State of New Jersey Common Pension Fund D Lowers Stake in First Solar, Inc. $FSLR

Key Points

• The State of New Jersey Common Pension Fund D lowered its stake in First Solar, Inc. by 7.0%, selling 2,605 shares and holding a total of 34,811 shares valued at $4.4 million.
• First Solar's recent earnings report showed an EPS of $3.18, exceeding analyst estimates, with revenue of $1.1 billion for the quarter, marking an 8.6% year-over-year increase.
• Analyst ratings for First Solar have been mostly positive, with a consensus rating of "Moderate Buy" and a target price of $222.44.

State of New Jersey Common Pension Fund D decreased its position in First Solar, Inc. (NASDAQ:FSLR - Free Report) by 7.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 34,811 shares of the solar cell manufacturer's stock after selling 2,605 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in First Solar were worth $4,401,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Garde Capital Inc. purchased a new stake in shares of First Solar in the 1st quarter valued at $25,000. Larson Financial Group LLC boosted its holdings in First Solar by 591.9% during the 1st quarter. Larson Financial Group LLC now owns 256 shares of the solar cell manufacturer's stock valued at $32,000 after acquiring an additional 219 shares during the period. Abound Financial LLC acquired a new position in First Solar in the 1st quarter valued at about $45,000. Princeton Global Asset Management LLC purchased a new stake in First Solar during the first quarter worth about $51,000. Finally, Banque Transatlantique SA purchased a new stake in First Solar during the fourth quarter worth about $53,000. 92.08% of the stock is currently owned by institutional investors and hedge funds.

First Solar Price Performance

Shares of FSLR opened at $210.96 on Wednesday. First Solar, Inc. has a twelve month low of $116.56 and a twelve month high of $262.72. The firm's fifty day simple moving average is $173.37 and its 200-day simple moving average is $154.47. The firm has a market capitalization of $22.63 billion, a price-to-earnings ratio of 18.05, a PEG ratio of 0.43 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.

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

Analyst Ratings Changes

FSLR has been the subject of several recent research reports. UBS Group reissued a "buy" rating and issued a $275.00 price objective (up previously from $255.00) on shares of First Solar in a research note on Tuesday, August 5th. BMO Capital Markets increased their target price on shares of First Solar from $194.00 to $203.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. JPMorgan Chase & Co. raised their price target on shares of First Solar from $200.00 to $208.00 and gave the company an "overweight" rating in a research report on Tuesday, July 22nd. Royal Bank Of Canada upped their price objective on First Solar from $188.00 to $200.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 1st. Finally, Truist Financial reiterated a "buy" rating and issued a $200.00 price objective (down from $245.00) on shares of First Solar in a research note on Thursday, May 1st. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $222.44.

Insiders Place Their Bets

In related news, CEO Mark R. Widmar sold 23,912 shares of the business's stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $185.47, for a total transaction of $4,434,958.64. Following the completion of the sale, the chief executive officer owned 87,978 shares in the company, valued at $16,317,279.66. The trade was a 21.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Nathan B. Theurer sold 686 shares of the company's stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $182.03, for a total value of $124,872.58. The disclosure for this sale can be found here. In the last quarter, insiders have sold 46,691 shares of company stock worth $8,248,477. 0.48% of the stock is currently owned by company insiders.

First Solar Profile

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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