Mirae Asset Global Investments Co. Ltd. Buys 20,884 Shares of First Solar, Inc. $FSLR

Key Points

• Mirae Asset Global Investments Co. Ltd. increased its stake in First Solar by 49.3%, acquiring an additional 20,884 shares, bringing its total ownership to 63,251 shares worth approximately $10.47 million.
• First Solar reported earnings per share of $3.18 for the last quarter, exceeding the consensus estimate of $2.68, with revenue also surpassing expectations at $1.10 billion.
• Several analysts have given First Solar a strong-buy rating, with target prices ranging from $260 to $275, indicating positive market sentiment for the stock's future performance.

Mirae Asset Global Investments Co. Ltd. boosted its stake in First Solar, Inc. (NASDAQ:FSLR - Free Report) by 49.3% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 63,251 shares of the solar cell manufacturer's stock after acquiring an additional 20,884 shares during the period. Mirae Asset Global Investments Co. Ltd. owned 0.06% of First Solar worth $10,471,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of FSLR. J. Safra Sarasin Holding AG raised its holdings in shares of First Solar by 30.8% in the 2nd quarter. J. Safra Sarasin Holding AG now owns 57,859 shares of the solar cell manufacturer's stock worth $9,578,000 after purchasing an additional 13,618 shares during the period. Robeco Institutional Asset Management B.V. increased its position in First Solar by 12.0% in the second quarter. Robeco Institutional Asset Management B.V. now owns 141,503 shares of the solar cell manufacturer's stock worth $23,424,000 after buying an additional 15,193 shares during the last quarter. First Pacific Financial bought a new stake in shares of First Solar in the second quarter valued at $41,000. Trust Co. of Vermont lifted its position in shares of First Solar by 4.4% during the 2nd quarter. Trust Co. of Vermont now owns 8,567 shares of the solar cell manufacturer's stock valued at $1,418,000 after buying an additional 362 shares during the last quarter. Finally, Truist Financial Corp grew its stake in shares of First Solar by 8.2% during the 2nd quarter. Truist Financial Corp now owns 5,855 shares of the solar cell manufacturer's stock worth $969,000 after acquiring an additional 443 shares during the period. 92.08% of the stock is owned by institutional investors.

First Solar Stock Performance

Shares of NASDAQ FSLR opened at $230.13 on Monday. The stock's 50-day moving average is $201.18 and its 200 day moving average is $168.43. The stock has a market cap of $24.68 billion, a price-to-earnings ratio of 19.69, a P/E/G ratio of 0.45 and a beta of 1.38. First Solar, Inc. has a 1-year low of $116.56 and a 1-year high of $240.60. 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 issued its earnings results on Thursday, July 31st. The solar cell manufacturer reported $3.18 earnings per share (EPS) for the quarter, topping 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 return on equity of 15.57% and a net margin of 28.95%.First Solar's revenue for the quarter was up 8.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.25 earnings per share. First Solar has set its FY 2025 guidance at 13.500-16.500 EPS. On average, sell-side analysts anticipate that First Solar, Inc. will post 13.05 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Hsbc Global Res upgraded First Solar to a "strong-buy" rating in a research note on Friday, August 1st. UBS Group reissued a "buy" rating and issued a $275.00 price target (up previously from $255.00) on shares of First Solar in a research report on Tuesday, August 5th. Wall Street Zen upgraded shares of First Solar from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. JPMorgan Chase & Co. lifted their price objective on shares of First Solar from $241.00 to $262.00 and gave the company an "overweight" rating in a research note on Friday, September 19th. Finally, Jefferies Financial Group boosted their target price on shares of First Solar from $212.00 to $260.00 and gave the company a "buy" rating in a report on Thursday. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $231.04.

Insider Buying and Selling at First Solar

In other news, CEO Mark R. Widmar sold 23,912 shares of the firm's stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $185.47, for a total transaction of $4,434,958.64. Following the transaction, the chief executive officer directly owned 87,978 shares of the company's stock, valued at approximately $16,317,279.66. This trade represents a 21.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 value of $124,872.58. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 30,715 shares of company stock worth $5,733,305. 0.48% of the stock is owned by insiders.

First Solar Company 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.

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