Krane Funds Advisors LLC Invests $1.75 Million in First Solar, Inc. $FSLR

Key Points

• Krane Funds Advisors opened a new position in First Solar during the fourth quarter, buying 6,700 shares valued at about $1.75 million.
• Institutional interest in First Solar remains heavy, with hedge funds and other investors owning 92.08% of the company’s shares.
• First Solar reported strong quarterly results, including EPS of $3.22 versus estimates of $2.87 and revenue of $1.04 billion, while analysts currently view the stock as a Moderate Buy with an average target price of $247.40.

Krane Funds Advisors LLC purchased a new position in shares of First Solar, Inc. (NASDAQ:FSLR - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 6,700 shares of the solar cell manufacturer's stock, valued at approximately $1,750,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Telemark Asset Management LLC acquired a new position in First Solar during the fourth quarter worth approximately $13,062,000. Dearborn Partners LLC acquired a new position in shares of First Solar in the 4th quarter valued at $202,000. Cookson Peirce & Co. Inc. purchased a new stake in First Solar in the 4th quarter valued at $331,000. Vestcor Inc raised its position in First Solar by 45.3% in the 4th quarter. Vestcor Inc now owns 3,207 shares of the solar cell manufacturer's stock valued at $838,000 after purchasing an additional 1,000 shares during the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S boosted its stake in First Solar by 24.5% during the 4th quarter. BI Asset Management Fondsmaeglerselskab A S now owns 48,595 shares of the solar cell manufacturer's stock worth $12,694,000 after purchasing an additional 9,558 shares during the period. Institutional investors and hedge funds own 92.08% of the company's stock.

Insiders Place Their Bets

In related news, CEO Mark R. Widmar sold 9,926 shares of the firm's stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $233.21, for a total value of $2,314,842.46. Following the completion of the sale, the chief executive officer owned 95,148 shares in the company, valued at $22,189,465.08. This trade represents a 9.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Caroline Stockdale sold 10,628 shares of the business's stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $275.60, for a total transaction of $2,929,076.80. Following the sale, the insider directly owned 23,792 shares in the company, valued at approximately $6,557,075.20. This represents a 30.88% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 61,426 shares of company stock worth $13,802,836. Insiders own 0.39% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Wolfe Research lowered shares of First Solar from a "strong-buy" rating to a "hold" rating in a research note on Thursday, February 26th. Deutsche Bank Aktiengesellschaft lowered First Solar from a "buy" rating to a "hold" rating and lowered their price target for the stock from $300.00 to $245.00 in a report on Wednesday, February 25th. JPMorgan Chase & Co. dropped their price target on First Solar from $303.00 to $256.00 and set an "overweight" rating on the stock in a research report on Wednesday, February 25th. Needham & Company LLC upped their price objective on First Solar from $286.00 to $303.00 and gave the company a "buy" rating in a research note on Monday, February 23rd. Finally, Morgan Stanley lowered their target price on First Solar from $275.00 to $230.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 28th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $247.40.

First Solar Stock Performance

NASDAQ FSLR opened at $279.01 on Monday. The company has a quick ratio of 2.15, a current ratio of 2.56 and a debt-to-equity ratio of 0.02. The stock has a market capitalization of $29.98 billion, a P/E ratio of 18.02, a P/E/G ratio of 0.62 and a beta of 1.70. First Solar, Inc. has a 52-week low of $135.50 and a 52-week high of $320.95. The firm has a 50-day moving average price of $224.60 and a 200 day moving average price of $233.01.

First Solar (NASDAQ:FSLR - Get Free Report) last announced its quarterly earnings data 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. First Solar had a return on equity of 18.01% and a net margin of 30.73%.The company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the previous year, the company earned $1.95 EPS. The firm's revenue for the quarter was up 23.6% compared to the same quarter last year. Equities research analysts expect that First Solar, Inc. will post 17.61 EPS for the current year.

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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