First Solar, Inc. (NASDAQ:FSLR) Stake Trimmed by LPL Financial LLC

Key Points

• LPL Financial LLC decreased its stake in First Solar, Inc. by 6.1%, owning 50,404 shares worth approximately $6.37 million after selling 3,271 shares in Q1.
• Several large investors, including Larson Financial Group LLC and Banque Transatlantique SA, have recently either increased or initiated their stakes in First Solar, reflecting substantial institutional interest in the stock.
• First Solar reported a Q2 EPS of $3.18, beating estimates, with revenue reaching $1.10 billion and an annual revenue increase of 8.6%.

LPL Financial LLC trimmed its holdings in First Solar, Inc. (NASDAQ:FSLR - Free Report) by 6.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 50,404 shares of the solar cell manufacturer's stock after selling 3,271 shares during the period. LPL Financial LLC's holdings in First Solar were worth $6,373,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the business. Garde Capital Inc. bought a new position in First Solar during the first quarter worth $25,000. Larson Financial Group LLC lifted its stake in First Solar by 591.9% during the first quarter. Larson Financial Group LLC now owns 256 shares of the solar cell manufacturer's stock worth $32,000 after purchasing an additional 219 shares during the last quarter. Abound Financial LLC bought a new position in First Solar during the first quarter worth $45,000. Princeton Global Asset Management LLC bought a new position in First Solar during the first quarter worth $51,000. Finally, Banque Transatlantique SA bought a new position in First Solar during the fourth quarter worth $53,000. 92.08% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on FSLR shares. JPMorgan Chase & Co. raised their price objective on First Solar from $200.00 to $208.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 22nd. Guggenheim reduced their price objective 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. Hsbc Global Res upgraded First Solar to a "strong-buy" rating in a research note on Friday, August 1st. Wall Street Zen upgraded First Solar from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Finally, Royal Bank Of Canada boosted their price target on shares of First Solar from $188.00 to $200.00 and gave the company an "outperform" rating in a report on Tuesday, July 1st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty-three have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, First Solar currently has a consensus rating of "Moderate Buy" and a consensus target price of $224.27.

Insider Buying and Selling

In related news, insider Patrick James Buehler sold 1,868 shares of First Solar 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 transaction, the insider owned 5,998 shares of the company's stock, valued at approximately $894,181.84. This trade represents a 23.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Markus Gloeckler sold 9,557 shares of First Solar 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 transaction, the chief technology officer directly owned 8,037 shares in the company, valued at $1,246,136.85. This represents a 54.32% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 15,976 shares of company stock valued at $2,515,172. 0.48% of the stock is owned by corporate insiders.

First Solar Price Performance

FSLR stock traded up $0.11 during trading hours on Wednesday, hitting $184.84. 2,837,342 shares of the stock traded hands, compared to its average volume of 2,469,233. The stock has a 50-day simple moving average of $170.26 and a 200 day simple moving average of $153.51. First Solar, Inc. has a one year low of $116.56 and a one year high of $262.72. The company has a market cap of $19.82 billion, a P/E ratio of 15.81, a P/E/G ratio of 0.36 and a beta of 1.48. The company has a current ratio of 1.90, a quick ratio of 1.41 and a debt-to-equity ratio of 0.04.

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