Makena Capital Management LLC Purchases Shares of 43,539 First Solar, Inc. $FSLR

Key Points

• Makena Capital Management disclosed a new fourth-quarter position in First Solar, buying 43,539 shares valued at about $11.37 million. The stake represents roughly 1.4% of Makena’s portfolio and ranks as its 24th largest holding.
• First Solar recently posted a strong quarterly result, with EPS of $3.22 beating estimates and revenue of $1.04 billion topping expectations. Revenue rose 23.6% year over year, and analysts now expect full-year EPS of 17.58.
• Sentiment from Wall Street remains broadly constructive, with Freedom Capital upgrading the stock to strong-buy and HSBC lifting its price target to $231. The article also notes that institutional ownership remains very high at 92.08%, even as some insiders sold shares recently.

Makena Capital Management LLC acquired a new position in First Solar, Inc. (NASDAQ:FSLR - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 43,539 shares of the solar cell manufacturer's stock, valued at approximately $11,374,000. First Solar accounts for approximately 1.4% of Makena Capital Management LLC's portfolio, making the stock its 24th largest holding.

A number of other hedge funds have also recently made changes to their positions in FSLR. Woodline Partners LP boosted its stake in shares of First Solar by 40.7% in the first quarter. Woodline Partners LP now owns 9,044 shares of the solar cell manufacturer's stock worth $1,143,000 after acquiring an additional 2,615 shares during the period. EverSource Wealth Advisors LLC boosted its stake in shares of First Solar by 50.9% in the second quarter. EverSource Wealth Advisors LLC now owns 516 shares of the solar cell manufacturer's stock worth $85,000 after acquiring an additional 174 shares during the period. Brown Advisory Inc. boosted its stake in shares of First Solar by 84.3% in the second quarter. Brown Advisory Inc. now owns 4,529 shares of the solar cell manufacturer's stock worth $750,000 after acquiring an additional 2,072 shares during the period. Cerity Partners LLC bought a new position in shares of First Solar in the second quarter worth about $494,000. Finally, AXA S.A. boosted its stake in shares of First Solar by 6.3% in the second quarter. AXA S.A. now owns 18,862 shares of the solar cell manufacturer's stock worth $3,122,000 after acquiring an additional 1,115 shares during the period. Institutional investors own 92.08% of the company's stock.

Insider Buying and Selling at First Solar

In other First Solar news, CFO Alexander R. Bradley sold 498 shares of the company's stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $215.63, for a total transaction of $107,383.74. Following the sale, the chief financial officer directly owned 30,712 shares in the company, valued at $6,622,428.56. This represents a 1.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Georges Antoun sold 566 shares of the company's stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $215.63, for a total value of $122,046.58. Following the sale, the insider owned 19,918 shares in the company, valued at approximately $4,294,918.34. This trade represents a 2.76% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 81,204 shares of company stock valued at $16,043,186. Corporate insiders own 0.39% of the company's stock.

First Solar Stock Performance

NASDAQ FSLR opened at $219.95 on Friday. The stock has a market capitalization of $23.63 billion, a PE ratio of 14.21, a P/E/G ratio of 0.47 and a beta of 1.57. The business has a 50 day simple moving average of $196.96 and a two-hundred day simple moving average of $231.41. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.56 and a quick ratio of 2.15. First Solar, Inc. has a 1-year low of $133.75 and a 1-year high of $285.99.

First Solar (NASDAQ:FSLR - Get Free Report) last issued its quarterly earnings data on Thursday, April 30th. The solar cell manufacturer reported $3.22 earnings per share (EPS) 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 business had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same period in the prior year, the business posted $1.95 earnings per share. The company's quarterly revenue was up 23.6% compared to the same quarter last year. On average, research analysts predict that First Solar, Inc. will post 17.58 EPS for the current fiscal year.

Key First Solar News

Here are the key news stories impacting First Solar this week:

• Positive Sentiment: Freedom Capital upgraded First Solar from hold to strong-buy, adding to the bullish case for the stock. Read More
• Positive Sentiment: HSBC raised its price target on First Solar to $231, suggesting further upside from current levels. HSBC Increases First Solar NASDAQ: FSLR Price Target to $231.00
• Positive Sentiment: Barclays issued a buy rating on First Solar, and Susquehanna also reportedly gave the stock a buy rating, reinforcing the upbeat analyst tone. First Solar (FSLR) Gets a Buy from Barclays First Solar (FSLR) Receives a Buy from Susquehanna
• Positive Sentiment: Coverage highlighting “3 big reasons to love First Solar” and a Zacks note that FSLR is a trending stock may be helping keep investor attention on the name. First Solar, Inc. (FSLR) Is a Trending Stock: Facts to Know Before Betting on It
• Neutral Sentiment: First Solar CEO sold about $329,051 worth of stock, which can draw some investor caution but is not necessarily a fundamental change in the company’s outlook. Insider Selling: First Solar NASDAQ: FSLR CEO Sells $329,051.38 in Stock

Analyst Ratings Changes

FSLR has been the subject of a number of recent analyst reports. Bank of America dropped their price objective on First Solar from $291.00 to $271.00 and set a "buy" rating for the company in a research note on Thursday, January 22nd. Deutsche Bank Aktiengesellschaft lowered First Solar from a "buy" rating to a "hold" rating and dropped their price objective for the stock from $300.00 to $245.00 in a research note on Wednesday, February 25th. Glj Research lowered First Solar from a "buy" rating to a "hold" rating and dropped their price target for the company from $314.43 to $207.82 in a research note on Wednesday, March 4th. Guggenheim cut their price target on First Solar from $312.00 to $269.00 and set a "buy" rating for the company in a report on Tuesday, March 17th. Finally, Mizuho cut their price target on First Solar from $271.00 to $243.00 and set an "outperform" rating for the company in a report on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $246.10.

First Solar Company 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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