First Solar, Inc. $FSLR Shares Acquired by Viking Fund Management LLC

Key Points

• Viking Fund Management LLC increased its holdings in First Solar, Inc. by 9.5% during the second quarter, owning 23,000 shares valued at approximately $3.8 million.
• Several other institutional investors also raised their positions in First Solar, contributing to 92.08% of the company's stock being owned by hedge funds and institutional investors.
• First Solar reported earnings of $3.18 per share for the latest quarter, exceeding expectations and revealing an 8.6% year-over-year revenue growth to $1.10 billion.

Viking Fund Management LLC lifted its stake in shares of First Solar, Inc. (NASDAQ:FSLR - Free Report) by 9.5% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 23,000 shares of the solar cell manufacturer's stock after acquiring an additional 2,000 shares during the period. Viking Fund Management LLC's holdings in First Solar were worth $3,807,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in FSLR. Nuveen LLC purchased a new position in shares of First Solar in the first quarter worth $114,730,000. Canada Pension Plan Investment Board raised its stake in First Solar by 16,857.8% during the 1st quarter. Canada Pension Plan Investment Board now owns 759,033 shares of the solar cell manufacturer's stock worth $95,965,000 after acquiring an additional 754,557 shares during the period. Invesco Ltd. grew its holdings in First Solar by 32.3% during the 1st quarter. Invesco Ltd. now owns 2,427,500 shares of the solar cell manufacturer's stock valued at $306,909,000 after buying an additional 592,444 shares in the last quarter. Jones Financial Companies Lllp boosted its stake in First Solar by 22,107.8% during the first quarter. Jones Financial Companies Lllp now owns 512,556 shares of the solar cell manufacturer's stock worth $64,802,000 after buying an additional 510,248 shares during the period. Finally, Hill City Capital LP raised its holdings in shares of First Solar by 59.4% in the first quarter. Hill City Capital LP now owns 1,355,000 shares of the solar cell manufacturer's stock valued at $171,313,000 after acquiring an additional 505,000 shares in the last quarter. Institutional investors own 92.08% of the company's stock.

Insider Transactions at First Solar

In other news, CEO Mark R. Widmar sold 2,321 shares of the stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $199.44, for a total transaction of $462,900.24. Following the sale, the chief executive officer owned 81,861 shares of the company's stock, valued at approximately $16,326,357.84. This represents a 2.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Patrick James Buehler sold 1,600 shares of the firm's stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $180.00, for a total value of $288,000.00. Following the completion of the sale, the insider directly owned 4,398 shares of the company's stock, valued at approximately $791,640. This trade represents a 26.68% decrease in their position. The disclosure for this sale can be found here. Insiders sold 32,315 shares of company stock valued at $6,021,305 over the last 90 days. 0.48% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

FSLR has been the subject of a number of research analyst reports. Mizuho increased their price target on First Solar from $275.00 to $278.00 and gave the stock an "outperform" rating in a report on Monday, July 14th. Glj Research reissued 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. Wall Street Zen raised First Solar from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. JPMorgan Chase & Co. increased their price target on First Solar from $241.00 to $262.00 and gave the stock an "overweight" rating in a research report on Friday. Finally, Royal Bank Of Canada raised their price objective on First Solar from $188.00 to $200.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 1st. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, First Solar presently has a consensus rating of "Moderate Buy" and a consensus price target of $228.80.

First Solar Stock Up 1.4%

FSLR stock traded up $2.86 during trading on Friday, reaching $212.49. The stock had a trading volume of 3,858,347 shares, compared to its average volume of 2,052,274. The company has a market capitalization of $22.79 billion, a price-to-earnings ratio of 18.18, a P/E/G ratio of 0.42 and a beta of 1.41. The company has a quick ratio of 1.41, a current ratio of 1.90 and a debt-to-equity ratio of 0.04. The company's 50 day moving average is $191.68 and its two-hundred day moving average is $161.94. 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 results on Thursday, July 31st. The solar cell manufacturer reported $3.18 earnings per share for the quarter, beating the consensus estimate of $2.68 by $0.50. The business 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 for the quarter was up 8.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $3.25 EPS. First Solar has set its FY 2025 guidance at 13.500-16.500 EPS. Equities research analysts forecast 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.