Mainstay Capital Management LLC ADV Takes $456,000 Position in First Solar, Inc. $FSLR

Key Points

• Mainstay Capital Management LLC ADV has acquired a new stake in First Solar, purchasing 2,754 shares valued at approximately $456,000 during the second quarter.
• First Solar reported a quarterly earnings per share (EPS) of $3.18, surpassing estimates of $2.68, with revenues of $1.10 billion during the same period.
• Currently, approximately 92.08% of First Solar's stock is owned by hedge funds and institutional investors, highlighting significant institutional interest.

Mainstay Capital Management LLC ADV purchased a new stake in shares of First Solar, Inc. (NASDAQ:FSLR - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 2,754 shares of the solar cell manufacturer's stock, valued at approximately $456,000.

Several other hedge funds have also recently made changes to their positions in FSLR. Fiduciary Financial Group LLC purchased a new position in shares of First Solar during the first quarter valued at approximately $218,000. Tobam increased its holdings in First Solar by 56.6% during the first quarter. Tobam now owns 23,330 shares of the solar cell manufacturer's stock valued at $2,950,000 after buying an additional 8,436 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in First Solar by 25.2% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 7,677 shares of the solar cell manufacturer's stock valued at $971,000 after buying an additional 1,543 shares during the last quarter. Hennessy Advisors Inc. purchased a new stake in First Solar during the first quarter valued at approximately $316,000. Finally, Dover Advisors LLC purchased a new stake in First Solar during the first quarter valued at approximately $250,000. 92.08% of the stock is owned by hedge funds and other institutional investors.

First Solar Price Performance

FSLR stock opened at $231.37 on Thursday. First Solar, Inc. has a 52 week low of $116.56 and a 52 week high of $235.87. The company has a quick ratio of 1.41, a current ratio of 1.90 and a debt-to-equity ratio of 0.04. The company has a fifty day simple moving average of $204.07 and a two-hundred day simple moving average of $169.95. The firm has a market capitalization of $24.81 billion, a P/E ratio of 19.79, a price-to-earnings-growth ratio of 0.45 and a beta of 1.38.

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

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Weiss Ratings reaffirmed a "hold (c)" rating on shares of First Solar in a report on Wednesday. Wall Street Zen raised shares of First Solar from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. JPMorgan Chase & Co. increased their price objective on shares of First Solar from $241.00 to $262.00 and gave the stock an "overweight" rating in a research note on Friday, September 19th. Hsbc Global Res raised shares of First Solar to a "strong-buy" rating in a research note on Friday, August 1st. Finally, TD Cowen increased their price objective on shares of First Solar from $220.00 to $240.00 and gave the stock a "buy" rating in a research note on Friday, September 12th. Two analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $231.04.

Insider Activity

In related news, CEO Mark R. Widmar sold 2,321 shares of the firm's stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $199.44, for a total value of $462,900.24. Following the transaction, the chief executive officer owned 81,861 shares of the company's stock, valued at $16,326,357.84. This trade represents a 2.76% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Nathan B. Theurer sold 686 shares of the firm's stock in a transaction dated Thursday, August 14th. The stock was 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 90 days. Company insiders own 0.48% of the company's stock.

First Solar 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.

Want to see what other hedge funds are holding FSLR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for First Solar, Inc. (NASDAQ:FSLR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.