Maxi Investments CY Ltd Boosts Stock Holdings in First Solar, Inc. (NASDAQ:FSLR)

Key Points

• Maxi Investments CY Ltd increased its position in First Solar, Inc. by 602.2% in the first quarter, owning approximately $8.93 million worth of shares, which now constitutes about 1.8% of its investment portfolio.
• Analysts have a consensus rating of "Moderate Buy" for First Solar, with an average price target of $221.90 following several upgrades in recent months.
• First Solar reported $3.18 EPS for the last quarter, exceeding estimates, and recorded a year-over-year revenue increase of 8.6% to $1.10 billion.

Maxi Investments CY Ltd raised its stake in First Solar, Inc. (NASDAQ:FSLR - Free Report) by 602.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 70,590 shares of the solar cell manufacturer's stock after buying an additional 60,537 shares during the period. First Solar accounts for 1.8% of Maxi Investments CY Ltd's holdings, making the stock its 17th largest holding. Maxi Investments CY Ltd owned approximately 0.07% of First Solar worth $8,925,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Huntington National Bank boosted its holdings in First Solar by 15.3% in the 4th quarter. Huntington National Bank now owns 511 shares of the solar cell manufacturer's stock worth $90,000 after buying an additional 68 shares during the period. Evexia Wealth LLC boosted its holdings in First Solar by 2.1% in the 4th quarter. Evexia Wealth LLC now owns 3,481 shares of the solar cell manufacturer's stock valued at $586,000 after purchasing an additional 70 shares during the period. Covestor Ltd raised its position in shares of First Solar by 8.4% during the 4th quarter. Covestor Ltd now owns 993 shares of the solar cell manufacturer's stock valued at $175,000 after buying an additional 77 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd raised its position in shares of First Solar by 0.7% during the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 11,348 shares of the solar cell manufacturer's stock valued at $1,435,000 after buying an additional 82 shares in the last quarter. Finally, Linden Thomas Advisory Services LLC raised its position in shares of First Solar by 4.3% during the 1st quarter. Linden Thomas Advisory Services LLC now owns 2,243 shares of the solar cell manufacturer's stock valued at $284,000 after buying an additional 92 shares in the last quarter. Institutional investors and hedge funds own 92.08% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Royal Bank Of Canada raised their price objective on shares of First Solar from $188.00 to $200.00 and gave the company an "outperform" rating in a research report on Tuesday, July 1st. Wall Street Zen upgraded shares of First Solar from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Glj Research upgraded shares of First Solar from a "hold" rating to a "buy" rating and set a $172.37 price objective on the stock in a research report on Thursday, May 1st. JPMorgan Chase & Co. lifted their target price on shares of First Solar from $200.00 to $208.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 22nd. Finally, Wells Fargo & Company decreased their target price on shares of First Solar from $191.00 to $177.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 30th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty-three have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $222.67.

First Solar Trading Down 0.5%

Shares of NASDAQ FSLR traded down $0.95 during midday trading on Friday, hitting $184.65. 1,629,586 shares of the company traded hands, compared to its average volume of 2,623,156. First Solar, Inc. has a 12-month low of $116.56 and a 12-month high of $262.72. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.41 and a current ratio of 1.90. The stock has a 50-day moving average price of $168.61 and a 200 day moving average price of $153.25. The firm has a market cap of $19.80 billion, a P/E ratio of 15.80, a P/E/G ratio of 0.36 and a beta of 1.48.

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

Insider Activity at First Solar

In other First Solar news, insider Michael Koralewski sold 2,951 shares of the company's stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $158.21, for a total value of $466,877.71. Following the sale, the insider owned 11,369 shares in the company, valued at approximately $1,798,689.49. This represents a 20.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 transaction of $1,481,812.85. Following the completion of the sale, the chief technology officer owned 8,037 shares in the company, valued at approximately $1,246,136.85. This trade represents a 54.32% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 15,976 shares of company stock worth $2,515,172 over the last 90 days. 0.48% of the stock is owned by company insiders.

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.