Summit Partners Public Asset Management LLC Purchases 40,000 Shares of First Solar, Inc. $FSLR

Key Points

• Summit Partners Public Asset Management increased its First Solar stake by 66.7% in the fourth quarter, buying 40,000 additional shares and bringing its total to 100,000 shares worth about $26.1 million.
• First Solar’s recent quarterly results topped expectations, with EPS of $3.22 versus $2.87 expected and revenue of $1.04 billion, up 23.6% year over year.
• Analyst sentiment remains broadly positive overall, with a Moderate Buy consensus and an average price target of $250.99, though several firms have recently trimmed targets or downgraded the stock.

Summit Partners Public Asset Management LLC raised its position in First Solar, Inc. (NASDAQ:FSLR - Free Report) by 66.7% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 100,000 shares of the solar cell manufacturer's stock after buying an additional 40,000 shares during the period. Summit Partners Public Asset Management LLC owned about 0.09% of First Solar worth $26,123,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the company. Apollon Wealth Management LLC boosted its position in First Solar by 1.2% in the 4th quarter. Apollon Wealth Management LLC now owns 3,606 shares of the solar cell manufacturer's stock valued at $942,000 after buying an additional 44 shares during the last quarter. Root Financial Partners LLC boosted its position in First Solar by 18.2% in the 4th quarter. Root Financial Partners LLC now owns 292 shares of the solar cell manufacturer's stock valued at $76,000 after buying an additional 45 shares during the last quarter. Fielder Capital Group LLC boosted its position in First Solar by 4.1% in the 4th quarter. Fielder Capital Group LLC now owns 1,196 shares of the solar cell manufacturer's stock valued at $312,000 after buying an additional 47 shares during the last quarter. Burford Brothers Inc. boosted its position in First Solar by 0.3% in the 4th quarter. Burford Brothers Inc. now owns 19,080 shares of the solar cell manufacturer's stock valued at $4,984,000 after buying an additional 48 shares during the last quarter. Finally, Cromwell Holdings LLC boosted its position in First Solar by 15.8% in the 4th quarter. Cromwell Holdings LLC now owns 367 shares of the solar cell manufacturer's stock valued at $96,000 after buying an additional 50 shares during the last quarter. 92.08% of the stock is currently owned by institutional investors.

Insider Activity

In other First Solar news, insider Georges Antoun sold 566 shares of First Solar stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $215.63, for a total transaction of $122,046.58. Following the transaction, the insider directly owned 19,918 shares in the company, valued at approximately $4,294,918.34. The trade was a 2.76% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Kuntal Kumar Verma sold 582 shares of First Solar stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $250.00, for a total value of $145,500.00. Following the transaction, the insider owned 4,967 shares in the company, valued at approximately $1,241,750. This represents a 10.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 32,466 shares of company stock valued at $8,014,105. Company insiders own 0.39% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on FSLR shares. Glj Research lowered First Solar from a "buy" rating to a "hold" rating and reduced their price target for the stock from $314.43 to $207.82 in a research report on Wednesday, March 4th. Morgan Stanley reduced their price target on First Solar from $275.00 to $230.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 28th. Royal Bank Of Canada reduced their price target on First Solar from $258.00 to $236.00 and set an "outperform" rating on the stock in a research report on Wednesday, February 25th. Weiss Ratings lowered First Solar from a "hold (c+)" rating to a "hold (c)" rating in a research report on Thursday, June 11th. Finally, Zacks Research upgraded First Solar from a "strong sell" rating to a "hold" rating in a research report on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, twelve have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $250.99.

First Solar Stock Performance

FSLR stock opened at $264.36 on Wednesday. The business's 50-day moving average price is $234.90 and its two-hundred day moving average price is $233.51. 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 firm has a market cap of $28.41 billion, a PE ratio of 17.08, a P/E/G ratio of 0.60 and a beta of 1.71. First Solar, Inc. has a 1-year low of $135.50 and a 1-year high of $320.95.

First Solar (NASDAQ:FSLR - Get Free Report) last posted its earnings results on Thursday, April 30th. The solar cell manufacturer reported $3.22 earnings per share for the quarter, topping the consensus estimate of $2.87 by $0.35. The firm had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.03 billion. First Solar had a return on equity of 18.01% and a net margin of 30.73%.The company's revenue for the quarter was up 23.6% on a year-over-year basis. During the same period in the previous year, the company posted $1.95 earnings per share. As a group, research analysts forecast that First Solar, Inc. will post 17.61 earnings per share for the current year.

First Solar Profile

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.

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