Mengis Capital Management Inc. Purchases 1,756 Shares of First Solar, Inc. $FSLR

Key Points

• Mengis Capital Management Inc. increased its stake in First Solar, Inc. by 44.0%, acquiring an additional 1,756 shares to reach a total of 5,743 shares valued at approximately $951,000.
• Numerous institutional investors have also raised their positions in First Solar, with TD Private Client Wealth LLC and Harbor Investment Advisory LLC increasing their stakes by 126.9% and 138.9%, respectively, during the second quarter.
• Analyst ratings for First Solar remain mostly positive, with a consensus rating of "Moderate Buy" and an average price target of $231.04, indicating a bullish outlook for the stock's future performance.

Mengis Capital Management Inc. boosted its position in shares of First Solar, Inc. (NASDAQ:FSLR - Free Report) by 44.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,743 shares of the solar cell manufacturer's stock after buying an additional 1,756 shares during the period. Mengis Capital Management Inc.'s holdings in First Solar were worth $951,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FSLR. TD Private Client Wealth LLC raised its position in First Solar by 126.9% during the second quarter. TD Private Client Wealth LLC now owns 152 shares of the solar cell manufacturer's stock valued at $25,000 after purchasing an additional 85 shares during the period. Harbor Investment Advisory LLC raised its position in First Solar by 138.9% during the second quarter. Harbor Investment Advisory LLC now owns 172 shares of the solar cell manufacturer's stock valued at $28,000 after purchasing an additional 100 shares during the period. Garde Capital Inc. purchased a new stake in First Solar during the first quarter valued at approximately $25,000. Wealth Preservation Advisors LLC purchased a new stake in First Solar during the first quarter valued at approximately $25,000. Finally, First Pacific Financial purchased a new stake in First Solar during the second quarter valued at approximately $41,000. 92.08% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on FSLR shares. Wall Street Zen upgraded First Solar from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Jefferies Financial Group increased their price target on First Solar from $212.00 to $260.00 and gave the stock a "buy" rating in a report on Thursday, October 2nd. The Goldman Sachs Group raised their price objective on First Solar from $283.00 to $293.00 and gave the stock a "buy" rating in a report on Wednesday. BMO Capital Markets increased their target price on First Solar from $194.00 to $203.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Finally, Evercore ISI started coverage on First Solar in a research report on Monday. They set an "in-line" rating and a $240.00 target price on the stock. Two analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, First Solar has a consensus rating of "Moderate Buy" and an average price target of $231.04.

Insider Transactions at First Solar

In other First Solar news, CAO Nathan B. Theurer sold 686 shares of First Solar 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Mark R. Widmar sold 2,321 shares of First Solar 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. The trade was a 2.76% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 30,715 shares of company stock valued at $5,733,305. 0.48% of the stock is currently owned by insiders.

First Solar Stock Performance

Shares of FSLR opened at $234.30 on Friday. The stock has a 50-day moving average of $205.26 and a two-hundred day moving average of $170.68. First Solar, Inc. has a one year low of $116.56 and a one year high of $237.20. 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 market cap of $25.13 billion, a P/E ratio of 20.04, a P/E/G ratio of 0.46 and a beta of 1.38.

First Solar (NASDAQ:FSLR - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The solar cell manufacturer reported $3.18 EPS for the quarter, topping analysts' consensus estimates of $2.68 by $0.50. First Solar had a return on equity of 15.57% and a net margin of 28.95%.The company had revenue of $1.10 billion during the quarter, compared to analysts' expectations of $1.03 billion. During the same quarter in the previous year, the firm posted $3.25 EPS. The firm's revenue was up 8.6% compared to the same quarter last year. First Solar has set its FY 2025 guidance at 13.500-16.500 EPS. As a group, research analysts predict that First Solar, Inc. will post 13.05 EPS 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.

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.