Pictet Asset Management Holding SA Grows Stock Holdings in First Solar, Inc. $FSLR

Key Points

• Pictet Asset Management Holding SA increased its First Solar stake by 29.3% in the first quarter, ending with 1,138,473 shares valued at about $224.5 million and representing 1.06% of the company.
• First Solar shares were down 3.8% in Friday trading, opening at $239.07, while the stock remains well above its 52-week low and below its 52-week high.
• The company beat quarterly earnings expectations, reporting $3.22 EPS on revenue of $1.04 billion, though recent analyst views were mixed despite a consensus rating of Moderate Buy.

Pictet Asset Management Holding SA lifted its stake in shares of First Solar, Inc. (NASDAQ:FSLR - Free Report) by 29.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,138,473 shares of the solar cell manufacturer's stock after purchasing an additional 258,204 shares during the period. Pictet Asset Management Holding SA owned 1.06% of First Solar worth $224,540,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Woodline Partners LP grew its stake in shares of First Solar by 40.7% in the 1st quarter. Woodline Partners LP now owns 9,044 shares of the solar cell manufacturer's stock valued at $1,143,000 after buying an additional 2,615 shares during the period. EverSource Wealth Advisors LLC grew its position in First Solar by 50.9% in the second quarter. EverSource Wealth Advisors LLC now owns 516 shares of the solar cell manufacturer's stock worth $85,000 after acquiring an additional 174 shares during the period. Brown Advisory Inc. increased its stake in First Solar by 84.3% during the second quarter. Brown Advisory Inc. now owns 4,529 shares of the solar cell manufacturer's stock worth $750,000 after acquiring an additional 2,072 shares during the last quarter. Cerity Partners LLC acquired a new stake in First Solar during the second quarter worth $494,000. Finally, AXA S.A. raised its position in First Solar by 6.3% in the second quarter. AXA S.A. now owns 18,862 shares of the solar cell manufacturer's stock valued at $3,122,000 after purchasing an additional 1,115 shares during the period. Hedge funds and other institutional investors own 92.08% of the company's stock.

First Solar Trading Down 3.8%

Shares of NASDAQ FSLR opened at $239.07 on Friday. First Solar, Inc. has a twelve month low of $149.54 and a twelve month high of $320.95. The company has a current ratio of 2.56, a quick ratio of 2.15 and a debt-to-equity ratio of 0.02. The stock has a fifty day simple moving average of $243.56 and a 200-day simple moving average of $233.11. The stock has a market capitalization of $25.69 billion, a PE ratio of 15.44, a PEG ratio of 0.53 and a beta of 1.71.

First Solar (NASDAQ:FSLR - Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The solar cell manufacturer reported $3.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.87 by $0.35. First Solar had a return on equity of 18.01% and a net margin of 30.73%.The firm had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the previous year, the business earned $1.95 EPS. The company's quarterly revenue was up 23.6% compared to the same quarter last year. On average, equities analysts forecast that First Solar, Inc. will post 17.61 earnings per share for the current year.

Insider Buying and Selling at First Solar

In other news, CTO Markus Gloeckler sold 420 shares of the business's stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $215.63, for a total transaction of $90,564.60. Following the completion of the transaction, the chief technology officer directly owned 10,896 shares of the company's stock, valued at approximately $2,349,504.48. The trade was a 3.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Caroline Stockdale sold 10,628 shares of the company's stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $275.60, for a total transaction of $2,929,076.80. Following the sale, 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 disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 32,466 shares of company stock valued at $8,014,105. Corporate insiders own 0.39% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on FSLR shares. The Goldman Sachs Group increased their price target on First Solar from $300.00 to $310.00 in a report on Friday, May 1st. Freedom Capital upgraded shares of First Solar from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 5th. Barclays decreased their target price on shares of First Solar from $228.00 to $213.00 and set an "overweight" rating on the stock in a research report on Monday, April 20th. Jefferies Financial Group lowered their target price on shares of First Solar from $205.00 to $187.00 and set a "hold" rating for the company in a research note on Tuesday, April 7th. Finally, Mizuho lifted their price target on shares of First Solar from $243.00 to $300.00 and gave the company an "outperform" rating in a research report on Friday, June 12th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, twelve have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $249.78.

More First Solar News

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

• Negative Sentiment: Several firms, including Howard G. Smith, Bronstein Gewirtz & Grossman, Rosen Law, Pomerantz, Portnoy, and the Schall Law Firm, announced or promoted class-action cases tied to First Solar, increasing legal overhang and headline risk. Article Title
• Negative Sentiment: Multiple securities-fraud investigations were also launched or reiterated by plaintiff firms, suggesting investors are actively probing whether earlier company disclosures may have been misleading. Article Title
• Neutral Sentiment: One Zacks item called First Solar a strong growth stock, which is supportive on fundamentals, but it appears to be a generic rating piece rather than a new company-specific catalyst. Article Title

First Solar Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.