S Bank Fund Management Ltd Invests $6.18 Million in First Solar, Inc. (NASDAQ:FSLR)

Key Points

• S Bank Fund Management Ltd has acquired 48,910 shares of First Solar, valued at approximately $6.18 million, making it the firm's 27th largest holding.
• Several other institutional investors have also increased their stakes in First Solar, with notable acquisitions by Nuveen LLC and Demars Financial Group LLC, contributing to a total institutional ownership of 92.08%.
• First Solar reported stronger-than-expected quarterly earnings, with an EPS of $3.18, surpassing analysts' estimates of $2.68, and a revenue of $1.10 billion compared to expectations of $1.03 billion.

S Bank Fund Management Ltd bought a new stake in First Solar, Inc. (NASDAQ:FSLR - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 48,910 shares of the solar cell manufacturer's stock, valued at approximately $6,184,000. First Solar makes up approximately 1.2% of S Bank Fund Management Ltd's investment portfolio, making the stock its 27th biggest holding.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Garde Capital Inc. purchased a new position in First Solar in the first quarter valued at about $25,000. Larson Financial Group LLC grew its stake in First Solar by 591.9% in the first quarter. Larson Financial Group LLC now owns 256 shares of the solar cell manufacturer's stock valued at $32,000 after purchasing an additional 219 shares in the last quarter. Banque Transatlantique SA acquired a new stake in shares of First Solar in the fourth quarter worth about $53,000. Abound Financial LLC acquired a new stake in shares of First Solar in the first quarter worth about $45,000. Finally, Princeton Global Asset Management LLC acquired a new stake in shares of First Solar in the first quarter worth about $51,000. Hedge funds and other institutional investors own 92.08% of the company's stock.

Insider Transactions at First Solar

In other First Solar news, CTO Markus Gloeckler sold 9,557 shares of the stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $155.05, for a total value of $1,481,812.85. Following the transaction, the chief technology officer directly owned 8,037 shares in the company, valued at approximately $1,246,136.85. This trade represents a 54.32% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Michael Koralewski sold 2,951 shares of the firm's stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $158.21, for a total value of $466,877.71. Following the completion of the transaction, the insider owned 11,369 shares in the company, valued at $1,798,689.49. This represents a 20.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 43,684 shares of company stock valued at $7,660,704 over the last 90 days. 0.48% of the stock is currently owned by corporate insiders.

First Solar Price Performance

NASDAQ FSLR traded up $19.90 during trading hours on Friday, reaching $199.95. 10,927,711 shares of the company's stock were exchanged, compared to its average volume of 2,393,773. The stock has a market cap of $21.44 billion, a PE ratio of 17.10, a price-to-earnings-growth ratio of 0.35 and a beta of 1.48. The company has a current ratio of 1.90, a quick ratio of 1.41 and a debt-to-equity ratio of 0.04. The firm has a fifty day moving average of $171.26 and a 200-day moving average of $153.89. First Solar, Inc. has a one year low of $116.56 and a one year high of $262.72.

First Solar (NASDAQ:FSLR - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The solar cell manufacturer reported $3.18 EPS for the quarter, beating analysts' consensus estimates of $2.68 by $0.50. The firm had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.03 billion. First Solar had a return on equity of 15.57% and a net margin of 28.95%. The business's quarterly revenue was up 8.6% compared to the same quarter last year. During the same period last year, the company earned $3.25 EPS. On average, equities research analysts predict that First Solar, Inc. will post 13.05 earnings per share for the current fiscal year.

Analysts Set New Price Targets

FSLR has been the subject of several research analyst reports. Jefferies Financial Group set a $194.00 price objective on First Solar and gave the stock a "buy" rating in a research report on Tuesday, July 15th. Mizuho upped their price target on First Solar from $275.00 to $278.00 and gave the company an "outperform" rating in a report on Monday, July 14th. JPMorgan Chase & Co. upped their price objective on First Solar from $200.00 to $208.00 and gave the company an "overweight" rating in a research note on Tuesday, July 22nd. TD Cowen upped their price objective on First Solar from $200.00 to $220.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Finally, Wells Fargo & Company lowered their price objective on First Solar from $191.00 to $177.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 30th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty-two have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $222.44.

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.