PFG Investments LLC Buys 4,493 Shares of First Solar, Inc. $FSLR

Key Points

• PFG Investments LLC increased its First Solar stake by 124.9% in the first quarter, buying 4,493 additional shares and bringing its total holdings to 8,091 shares worth about $1.6 million.
• Institutional ownership remains very high, with 92.08% of First Solar’s stock held by institutions, and several other investors also recently added or initiated positions.
• First Solar is facing a securities fraud/class action lawsuit with an August 24 deadline, adding legal pressure even as analysts maintain a Moderate Buy consensus and the company posted stronger-than-expected quarterly earnings.

PFG Investments LLC raised its stake in First Solar, Inc. (NASDAQ:FSLR - Free Report) by 124.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,091 shares of the solar cell manufacturer's stock after purchasing an additional 4,493 shares during the period. PFG Investments LLC's holdings in First Solar were worth $1,596,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of FSLR. Aventura Private Wealth LLC bought a new stake in shares of First Solar during the 4th quarter worth about $25,000. Commonwealth Retirement Investments LLC bought a new position in First Solar in the 4th quarter valued at about $26,000. Reflection Asset Management bought a new position in First Solar in the 4th quarter valued at about $26,000. Strategic Wealth Investment Group LLC acquired a new stake in First Solar during the second quarter worth approximately $26,000. Finally, Larson Financial Group LLC lifted its position in First Solar by 117.0% during the fourth quarter. Larson Financial Group LLC now owns 102 shares of the solar cell manufacturer's stock worth $27,000 after acquiring an additional 55 shares during the last quarter. 92.08% of the stock is owned by institutional investors.

Trending Headlines about First Solar

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

• Negative Sentiment: Multiple law firms, including Rosen, Schall, Kaplan Fox, Pomerantz, and others, urged First Solar shareholders to act on a securities fraud/class action lawsuit ahead of the August 24 deadline. Article Title
• Negative Sentiment: A class action has already been filed alleging First Solar and certain officers violated Sections 10(b) and 20(a) and Rule 10b-5, increasing legal overhang on the stock. Article Title
• Neutral Sentiment: One market update noted First Solar stock recently fell in trading, with the decline adding to near-term weakness already reflected in the shares. Article Title

Analyst Upgrades and Downgrades

FSLR has been the topic of several research reports. The Goldman Sachs Group upped their target price on First Solar from $300.00 to $310.00 in a research report on Friday, May 1st. Zacks Research raised First Solar from a "strong sell" rating to a "hold" rating in a report on Monday, April 27th. Barclays reduced their price target on First Solar from $228.00 to $213.00 and set an "overweight" rating for the company in a research note on Monday, April 20th. UBS Group upped their price objective on First Solar from $290.00 to $330.00 and gave the company a "buy" rating in a report on Thursday, June 11th. Finally, Susquehanna lowered their price objective on First Solar from $280.00 to $250.00 and set a "positive" rating on the stock in a research report on Thursday, April 9th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, twelve have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $249.78.

Insider Activity at First Solar

In other First Solar news, insider Caroline Stockdale sold 10,628 shares of First Solar stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $275.60, for a total value of $2,929,076.80. Following the transaction, the insider owned 23,792 shares in the company, valued at $6,557,075.20. The trade was a 30.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Mark R. Widmar sold 9,926 shares of the business's stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $233.21, for a total value of $2,314,842.46. Following the transaction, the chief executive officer directly owned 95,148 shares of the company's stock, valued at approximately $22,189,465.08. The trade was a 9.45% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 32,466 shares of company stock worth $8,014,105 in the last three months. Insiders own 0.39% of the company's stock.

First Solar Stock Performance

Shares of NASDAQ:FSLR opened at $224.57 on Monday. The company's 50 day simple moving average is $247.56 and its 200 day simple moving average is $231.89. The stock has a market capitalization of $24.13 billion, a price-to-earnings ratio of 14.51, a price-to-earnings-growth ratio of 0.50 and a beta of 1.73. 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 $159.85 and a 1 year high of $320.95.

First Solar (NASDAQ:FSLR - Get Free Report) last released its earnings results on Thursday, April 30th. The solar cell manufacturer reported $3.22 earnings per share for the quarter, topping the consensus estimate of $2.87 by $0.35. The firm had revenue of $1.04 billion during the quarter, compared to analysts' expectations of $1.03 billion. First Solar had a return on equity of 18.01% and a net margin of 30.73%.The company's quarterly revenue was up 23.6% on a year-over-year basis. During the same period in the prior year, the company earned $1.95 earnings per share. As a group, research analysts predict that First Solar, Inc. will post 17.61 EPS for the current fiscal year.

First Solar 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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