Trust Asset Management LLC Buys New Position in First Solar, Inc. $FSLR

Key Points

• Trust Asset Management LLC has acquired a new position in First Solar, purchasing 1,222 shares valued at approximately $202,000 during the 2nd quarter.
• First Solar's stock has seen significant analyst upgrades, with price targets raised by firms such as TD Cowen and Deutsche Bank, reinforcing a majority "buy" rating among analysts.
• Insider trading activity includes CEO Mark R. Widmar selling 23,912 shares, representing a 21.37% decrease in his holdings, worth approximately $4.4 million.

Trust Asset Management LLC bought a new stake in shares of First Solar, Inc. (NASDAQ:FSLR - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The firm bought 1,222 shares of the solar cell manufacturer's stock, valued at approximately $202,000.

Several other hedge funds have also modified their holdings of FSLR. Courier Capital LLC raised its holdings in shares of First Solar by 2.5% during the 1st quarter. Courier Capital LLC now owns 10,131 shares of the solar cell manufacturer's stock valued at $1,281,000 after buying an additional 249 shares during the period. City Holding Co. grew its stake in First Solar by 13.8% during the 1st quarter. City Holding Co. now owns 1,896 shares of the solar cell manufacturer's stock valued at $240,000 after purchasing an additional 230 shares in the last quarter. Fiduciary Financial Group LLC acquired a new stake in First Solar during the 1st quarter valued at approximately $218,000. Handelsbanken Fonder AB grew its stake in First Solar by 12.3% during the 1st quarter. Handelsbanken Fonder AB now owns 421,217 shares of the solar cell manufacturer's stock valued at $53,254,000 after purchasing an additional 46,207 shares in the last quarter. Finally, Tobam grew its stake in First Solar by 56.6% during the 1st quarter. Tobam now owns 23,330 shares of the solar cell manufacturer's stock valued at $2,950,000 after purchasing an additional 8,436 shares in the last quarter. 92.08% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

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 transaction, 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 position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Nathan B. Theurer sold 686 shares of the business'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. Insiders have sold a total of 30,715 shares of company stock valued at $5,733,305 in the last 90 days. Insiders own 0.48% of the company's stock.

Analyst Ratings Changes

FSLR has been the subject of a number of recent analyst reports. TD Cowen raised their price objective on First Solar from $220.00 to $240.00 and gave the company a "buy" rating in a research note on Friday, September 12th. Deutsche Bank Aktiengesellschaft raised their price objective on First Solar from $225.00 to $255.00 and gave the company a "buy" rating in a research note on Wednesday, October 1st. Jefferies Financial Group raised their price objective on First Solar from $212.00 to $260.00 and gave the company a "buy" rating in a research note on Thursday, October 2nd. Weiss Ratings restated a "hold (c)" rating on shares of First Solar in a research note on Saturday, September 27th. Finally, BMO Capital Markets raised their price objective on First Solar from $194.00 to $203.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. Two analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $229.52.

First Solar Trading Down 0.7%

NASDAQ:FSLR opened at $227.89 on Wednesday. First Solar, Inc. has a 12-month low of $116.56 and a 12-month high of $235.87. The firm has a market capitalization of $24.44 billion, a P/E ratio of 19.49, a P/E/G ratio of 0.46 and a beta of 1.38. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.90 and a quick ratio of 1.41. The business has a 50 day simple moving average of $203.02 and a 200 day simple moving average of $169.53.

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

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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