Patton Fund Management Inc. Invests $234,000 in First Solar, Inc. $FSLR

Key Points

• Patton Fund Management Inc. has invested $234,000 in First Solar, acquiring 1,414 shares in the second quarter, reflecting growing interest from large investors in the solar company.
• CEO Mark R. Widmar sold 2,321 shares for approximately $462,900, indicating a 2.76% decrease in his ownership, while other insiders also sold shares totaling over $6 million in the last quarter.
• First Solar's stock recently opened at $220.02, has a market capitalization of $23.60 billion, and reported strong quarterly earnings of $3.18 per share, beating analysts' expectations.

Patton Fund Management Inc. bought a new position in First Solar, Inc. (NASDAQ:FSLR - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 1,414 shares of the solar cell manufacturer's stock, valued at approximately $234,000.

A number of other large investors have also added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC increased its position in shares of First Solar by 3.8% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 6,134 shares of the solar cell manufacturer's stock valued at $1,081,000 after purchasing an additional 222 shares during the last quarter. GAMMA Investing LLC grew its position in First Solar by 8,992.4% during the first quarter. GAMMA Investing LLC now owns 204,943 shares of the solar cell manufacturer's stock valued at $25,911,000 after acquiring an additional 202,689 shares during the last quarter. Rhumbline Advisers grew its position in First Solar by 5.2% during the first quarter. Rhumbline Advisers now owns 202,337 shares of the solar cell manufacturer's stock valued at $25,581,000 after acquiring an additional 10,022 shares during the last quarter. Mirador Capital Partners LP raised its stake in shares of First Solar by 36.0% during the first quarter. Mirador Capital Partners LP now owns 3,094 shares of the solar cell manufacturer's stock worth $391,000 after acquiring an additional 819 shares in the last quarter. Finally, Czech National Bank lifted its holdings in shares of First Solar by 5.9% in the 1st quarter. Czech National Bank now owns 24,589 shares of the solar cell manufacturer's stock worth $3,109,000 after acquiring an additional 1,376 shares during the last quarter. Hedge funds and other institutional investors own 92.08% of the company's stock.

Insider Activity at First Solar

In related news, CEO Mark R. Widmar sold 2,321 shares of the business's stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $199.44, for a total transaction of $462,900.24. Following the transaction, the chief executive officer owned 81,861 shares in the company, valued at $16,326,357.84. The trade was a 2.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Patrick James Buehler sold 1,600 shares of the stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $180.00, for a total transaction of $288,000.00. Following the completion of the transaction, the insider directly owned 4,398 shares of the company's stock, valued at approximately $791,640. The trade was a 26.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 32,315 shares of company stock worth $6,021,305 over the last quarter. Corporate insiders own 0.48% of the company's stock.

First Solar Stock Down 1.4%

NASDAQ FSLR opened at $220.02 on Monday. First Solar, Inc. has a 1 year low of $116.56 and a 1 year high of $262.72. The stock has a market capitalization of $23.60 billion, a PE ratio of 18.82, a PEG ratio of 0.43 and a beta of 1.40. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.90 and a quick ratio of 1.41. The business's 50-day moving average is $196.64 and its 200 day moving average is $165.07.

First Solar (NASDAQ:FSLR - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The solar cell manufacturer reported $3.18 earnings per share 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 analysts' expectations of $1.03 billion. First Solar had a return on equity of 15.57% and a net margin of 28.95%.The business's revenue was up 8.6% on a year-over-year basis. During the same quarter last year, the business posted $3.25 EPS. First Solar has set its FY 2025 guidance at 13.500-16.500 EPS. Sell-side analysts forecast that First Solar, Inc. will post 13.05 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Jefferies Financial Group set a $194.00 target price on shares of First Solar and gave the company a "buy" rating in a report on Tuesday, July 15th. Wall Street Zen upgraded First Solar from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. JPMorgan Chase & Co. increased their target price on First Solar from $241.00 to $262.00 and gave the company an "overweight" rating in a report on Friday, September 19th. Hsbc Global Res upgraded First Solar to a "strong-buy" rating in a research report on Friday, August 1st. Finally, Royal Bank Of Canada lifted their price target on First Solar from $188.00 to $200.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 1st. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $228.80.

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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