ProShare Advisors LLC Sells 19,963 Shares of First Solar, Inc. $FSLR

Key Points

• ProShare Advisors LLC cut its First Solar stake by 42.8% in the fourth quarter, selling 19,963 shares and leaving it with 26,705 shares valued at about $7.0 million.
• Insiders also sold shares recently, including CEO Mark R. Widmar and insider Michael Koralewski, with total insider sales over the last 90 days reaching 92,430 shares worth $18.7 million.
• First Solar beat quarterly earnings expectations, reporting EPS of $3.22 versus estimates of $2.87 and revenue of $1.04 billion, while analysts currently rate the stock a consensus Moderate Buy with an average target price of $247.40.

ProShare Advisors LLC lowered its stake in shares of First Solar, Inc. (NASDAQ:FSLR - Free Report) by 42.8% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 26,705 shares of the solar cell manufacturer's stock after selling 19,963 shares during the quarter. ProShare Advisors LLC's holdings in First Solar were worth $6,976,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in FSLR. Aventura Private Wealth LLC bought a new position in First Solar during the fourth quarter valued at about $25,000. Strategic Wealth Investment Group LLC bought a new position in First Solar during the second quarter valued at about $26,000. Elyxium Wealth LLC bought a new position in First Solar during the fourth quarter valued at about $30,000. Pinpoint Asset Management Singapore Pte. Ltd. purchased a new stake in First Solar during the third quarter valued at about $44,000. Finally, Torren Management LLC purchased a new stake in First Solar during the fourth quarter valued at about $47,000. Institutional investors own 92.08% of the company's stock.

Insider Transactions at First Solar

In other news, insider Michael Koralewski sold 215 shares of the stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $215.63, for a total value of $46,360.45. Following the sale, the insider directly owned 14,642 shares of the company's stock, valued at approximately $3,157,254.46. This represents a 1.45% 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, CEO Mark R. Widmar sold 1,300 shares of the stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $240.02, for a total transaction of $312,026.00. Following the completion of the sale, the chief executive officer directly owned 93,848 shares in the company, valued at approximately $22,525,396.96. The trade was a 1.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 92,430 shares of company stock valued at $18,670,055. Company insiders own 0.39% of the company's stock.

Analysts Set New Price Targets

Several research firms have commented on FSLR. Jefferies Financial Group dropped their price objective on shares of First Solar from $205.00 to $187.00 and set a "hold" rating on the stock in a report on Tuesday, April 7th. Guggenheim upped their price objective on shares of First Solar from $269.00 to $279.00 and gave the company a "buy" rating in a report on Thursday. Robert W. Baird reaffirmed a "neutral" rating and set a $205.00 price objective (down from $264.00) on shares of First Solar in a report on Wednesday, February 25th. Susquehanna dropped their price objective on shares of First Solar from $280.00 to $250.00 and set a "positive" rating on the stock in a report on Thursday, April 9th. Finally, BMO Capital Markets dropped their price objective on shares of First Solar from $252.00 to $237.00 and set a "market perform" rating on the stock in a report on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, First Solar currently has a consensus rating of "Moderate Buy" and an average target price of $247.40.

First Solar Trading Up 4.6%

Shares of First Solar stock opened at $248.88 on Friday. First Solar, Inc. has a 12-month low of $135.50 and a 12-month high of $285.99. The company has a market cap of $26.74 billion, a price-to-earnings ratio of 16.08, a PEG ratio of 0.52 and a beta of 1.57. 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 company's 50-day moving average price is $203.89 and its 200-day moving average price is $231.01.

First Solar (NASDAQ:FSLR - Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The solar cell manufacturer reported $3.22 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.87 by $0.35. First Solar had a net margin of 30.73% and a return on equity of 18.01%. The firm had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same period in the prior year, the firm posted $1.95 earnings per share. The company's revenue for the quarter was up 23.6% on a year-over-year basis. On average, equities analysts expect that First Solar, Inc. will post 17.64 earnings per share for the current fiscal year.

About First Solar

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.