princeton Global Asset Management LLC purchased a new position in First Solar in the 1st quarter worth approximately $51,000. 92.08% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have commented on FSLR. Wolfe Research raised 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. Morgan Stanley set a $223.00 price target on First Solar and gave the stock an "overweight" rating in a research note on Wednesday, April 23rd. Wall Street Zen raised First Solar from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Guggenheim decreased their price target on First Solar from $253.00 to $202.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. Finally, Robert W. Baird decreased their price target on First Solar from $267.00 to $240.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 15th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, twenty-three have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $222.67.

First Solar Stock Performance

First Solar stock traded up $3.86 during mid-day trading on Thursday, reaching $188.87. 386,786 shares of the stock traded hands, compared to its average volume of 3,823,305. The stock has a market capitalization of $20.26 billion, a PE ratio of 16.24, a price-to-earnings-growth ratio of 0.37 and a beta of 1.48. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.90 and a quick ratio of 1.41. First Solar, Inc. has a 12-month low of $116.56 and a 12-month high of $262.72. The business's 50-day moving average is $167.51 and its 200-day moving average is $153.29.

First Solar (NASDAQ:FSLR - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The solar cell manufacturer reported $3.18 EPS for the quarter, beating analysts' consensus estimates of $2.68 by $0.50. The company had revenue of $1.10 billion during the quarter, compared to analysts' expectations of $1.03 billion. First Solar had a return on equity of 15.57% and a net margin of 28.95%. First Solar's revenue for the quarter was up 8.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.25 earnings per share. As a group, sell-side analysts predict that First Solar, Inc. will post 13.05 EPS for the current fiscal year.

Insiders Place Their Bets

In other First Solar news, CTO Markus Gloeckler sold 9,557 shares of the company'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 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 sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Michael Koralewski sold 2,951 shares of the company's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $158.21, for a total value of $466,877.71. Following the completion of the transaction, the insider directly owned 11,369 shares of the company's stock, valued at approximately $1,798,689.49. This trade represents a 20.61% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 15,976 shares of company stock worth $2,515,172 over the last quarter. 0.48% of the stock is currently owned by corporate insiders.

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.