Rafferty Asset Management LLC Sells 8,973 Shares of First Solar, Inc. $FSLR

Key Points

• Rafferty Asset Management LLC sold 8,973 shares of First Solar, Inc. in Q1 2023, reducing its holdings by 23.8% to 28,743 shares, valued at $3,634,000.
• Institutional investors own 92.08% of First Solar's stock, with significant increases in holdings from major firms, including a 32.3% increase from Invesco Ltd.
• Analysts maintain a generally positive outlook on First Solar, with multiple firms issuing "buy" ratings and raising price targets, including UBS Group, which set a target of $275.00.

Rafferty Asset Management LLC decreased its holdings in First Solar, Inc. (NASDAQ:FSLR - Free Report) by 23.8% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 28,743 shares of the solar cell manufacturer's stock after selling 8,973 shares during the period. Rafferty Asset Management LLC's holdings in First Solar were worth $3,634,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in First Solar by 3.0% in the first quarter. Vanguard Group Inc. now owns 13,200,342 shares of the solar cell manufacturer's stock worth $1,668,919,000 after buying an additional 378,641 shares in the last quarter. Wellington Management Group LLP raised its stake in First Solar by 17.2% in the first quarter. Wellington Management Group LLP now owns 2,765,303 shares of the solar cell manufacturer's stock worth $349,617,000 after buying an additional 405,457 shares in the last quarter. Invesco Ltd. raised its stake in First Solar by 32.3% in the first quarter. Invesco Ltd. now owns 2,427,500 shares of the solar cell manufacturer's stock worth $306,909,000 after buying an additional 592,444 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its stake in First Solar by 8.6% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,748,603 shares of the solar cell manufacturer's stock worth $308,174,000 after buying an additional 137,901 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in First Solar by 9.0% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,450,914 shares of the solar cell manufacturer's stock worth $255,709,000 after buying an additional 120,239 shares in the last quarter. Institutional investors own 92.08% of the company's stock.

Analyst Ratings Changes

Several research firms have issued reports on FSLR. UBS Group reaffirmed a "buy" rating and issued a $275.00 price target (up from $255.00) on shares of First Solar in a report on Tuesday, August 5th. The Goldman Sachs Group lifted their price target on shares of First Solar from $204.00 to $255.00 and gave the stock a "buy" rating in a report on Monday, May 19th. Glj Research reaffirmed a "buy" rating and issued a $214.06 price target (up from $172.53) on shares of First Solar in a report on Tuesday, August 12th. Hsbc Global Res raised shares of First Solar to a "strong-buy" rating in a report on Friday, August 1st. Finally, Jefferies Financial Group set a $194.00 price target on shares of First Solar and gave the stock a "buy" rating in a report on Tuesday, July 15th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $225.84.

Insider Buying and Selling at First Solar

In related news, CAO Nathan B. Theurer sold 686 shares of the business's stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $182.03, for a total transaction of $124,872.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Patrick James Buehler sold 1,868 shares of the business's stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $149.08, for a total transaction of $278,481.44. Following the transaction, the insider owned 5,998 shares of the company's stock, valued at $894,181.84. This represents a 23.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 37,134 shares of company stock valued at $6,766,664. Company insiders own 0.48% of the company's stock.

First Solar Stock Down 0.9%

FSLR stock opened at $195.19 on Friday. The company has a market capitalization of $20.93 billion, a P/E ratio of 16.70, a price-to-earnings-growth ratio of 0.39 and a beta of 1.48. First Solar, Inc. has a 12 month low of $116.56 and a 12 month high of $262.72. The firm's fifty day simple moving average is $179.73 and its 200-day simple moving average is $156.33. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.90 and a quick ratio of 1.41.

First Solar (NASDAQ:FSLR - Get Free Report) last issued its earnings results on Thursday, July 31st. The solar cell manufacturer reported $3.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.68 by $0.50. The firm had revenue of $1.10 billion during the quarter, compared to analysts' expectations of $1.03 billion. First Solar had a net margin of 28.95% and a return on equity of 15.57%. The firm's revenue was up 8.6% compared to the same quarter last year. During the same quarter last year, the company posted $3.25 earnings per share. First Solar has set its FY 2025 guidance at 13.500-16.500 EPS. As a group, equities research analysts forecast that First Solar, Inc. will post 13.05 earnings per share for the current 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.

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