QRG Capital Management Inc. Buys 6,357 Shares of First Solar, Inc. (NASDAQ:FSLR)

QRG Capital Management Inc. raised its stake in First Solar, Inc. (NASDAQ:FSLR - Free Report) by 375.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,048 shares of the solar cell manufacturer's stock after acquiring an additional 6,357 shares during the quarter. QRG Capital Management Inc.'s holdings in First Solar were worth $1,017,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Smartleaf Asset Management LLC lifted its holdings in shares of First Solar by 31.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 262 shares of the solar cell manufacturer's stock worth $47,000 after acquiring an additional 63 shares during the last quarter. Princeton Global Asset Management LLC bought a new position in shares of First Solar in the first quarter worth about $51,000. Hudson Edge Investment Partners Inc. bought a new position in shares of First Solar in the fourth quarter worth about $53,000. Banque Transatlantique SA bought a new position in shares of First Solar in the fourth quarter worth about $53,000. Finally, CoreFirst Bank & Trust bought a new position in shares of First Solar in the fourth quarter worth about $54,000. Institutional investors own 92.08% of the company's stock.

Insider Activity

In other news, CTO Markus Gloeckler sold 9,557 shares of the company's stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $155.05, for a total transaction of $1,481,812.85. Following the sale, the chief technology officer now directly owns 8,037 shares in the company, valued at $1,246,136.85. This represents a 54.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Patrick James Buehler sold 1,868 shares of the company's stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $149.08, for a total value of $278,481.44. Following the sale, the insider now owns 5,998 shares in the company, valued at approximately $894,181.84. This represents a 23.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 14,376 shares of company stock worth $2,227,172 over the last ninety days. Company insiders own 0.48% of the company's stock.

Wall Street Analyst Weigh In

FSLR has been the subject of a number of research reports. Wolfe Research raised shares of First Solar from a "peer perform" rating to an "outperform" rating and set a $221.00 target price for the company in a report on Tuesday, May 13th. Piper Sandler lowered their price target on shares of First Solar from $230.00 to $205.00 and set an "overweight" rating for the company in a report on Monday, April 21st. BMO Capital Markets lowered their price target on shares of First Solar from $200.00 to $187.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. TD Cowen lowered their price target on shares of First Solar from $275.00 to $200.00 and set a "buy" rating for the company in a report on Wednesday, April 30th. Finally, Barclays lowered their price target on shares of First Solar from $236.00 to $204.00 and set an "overweight" rating for the company in a report on Friday, April 11th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, twenty-five have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $229.19.

First Solar Stock Performance

NASDAQ FSLR traded up $1.33 during trading on Friday, hitting $145.00. 5,070,179 shares of the company's stock traded hands, compared to its average volume of 3,156,572. The stock has a market capitalization of $15.55 billion, a price-to-earnings ratio of 12.33, a PEG ratio of 0.29 and a beta of 1.53. First Solar, Inc. has a 12-month low of $116.56 and a 12-month high of $268.12. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.39 and a current ratio of 1.93. The business has a 50 day moving average of $150.25 and a 200-day moving average of $156.91.

First Solar (NASDAQ:FSLR - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The solar cell manufacturer reported $1.95 EPS for the quarter, missing the consensus estimate of $2.50 by ($0.55). The business had revenue of $844.57 million for the quarter, compared to analysts' expectations of $863.11 million. First Solar had a net margin of 29.72% and a return on equity of 16.32%. First Solar's revenue for the quarter was up 6.4% compared to the same quarter last year. During the same period last year, the company earned $2.20 earnings per share. As a group, equities research analysts anticipate that First Solar, Inc. will post 13.05 earnings per share for the current fiscal year.

About First Solar

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.